X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CORAL GABLES, FL-BankUnited Financial Corp. closed the third quarter ended June 30 with a 22% increase in net income, a company high. The Coral Gables-based parent of BankUnited met a quarterly market forecast of 22 cents per diluted share as tracked by Thompson/First Call.

Despite weaker overall economic conditions, the bank holding company saw the value of its commercial and real estate loan portfolio increase by about 14.5% over the nine-month period–a total of $405 million, up from $353.9 for the same period in 2000.

BankUnited Financial reported net income of $4.4 million, or 22 cents per diluted share, on total interest income of $79.7 million for the three months ended June 30, compared with net income of $3.6 million, or 20 cents a share, on total interest income of $75.9 million for the same period in 2000.

News of the positive earnings report, however, apparently couldn’t offset the affect of a negative research report published Thursday by the Friedman Billings Ramsey Group Inc., an Arlington, VA-based financial holding company. The report downgraded BankUnited’s common stock from a “buy” to a “market perform” because of weakness in the company’s valuation.

Shares in BankUnited closed down 28 cents Thursday at $15.44 on volume of 322,100–just 46 cents off the 52-week high of $15.90. The issue has traded as low as $6.13 over the same period.

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.