Union Bankshares (UBSH) Lifted to Buy at Zacks Investment Research
Union Bankshares (NASDAQ:UBSH) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Saturday. The firm presently has a $40.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s price target points to a potential upside of 11.36% from the company’s previous close.
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 brokerages have also commented on UBSH. BidaskClub lowered shares of Union Bankshares from a “hold” rating to a “sell” rating in a research note on Wednesday. Brean Capital reiterated a “hold” rating on shares of Union Bankshares in a research note on Tuesday. Sandler O’Neill set a $39.00 target price on shares of Union Bankshares and gave the stock a “hold” rating in a research note on Thursday. Finally, ValuEngine lowered shares of Union Bankshares from a “buy” rating to a “hold” rating in a research note on Tuesday, October 10th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, three have issued a buy rating and two have given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $39.40.
Union Bankshares (NASDAQ:UBSH) last announced its quarterly earnings results on Wednesday, October 18th. The financial services provider reported $0.49 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.49. The business had revenue of $88.73 million during the quarter, compared to analyst estimates of $91.68 million. Union Bankshares had a net margin of 20.02% and a return on equity of 7.98%. equities research analysts forecast that Union Bankshares will post 1.86 earnings per share for the current fiscal year.
In other news, EVP John G. Jr. Stallings bought 1,373 shares of Union Bankshares stock in a transaction dated Thursday, December 14th. The stock was purchased at an average price of $36.22 per share, for a total transaction of $49,730.06. Following the purchase, the executive vice president now directly owns 9,582 shares in the company, valued at approximately $347,060.04. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 2.18% of the company’s stock.
Large investors have recently modified their holdings of the stock. Quantitative Systematic Strategies LLC purchased a new position in shares of Union Bankshares in the 3rd quarter worth about $626,000. Principal Financial Group Inc. boosted its holdings in shares of Union Bankshares by 7.2% in the 3rd quarter. Principal Financial Group Inc. now owns 532,268 shares of the financial services provider’s stock worth $18,789,000 after buying an additional 35,711 shares during the last quarter. Capital Fund Management S.A. boosted its holdings in shares of Union Bankshares by 117.3% in the 2nd quarter. Capital Fund Management S.A. now owns 17,600 shares of the financial services provider’s stock worth $597,000 after buying an additional 9,500 shares during the last quarter. Prudential Financial Inc. boosted its holdings in shares of Union Bankshares by 18.2% in the 2nd quarter. Prudential Financial Inc. now owns 159,959 shares of the financial services provider’s stock worth $5,422,000 after buying an additional 24,660 shares during the last quarter. Finally, Martin & Co. Inc. TN boosted its holdings in shares of Union Bankshares by 35.0% in the 3rd quarter. Martin & Co. Inc. TN now owns 69,246 shares of the financial services provider’s stock worth $2,444,000 after buying an additional 17,941 shares during the last quarter. 64.54% of the stock is currently owned by institutional investors.
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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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