Verition Fund Management LLC Invests $207,000 in BankUnited (NYSE:BKU)
Verition Fund Management LLC purchased a new position in shares of BankUnited (NYSE:BKU) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 10,204 shares of the financial services provider’s stock, valued at approximately $207,000.
Several other hedge funds and other institutional investors have also recently modified their holdings of BKU. Marshall Wace North America L.P. purchased a new stake in shares of BankUnited during the first quarter worth about $47,000. BlackRock Inc. grew its holdings in shares of BankUnited by 2.2% during the first quarter. BlackRock Inc. now owns 5,048,642 shares of the financial services provider’s stock worth $94,408,000 after buying an additional 108,192 shares in the last quarter. Aperio Group LLC grew its holdings in shares of BankUnited by 115.1% during the first quarter. Aperio Group LLC now owns 46,240 shares of the financial services provider’s stock worth $865,000 after buying an additional 24,741 shares in the last quarter. State Board of Administration of Florida Retirement System grew its holdings in BankUnited by 4.3% in the first quarter. State Board of Administration of Florida Retirement System now owns 86,577 shares of the financial services provider’s stock valued at $1,619,000 after purchasing an additional 3,532 shares during the period. Finally, Arizona State Retirement System purchased a new stake in BankUnited in the first quarter valued at approximately $417,000. Institutional investors and hedge funds own 97.35% of the company’s stock.
BKU has been the subject of a number of recent analyst reports. ValuEngine downgraded shares of BankUnited from a “hold” rating to a “sell” rating in a report on Monday, August 3rd. UBS Group boosted their price objective on shares of BankUnited from $22.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday, August 5th. Morgan Stanley boosted their price objective on shares of BankUnited from $25.00 to $27.00 and gave the stock an “equal weight” rating in a research note on Monday, June 8th. Bank of America upgraded shares of BankUnited from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $24.00 to $30.00 in a research note on Monday, June 8th. Finally, Royal Bank of Canada reiterated a “buy” rating and set a $25.00 price objective on shares of BankUnited in a research note on Thursday, July 30th. One analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $29.17.
BankUnited (NYSE:BKU) last issued its earnings results on Wednesday, July 29th. The financial services provider reported $0.80 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.59. The company had revenue of $228.69 million for the quarter, compared to analysts’ expectations of $217.68 million. BankUnited had a net margin of 15.86% and a return on equity of 7.57%. During the same period in the prior year, the company earned $0.81 earnings per share. Sell-side analysts expect that BankUnited will post 1.75 EPS for the current fiscal year.
BankUnited, Inc operates as the bank holding company for BankUnited, National Association that provides a range of banking services to small and medium sized businesses, and individual and corporate customers in the United States. The company offers deposit products, such as checking, money market deposit, savings accounts, and certificates of deposit; and treasury management services.
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