TPI Composites files for Chapter 11 bankruptcy, plans delisting from Nasdaq
Sanjiv Sobti, a director at BankUnited, Inc. (NYSE:BKU), recently acquired 2,000 shares of the company’s common stock. The shares were purchased on March 11 at a weighted average price of $32.07 per share, amounting to a total transaction value of $64,140. These shares were bought in multiple transactions at prices ranging from $31.60 to $32.46 per share. The timing is notable as BKU’s stock has fallen significantly over the past three months, while trading at an attractive P/E ratio of 10.7x. The company maintains a solid 3.5% dividend yield and has raised its dividend for five consecutive years, according to InvestingPro data. Following this purchase, Sobti’s direct ownership in BankUnited stands at 20,782 shares. InvestingPro analysis reveals several additional insights about BKU’s financial health and future prospects, with more than 30 key metrics and exclusive ProTips available to subscribers.
In other recent news, BankUnited reported its fourth-quarter 2024 earnings, exceeding expectations with an earnings per share (EPS) of $0.91, surpassing the forecast of $0.72. The company also reported revenue of $264.46 million, which was higher than the anticipated $261.11 million. Despite these positive results, BankUnited’s stock experienced a slight decline in pre-market trading. Piper Sandler analyst Stephen Scouten upgraded BankUnited’s stock rating from Neutral to Overweight, setting a price target of $41.00, citing the bank’s undervaluation relative to its tangible book value per share. Additionally, Fitch Ratings affirmed BankUnited’s Long-Term Issuer Default Ratings at ’BBB’, while revising the Rating Outlook to Stable from Negative, attributing this change to improvements in the bank’s reserve coverage and liquidity profile. The bank’s net interest margin improved to 2.84%, and it projects mid to high single-digit growth in net interest income for 2025. BankUnited continues to focus on transforming its balance sheet and increasing non-interest-bearing demand deposits, contributing to its financial achievements.
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