Vaughan Nelson Investment Management L.P. raised its stake in shares of Union Bankshares Corporation (NASDAQ:UBSH) by 1.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,382,950 shares of the financial services provider’s stock after buying an additional 36,050 shares during the period. Union Bankshares Corporation makes up approximately 1.0% of Vaughan Nelson Investment Management L.P.’s investment portfolio, making the stock its 20th largest position. Vaughan Nelson Investment Management L.P. owned 5.46% of Union Bankshares Corporation worth $80,783,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in the stock. State Street Corp raised its stake in Union Bankshares Corporation by 7.5% in the fourth quarter. State Street Corp now owns 853,268 shares of the financial services provider’s stock worth $30,497,000 after buying an additional 59,629 shares in the last quarter. Guggenheim Capital LLC raised its stake in Union Bankshares Corporation by 5.4% in the fourth quarter. Guggenheim Capital LLC now owns 71,903 shares of the financial services provider’s stock worth $2,570,000 after buying an additional 3,681 shares in the last quarter. Thrivent Financial for Lutherans raised its stake in Union Bankshares Corporation by 29.8% in the fourth quarter. Thrivent Financial for Lutherans now owns 27,140 shares of the financial services provider’s stock worth $970,000 after buying an additional 6,230 shares in the last quarter. Teachers Advisors LLC raised its stake in Union Bankshares Corporation by 22.8% in the fourth quarter. Teachers Advisors LLC now owns 98,124 shares of the financial services provider’s stock worth $3,507,000 after buying an additional 18,247 shares in the last quarter. Finally, 361 Capital LLC purchased a new stake in Union Bankshares Corporation during the first quarter worth about $204,000. 60.57% of the stock is owned by institutional investors and hedge funds.
Union Bankshares Corporation (UBSH) traded down 2.29% on Friday, reaching $31.13. 358,907 shares of the company’s stock traded hands. The firm has a market cap of $1.36 billion, a price-to-earnings ratio of 17.35 and a beta of 1.23. The stock’s 50 day moving average is $32.68 and its 200 day moving average is $34.48. Union Bankshares Corporation has a 52-week low of $26.13 and a 52-week high of $39.37.
Union Bankshares Corporation (NASDAQ:UBSH) last announced its quarterly earnings results on Wednesday, July 19th. The financial services provider reported $0.46 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.46. Union Bankshares Corporation had a net margin of 20.42% and a return on equity of 7.97%. The firm had revenue of $87.06 million for the quarter, compared to analyst estimates of $89.67 million. On average, equities research analysts predict that Union Bankshares Corporation will post $1.86 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, August 18th. Shareholders of record on Friday, August 4th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 2.57%. The ex-dividend date of this dividend is Wednesday, August 2nd. Union Bankshares Corporation’s payout ratio is currently 44.44%.
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UBSH has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods upgraded shares of Union Bankshares Corporation from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $37.00 to $38.00 in a report on Tuesday, May 23rd. Raymond James Financial, Inc. upgraded shares of Union Bankshares Corporation from an “outperform” rating to a “strong-buy” rating in a report on Wednesday, May 24th. Brean Capital restated a “hold” rating on shares of Union Bankshares Corporation in a report on Wednesday, August 2nd. BidaskClub lowered shares of Union Bankshares Corporation from a “sell” rating to a “strong sell” rating in a report on Tuesday, July 25th. Finally, Zacks Investment Research lowered shares of Union Bankshares Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, July 25th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating, three have issued a buy rating and two have assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $39.25.
Union Bankshares Corporation Company Profile
Union Bankshares Corporation is a financial holding company and bank holding company. The Company operates through two segments: a community bank segment and mortgage loan origination business segment. The Company offers financial services through its community bank subsidiary, Union Bank & Trust (the Bank) and three non-bank financial services affiliates.
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