Zacks Investment Research lowered shares of Union Bankshares (NASDAQ:UBSH) from a buy rating to a hold rating in a research note issued to investors on Wednesday.
According to Zacks, “Union Bankshares Corporation is the holding company for Union First Market Bank. The Company operates through two segments, Community Bank and Mortgage. The Banks offer a wide range of banking and related financial services including checking, savings, certificates of deposit and other depository services, discount brokerage services, and a variety of loans. It provides credit cards, automated teller machine services, Internet banking services, and online bill payment services, as well as private banking and trust services to individuals and corporations. Union Bankshares Corporation, formerly Union First Market Bankshares Corporation, is headquartered in Richmond, Virginia. “
A number of other research analysts have also recently commented on the company. Brean Capital restated a hold rating on shares of Union Bankshares in a research note on Monday, October 30th. Merion Capital Group raised their target price on Union Bankshares from $45.00 to $47.00 and gave the company an outperform rating in a research note on Wednesday, January 24th. BidaskClub cut Union Bankshares from a hold rating to a sell rating in a research note on Wednesday, January 3rd. Finally, Sandler O’Neill set a $39.00 target price on Union Bankshares and gave the company a hold rating in a research note on Thursday, January 4th. Five analysts have rated the stock with a hold rating, two have issued a buy rating and two have issued a strong buy rating to the company. The stock has an average rating of Buy and an average target price of $41.80.
Union Bankshares (NASDAQ:UBSH) last released its earnings results on Tuesday, January 23rd. The financial services provider reported $0.52 EPS for the quarter, beating the Zacks’ consensus estimate of $0.51 by $0.01. The company had revenue of $90.64 million during the quarter, compared to analysts’ expectations of $91.35 million. Union Bankshares had a return on equity of 8.12% and a net margin of 18.15%. analysts expect that Union Bankshares will post 2.51 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 20th. Shareholders of record on Tuesday, February 6th will be paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date of this dividend is Monday, February 5th. Union Bankshares’s payout ratio is 50.30%.
In related news, EVP John G. Jr. Stallings acquired 1,373 shares of the stock in a transaction on Thursday, December 14th. The stock was acquired at an average price of $36.22 per share, for a total transaction of $49,730.06. Following the completion of the purchase, the executive vice president now owns 9,582 shares of the company’s stock, valued at $347,060.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.18% of the stock is currently owned by insiders.
A number of large investors have recently made changes to their positions in UBSH. Bank of New York Mellon Corp raised its stake in Union Bankshares by 59.8% during the third quarter. Bank of New York Mellon Corp now owns 1,792,680 shares of the financial services provider’s stock valued at $63,282,000 after buying an additional 671,092 shares during the last quarter. Janus Henderson Group PLC purchased a new position in Union Bankshares during the third quarter valued at $21,259,000. Tributary Capital Management LLC purchased a new position in Union Bankshares during the fourth quarter valued at $15,187,000. Phocas Financial Corp. purchased a new position in Union Bankshares during the fourth quarter valued at $5,314,000. Finally, Geode Capital Management LLC increased its holdings in shares of Union Bankshares by 24.9% in the 4th quarter. Geode Capital Management LLC now owns 496,304 shares of the financial services provider’s stock worth $17,951,000 after purchasing an additional 98,920 shares in the last quarter. Institutional investors and hedge funds own 64.98% of the company’s stock.
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About Union Bankshares
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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