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BankUnited (BKU) Rewards Investors With 8% Dividend Hike
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BankUnited, Inc. (BKU - Free Report) declared a quarterly cash dividend of 27 cents per share, representing an increase of 8% from the prior payout. The dividend will be paid out on Apr 28 to shareholders of record as of Apr 12.
Prior to this hike, BKU announced a 9% dividend hike in March 2022. That was the second time the company had announced an increase to its quarterly dividend.
Considering the last day’s closing price, BankUnited’s dividend yield currently stands at 3.07%. Not only is the yield attractive for income investors but it also represents a steady income stream.
Other than regular dividend payments, BKU has been enhancing shareholder value through share repurchases. On Sep 13, 2022, the company’s board of directors authorized the repurchase of shares worth up to an additional $150 million. As of Dec 31, 2022, $75.2 million worth of shares were left to be repurchased.
As of Dec 31, 2022, BankUnited had total debt worth $6.3 billion, and cash and cash equivalents of $572.6 million. Despite a high debt burden, the company’s earnings strength indicates that it will be able to meet near-term debt obligations, even if the economic situation worsens.
Moreover, supported by a solid balance sheet and liquidity position, BankUnited is expected to continue with efficient capital deployment activities in the future.
Over the past six months, shares of BKU have lost 11.1% against a 3.2% rise of the industry.
Over the past few months, several finance companies have rewarded shareholders with dividend hikes. A couple of them are Washington Federal (WAFD - Free Report) and Charles Schwab (SCHW - Free Report) .
WAFD announced a quarterly cash dividend of 25 cents per share, reflecting a rise of 4.2% from the prior payout. The dividend will be paid out on Mar 10 to shareholders of record as of Feb 24.
Prior to this hike, WAFD increased its dividend by 4.2% to 24 cents per share in January 2022. WAFD raised its quarterly dividend seven times in the last five years.
Schwab declared a dividend hike of 14% to 25 cents per share. The dividend is scheduled to be paid out on Feb 24 to shareholders of record as of Feb 10.
SCHW’s co-chairman commented, “This dividend increase reflects the Board’s confidence in our ability to continue to grow earnings and cash flow as we pursue our ‘Through Clients’ Eyes’ strategy.”
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BankUnited (BKU) Rewards Investors With 8% Dividend Hike
BankUnited, Inc. (BKU - Free Report) declared a quarterly cash dividend of 27 cents per share, representing an increase of 8% from the prior payout. The dividend will be paid out on Apr 28 to shareholders of record as of Apr 12.
Prior to this hike, BKU announced a 9% dividend hike in March 2022. That was the second time the company had announced an increase to its quarterly dividend.
Considering the last day’s closing price, BankUnited’s dividend yield currently stands at 3.07%. Not only is the yield attractive for income investors but it also represents a steady income stream.
Other than regular dividend payments, BKU has been enhancing shareholder value through share repurchases. On Sep 13, 2022, the company’s board of directors authorized the repurchase of shares worth up to an additional $150 million. As of Dec 31, 2022, $75.2 million worth of shares were left to be repurchased.
As of Dec 31, 2022, BankUnited had total debt worth $6.3 billion, and cash and cash equivalents of $572.6 million. Despite a high debt burden, the company’s earnings strength indicates that it will be able to meet near-term debt obligations, even if the economic situation worsens.
Moreover, supported by a solid balance sheet and liquidity position, BankUnited is expected to continue with efficient capital deployment activities in the future.
Over the past six months, shares of BKU have lost 11.1% against a 3.2% rise of the industry.
Image Source: Zacks Investment Research
Currently, BankUnited carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Dividend Hikes by Other Firms
Over the past few months, several finance companies have rewarded shareholders with dividend hikes. A couple of them are Washington Federal (WAFD - Free Report) and Charles Schwab (SCHW - Free Report) .
WAFD announced a quarterly cash dividend of 25 cents per share, reflecting a rise of 4.2% from the prior payout. The dividend will be paid out on Mar 10 to shareholders of record as of Feb 24.
Prior to this hike, WAFD increased its dividend by 4.2% to 24 cents per share in January 2022. WAFD raised its quarterly dividend seven times in the last five years.
Schwab declared a dividend hike of 14% to 25 cents per share. The dividend is scheduled to be paid out on Feb 24 to shareholders of record as of Feb 10.
SCHW’s co-chairman commented, “This dividend increase reflects the Board’s confidence in our ability to continue to grow earnings and cash flow as we pursue our ‘Through Clients’ Eyes’ strategy.”