Wedbush Adjusts BankUnited's Q1 2024 EPS Forecast Downward

Wedbush, a notable group of research analysts, has revised their earnings per share (EPS) estimates for BankUnited, Inc. (NYSE:BKU), indicating a potential decrease in the company's Q1 2024 performance. In a research note released to investors on January 29th, analyst D. Chiaverini from Wedbush set the new EPS forecast at $0.60, a decrease from the previous $0.74 estimate. This update precedes the financial services provider's anticipated earnings report for the said quarter.

Earnings Expectations and Ratings

BankUnited's revised EPS outlook comes with a 'Neutral' rating and a price target of $31.00 by Wedbush. Subsequent quarterly earnings projections by Wedbush for BankUnited also include $0.63 for Q2 2024, $0.67 for Q3 2024, and $0.70 for Q4 2024, all contributing to the full-year consensus estimate of $2.91 per share currently held by the market.

Recent Performance and Analyst Opinions

The financial company reported a lower-than-expected quarterly EPS of $0.27 on January 26th, missing the consensus estimate of $0.69 by $0.42. Despite the shortfall, the company generated revenue of $500.30 million, well above the anticipated $244.11 million. The reported figures also draw comparisons with the prior year's EPS of $0.82. Various other brokerage firms have weighed in on BankUnited's prospects, with UBS Group downgrading the stock to a 'sell' rating, and others like Citigroup and Wells Fargo adjusting their price targets while maintaining 'neutral' ratings. In contrast, StockNews.com has elevated its rating from 'sell' to 'hold', reflecting a mixed sentiment among analysts.

Stock and Dividend Information

BankUnited's stock opened at $28.26 on Tuesday, following market trends. The firm boasts a market cap of $2.10 billion, with a current PE ratio of 11.87. The stock has experienced a wide 12-month trading range, from as low as $15.83 to a high of $40.22. On the topic of dividends, BankUnited recently distributed a quarter dividend of $0.27 per share on January 31st to shareholders who were on record by January 12th, resulting in an annualized yield of 3.82%.

Institutional Investment Activity

In the recent quarters, several hedge funds and institutional investors have made significant adjustments to their holdings in BankUnited. These moves have included new stake formations and portfolio enhancements, suggesting an active interest from the investment community in the bank's financial activities.

Wedbush, BankUnited, Earnings