BankUnited Down Nearly 10% After Announcement to End Exploring Strategic Alternatives

BankUnited

is trading lower on the session following the announcement that it pursued strategic alternatives but decided to stick to its strategy to grow the bank independently. The company also announced that it opened 12 new branches in Q4 and its deposit growth was 24% annually. BankUnited was also downgraded from Buy to Neutral at Bank of America this morning. BofA analyst said: "Shares [of BankUnited] will likely be weak today, especially given the 8% run following the initial reports of a potential sale." The shares of BankUnited are currently trading at $22.49, a loss of $2.46 or 9.86%.