MIAMI LAKES, Fla. - BankUnited, Inc. (NYSE:BKU) announced a 7.4% increase in its quarterly cash dividend, which will now be $0.29 per common share. This rise is from the previous dividend of $0.27 per common share. The upcoming dividend is scheduled for disbursement on April 30, 2024, to shareholders who are on record as of April 12, 2024.
The financial institution, with total assets amounting to $35.8 billion as of December 31, 2023, operates as a bank holding company for BankUnited, N.A. The bank is based in Miami Lakes, Florida, and provides a variety of banking services to individual and corporate clients. Its operations span across Florida, the New York metropolitan area, Dallas, Texas, and also include a focused office in Atlanta that caters to the Southeast region.
BankUnited's expanded services encompass commercial lending and deposit products offered on national platforms. This dividend increase reflects the company's commitment to delivering value to its stockholders and is a sign of its financial health and confidence in its business strategy.
Investors and customers can access more information about BankUnited's services through its official website or by contacting their corporate communications representative.
This financial update is based on a press release statement issued by BankUnited, Inc.
InvestingPro Insights
Amidst the announcement of BankUnited, Inc. (NYSE:BKU) increasing its quarterly cash dividend, it's essential to look at the company's financial health through real-time data and insights provided by InvestingPro. With a market capitalization of approximately $2.02 billion and a price-to-earnings (P/E) ratio standing at 11.32, BankUnited presents itself as a potentially valuable investment. The P/E ratio, which slightly adjusted to 11.59 over the last twelve months as of Q4 2023, indicates the company's earnings are still in a favorable position relative to its share price.
InvestingPro Tips for BankUnited reveal a mixed bag of strategic considerations. On one hand, the company has successfully raised its dividend for four consecutive years, which aligns with the latest increase in its quarterly cash dividend. This consistency is further underscored by the fact that BankUnited has maintained dividend payments for 14 consecutive years, showcasing a reliable return for income-focused investors. On the other hand, analysts have revised their earnings expectations downwards for the upcoming period, and the company suffers from weak gross profit margins, which could signal challenges ahead.
Despite these concerns, analysts predict BankUnited will be profitable this year, and the company has been profitable over the last twelve months. This profitability is crucial for investors as it underpins the company's ability to sustain and potentially increase future dividend payments. With a dividend yield of 3.99% and a dividend growth of 8.0% over the last twelve months as of Q4 2023, the company's dividend policy remains an attractive aspect for shareholders.
InvestingPro offers additional insights into BankUnited, with more InvestingPro Tips available at https://www.investing.com/pro/BKU. For those considering a deeper dive into the company's analytics, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With 6 more InvestingPro Tips listed on InvestingPro, investors have a wealth of data at their fingertips to make informed decisions.
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