PNC Financial Services Group Inc. cut its stake in Union Bankshares Corporation (NASDAQ:UBSH) by 2.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,800 shares of the financial services provider’s stock after selling 107 shares during the period. PNC Financial Services Group Inc.’s holdings in Union Bankshares Corporation were worth $134,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Bronfman E.L. Rothschild L.P. increased its position in Union Bankshares Corporation by 2.3% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 3,107 shares of the financial services provider’s stock valued at $109,000 after buying an additional 70 shares during the last quarter. Ameritas Investment Partners Inc. bought a new position in Union Bankshares Corporation during the first quarter valued at about $122,000. 361 Capital LLC bought a new position in Union Bankshares Corporation during the first quarter valued at about $204,000. Cornerstone Capital Management Holdings LLC. bought a new position in Union Bankshares Corporation during the first quarter valued at about $207,000. Finally, 1st Global Advisors Inc. boosted its stake in Union Bankshares Corporation by 0.8% in the first quarter. 1st Global Advisors Inc. now owns 6,599 shares of the financial services provider’s stock worth $232,000 after buying an additional 52 shares during the last quarter. Hedge funds and other institutional investors own 62.73% of the company’s stock.
Shares of Union Bankshares Corporation (NASDAQ:UBSH) traded down 0.06% during trading on Friday, hitting $31.22. 183,051 shares of the stock were exchanged. The firm has a 50 day moving average price of $32.38 and a 200 day moving average price of $34.27. Union Bankshares Corporation has a 52 week low of $26.13 and a 52 week high of $39.37. The firm has a market capitalization of $1.36 billion, a P/E ratio of 17.40 and a beta of 1.23.
Union Bankshares Corporation (NASDAQ:UBSH) last announced its quarterly earnings results on Wednesday, July 19th. The financial services provider reported $0.46 EPS for the quarter, hitting analysts’ consensus estimates of $0.46. Union Bankshares Corporation had a return on equity of 7.97% and a net margin of 20.42%. The company had revenue of $87.06 million during the quarter, compared to analyst estimates of $89.67 million. Analysts forecast that Union Bankshares Corporation will post $1.86 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, August 18th. Investors of record on Friday, August 4th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 2.56%. The ex-dividend date of this dividend was Wednesday, August 2nd. Union Bankshares Corporation’s payout ratio is 44.44%.
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A number of research firms recently weighed in on UBSH. BidaskClub raised shares of Union Bankshares Corporation from a “sell” rating to a “hold” rating in a research note on Saturday, June 10th. ValuEngine raised shares of Union Bankshares Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 16th. UBS AG raised shares of Union Bankshares Corporation from an “outperform” rating to a “strong-buy” rating and set a $41.00 target price on the stock in a research note on Wednesday, May 24th. Zacks Investment Research lowered shares of Union Bankshares Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, July 25th. Finally, Brean Capital restated a “hold” rating on shares of Union Bankshares Corporation in a research report on Wednesday, August 2nd. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating, three have issued a buy rating and two have assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price 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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