Here’s Why BankUnited (BKU) Declined in Q1
Aristotle Capital Boston, LLC, an investment advisor, released its “Small/Mid Cap Equity Strategy” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, Aristotle Small/Mid Cap Equity Composite delivered a return of 0.93% net of fees, trailing the Russell 2500 Index’s 3.39% total return. Security selection drove the fund to underperform in the quarter while allocation effects positively contributed. Security selection in Energy, Communication Services, and Health Care contributed while holdings in Financials, Information Technology, and Industrials sectors detracted. From an allocation perspective, overweight exposures in Information Technology and Industrials helped the fund in the quarter, partially offset by underweights in Consumer Discretionary and Communication Services. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Aristotle Small/Mid Cap Equity Strategy highlighted stocks like BankUnited, Inc. (NYSE:BKU) in the first quarter 2023 investor letter. Headquartered in Washington, the District of Columbia, BankUnited, Inc. (NYSE:BKU) is a business advisory services provider. On June 16, 2023, BankUnited, Inc. (NYSE:BKU) stock closed at $193.16 per share. One-month return of BankUnited, Inc. (NYSE:BKU) was 8.13%, and its shares gained 18.54% of their value over the last 52 weeks. BankUnited, Inc. (NYSE:BKU) has a market capitalization of $6.564 billion.
Aristotle Small/Mid Cap Equity Strategy made the following comment about BankUnited, Inc. (NYSE:BKU) in its first quarter 2023 investor letter:
BankUnited (BKU), a bank holding company that provides commercial and consumer banking services in select regions nationally, declined amid broader industry wide pressures that impacted regional banking sentiment during the quarter. We maintain a position, as we believe the company can weather this period of volatility given the diversified nature of its business, strong asset quality metrics, and favorable geographic exposures.
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BankUnited, Inc. (NYSE:BKU) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 26 hedge fund portfolios held BankUnited, Inc. (NYSE:BKU) at the end of first quarter 2023 which was 21 in the previous quarter.
We discussed BankUnited, Inc. (NYSE:BKU) in another article and shared the list of best consulting stocks to buy. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
