California Public Employees Retirement System Cuts Holdings in BankUnited (BKU)

California Public Employees Retirement System lessened its stake in BankUnited (NYSE:BKU) by 11.4% in the second quarter, HoldingsChannel reports. The institutional investor owned 226,850 shares of the financial services provider’s stock after selling 29,259 shares during the quarter. California Public Employees Retirement System’s holdings in BankUnited were worth $9,267,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the business. BlackRock Inc. grew its stake in BankUnited by 1.4% in the 1st quarter. BlackRock Inc. now owns 4,703,414 shares of the financial services provider’s stock worth $188,042,000 after buying an additional 63,224 shares in the last quarter. Millennium Management LLC grew its stake in BankUnited by 31.8% in the 2nd quarter. Millennium Management LLC now owns 3,703,524 shares of the financial services provider’s stock worth $151,289,000 after buying an additional 893,857 shares in the last quarter. Jennison Associates LLC grew its stake in BankUnited by 1.0% in the 2nd quarter. Jennison Associates LLC now owns 3,415,826 shares of the financial services provider’s stock worth $139,536,000 after buying an additional 32,205 shares in the last quarter. FMR LLC grew its stake in BankUnited by 1.0% in the 2nd quarter. FMR LLC now owns 3,043,731 shares of the financial services provider’s stock worth $124,336,000 after buying an additional 28,720 shares in the last quarter. Finally, Brown Advisory Inc. boosted its stake in shares of BankUnited by 9.9% in the 1st quarter. Brown Advisory Inc. now owns 2,917,215 shares of the financial services provider’s stock valued at $116,630,000 after purchasing an additional 262,194 shares in the last quarter. 94.71% of the stock is owned by institutional investors and hedge funds.

In related news, COO Thomas M. Cornish sold 10,000 shares of the company’s stock in a transaction on Monday, August 13th. The shares were sold at an average price of $40.02, for a total transaction of $400,200.00. Following the completion of the sale, the chief operating officer now directly owns 90,249 shares in the company, valued at approximately $3,611,764.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.30% of the company’s stock.

Shares of BankUnited stock opened at $35.45 on Tuesday. BankUnited has a 52-week low of $32.34 and a 52-week high of $44.97. The firm has a market capitalization of $3.73 billion, a PE ratio of 13.38, a price-to-earnings-growth ratio of 1.20 and a beta of 0.95. The company has a debt-to-equity ratio of 1.64, a current ratio of 0.98 and a quick ratio of 0.98.

BankUnited (NYSE:BKU) last announced its quarterly earnings data on Tuesday, July 24th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.78 by $0.04. BankUnited had a net margin of 45.30% and a return on equity of 11.47%. The company had revenue of $287.24 million during the quarter, compared to analysts’ expectations of $285.63 million. During the same quarter in the prior year, the company earned $0.60 EPS. As a group, equities research analysts forecast that BankUnited will post 3.33 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 31st. Investors of record on Tuesday, October 16th will be issued a dividend of $0.21 per share. The ex-dividend date is Monday, October 15th. This represents a $0.84 dividend on an annualized basis and a yield of 2.37%. BankUnited’s dividend payout ratio is currently 31.70%.

BKU has been the subject of a number of research reports. Morgan Stanley cut shares of BankUnited from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $46.00 to $42.00 in a research note on Tuesday, September 18th. ValuEngine cut shares of BankUnited from a “hold” rating to a “sell” rating in a research note on Monday, September 24th. Sandler O’Neill set a $47.00 price objective on shares of BankUnited and gave the company a “buy” rating in a research note on Wednesday, July 25th. Finally, Barclays cut their price objective on shares of BankUnited from $49.00 to $45.00 and set an “overweight” rating for the company in a research note on Wednesday, October 3rd. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $43.30.

About BankUnited

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, and savings accounts, as well as certificates of deposit; and treasury management services.

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Institutional Ownership by Quarter for BankUnited (NYSE:BKU)

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