X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CORAL GABLES, FL-BankUnited Financial Corp. expects to raise $74.3 million in net proceeds today on the sale of 5.7 million shares of common stock priced at $12 a share.

The Coral Gables-based parent of BankUnited FSB intends to use the proceeds for expansion and acquisition purposes. That could include expansion of branch-banking operations or possible acquisitions.

Announcement of the sale sparked a mini rally Monday, as common shares in the bank holding company closed up 80 cents, or 5.69%, at $14.85 on volume of 442,100. That is just 10 cents off the 52-week high of $14.95. Shares have traded as low as $6.12 on the Nasdaq National Market over the same time period.

The underwriter on this secondary stock offering, St. Petersburg, FL-based Raymond James & Associates, also exercised an over-allotment option to acquire another 855,000 shares also at $12 a share.

The secondary stock offering comes as a consensus of stock analysts tracked by Thompson/First Call expects the bank to earn 20 cents a share for the third quarter ended June 30. The company exceeded the consensus forecast of 18 cents by three cents a share for the second quarter ended March 31.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Awards 2020Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.