Union Bankshares (NASDAQ:UBSH) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The firm presently has a $46.00 price target on the financial services provider’s stock. Zacks Investment Research‘s target price indicates a potential upside of 8.46% from the stock’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. “
Other equities analysts have also recently issued reports about the stock. BidaskClub raised shares of Union Bankshares from a “sell” rating to a “hold” rating in a report on Thursday, August 23rd. Brean Capital reaffirmed a “hold” rating on shares of Union Bankshares in a report on Monday, July 30th. ValuEngine raised shares of Union Bankshares from a “hold” rating to a “buy” rating in a report on Friday, May 11th. Finally, Raymond James lifted their target price on shares of Union Bankshares from $45.00 to $47.00 and gave the company a “strong-buy” rating in a report on Monday, August 20th. Five analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. Union Bankshares currently has an average rating of “Buy” and an average target price of $44.60.
UBSH stock opened at $42.41 on Tuesday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.93 and a current ratio of 0.93. Union Bankshares has a twelve month low of $30.45 and a twelve month high of $42.74. The company has a market cap of $2.74 billion, a price-to-earnings ratio of 22.20 and a beta of 1.18.
Union Bankshares (NASDAQ:UBSH) last announced its earnings results on Wednesday, July 18th. The financial services provider reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.20. The business had revenue of $148.77 million for the quarter, compared to analysts’ expectations of $130.36 million. Union Bankshares had a net margin of 18.94% and a return on equity of 9.47%. analysts predict that Union Bankshares will post 2.77 earnings per share for the current year.
In other Union Bankshares news, Director Frederick Blair Wimbush bought 1,200 shares of the business’s stock in a transaction dated Tuesday, July 24th. The shares were acquired at an average cost of $41.65 per share, with a total value of $49,980.00. Following the acquisition, the director now directly owns 1,200 shares of the company’s stock, valued at approximately $49,980. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Ronald L. Tillett sold 1,000 shares of Union Bankshares stock in a transaction on Monday, August 6th. The shares were sold at an average price of $40.14, for a total transaction of $40,140.00. Following the completion of the transaction, the director now directly owns 27,214 shares in the company, valued at $1,092,369.96. The disclosure for this sale can be found here. Insiders own 1.64% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in UBSH. BlackRock Inc. increased its stake in Union Bankshares by 20.4% in the 2nd quarter. BlackRock Inc. now owns 4,314,648 shares of the financial services provider’s stock valued at $167,754,000 after buying an additional 732,232 shares during the period. The Manufacturers Life Insurance Company increased its stake in Union Bankshares by 67.5% in the 1st quarter. The Manufacturers Life Insurance Company now owns 1,384,052 shares of the financial services provider’s stock valued at $50,808,000 after buying an additional 557,773 shares during the period. Denver Investment Advisors LLC acquired a new position in Union Bankshares in the 1st quarter valued at $17,138,000. Segall Bryant & Hamill LLC acquired a new position in Union Bankshares in the 2nd quarter valued at $17,012,000. Finally, Dimensional Fund Advisors LP increased its stake in Union Bankshares by 9.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,338,528 shares of the financial services provider’s stock valued at $168,684,000 after buying an additional 375,560 shares during the period. 75.82% of the stock is currently owned by institutional investors.
About Union Bankshares
Union Bankshares Corporation operates as the bank holding company for Union Bank & Trust that provides banking and related financial services to consumers and businesses. The company operates in two segments, Community Bank and Mortgage. It accepts various deposit products, including checking, savings, NOW, time deposit, and money market accounts, as well as certificates of deposit and other depository services.
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