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Mark Gallogly, Centerbridge Partners Limit Exposure to BankUnited

Mark T. Gallogly, the manager of Centerbridge Partners, has cut the fund’s exposure to BankUnited (NYSE:BKU). In a recent filing with the Securities and Exchange Commission, Centerbridge Partners reported ownership of 4.3 million shares of BankUnited, down from 6.4 million shares reported by the fund in their latest 13F filing. Centerbridge’s current position represents 4.3% of the company’s common stock.

BankUnited (NYSE:BKU)

Another fund that has been dumping BankUnited shares is Levin Capital Strategies, run by John A. Levin. Levin Capital has reduced it’s holding by 74% to a little over 361 thousand shares, reportedly worth $11.2 million. On the other hand, Jim Simons of Renaissance Technologies is bullish on BankUnited. Simons has increased his fund’s holding by 49% to 734,000 shares valued at approximately $22.9 million. Chuck Royce is also optimistic about BankUnited’s prospects. Royce & Associates, according to their latest 13F filing, is now holding about 492 thousand shares with a reported worth of $15 million.

BankUnited offers financial services to businesses and individual customers in United States. The company’s stock has advanced 30% so far this year, with shares currently trading at $31.50. The stock has a trailing Price to Earnings (P/E) ratio of 14.92 and a beta of 0.87. BankUnited pays a dividend of $0.84 per share, which represents a yield of 2.7%.

On November 8th, the company presented the financial results for the third quarter of 2013. BankUnited registered revenues of $187 million and earnings per diluted share (EPS) of $0.52. Analysts expect the company to post weaker results for the fourth quarter, estimating revenues of $171 million and EPS of  $0.46. Nevertheless, the stock is touted as a Buy and Strong Buy, with the mean price target set at $34.42.

Disclosure: none

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