Union Bankshares (UBSH) Cut to “Buy” at BidaskClub

BidaskClub cut shares of Union Bankshares (NASDAQ:UBSH) from a strong-buy rating to a buy rating in a research report report published on Wednesday, BidAskClub reports.

A number of other brokerages have also issued reports on UBSH. Zacks Investment Research lowered Union Bankshares from a hold rating to a sell rating in a research note on Saturday, January 19th. Raymond James raised their target price on Union Bankshares from $37.00 to $42.00 and gave the stock a strong-buy rating in a research note on Friday, March 15th. ValuEngine upgraded Union Bankshares from a sell rating to a hold rating in a research note on Tuesday, February 12th. Finally, Boenning Scattergood started coverage on Union Bankshares in a research note on Wednesday, March 20th. They issued a neutral rating for the company. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of Buy and an average price target of $41.86.

Shares of UBSH stock opened at $35.28 on Wednesday. The firm has a market capitalization of $2.89 billion, a P/E ratio of 12.69 and a beta of 1.42. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.30. Union Bankshares has a 1 year low of $26.48 and a 1 year high of $42.74.

Union Bankshares (NASDAQ:UBSH) last issued its earnings results on Wednesday, April 24th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.68 by ($0.02). The firm had revenue of $152.49 million during the quarter, compared to analysts’ expectations of $154.45 million. Union Bankshares had a return on equity of 9.35% and a net margin of 24.34%. Analysts forecast that Union Bankshares will post 2.77 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 17th will be paid a dividend of $0.23 per share. The ex-dividend date is Thursday, May 16th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.61%. Union Bankshares’s payout ratio is currently 33.95%.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in UBSH. Vanguard Group Inc. grew its position in shares of Union Bankshares by 1.5% during the 3rd quarter. Vanguard Group Inc. now owns 5,459,050 shares of the financial services provider’s stock valued at $210,337,000 after acquiring an additional 78,828 shares during the period. BlackRock Inc. grew its position in shares of Union Bankshares by 17.4% during the 1st quarter. BlackRock Inc. now owns 5,371,003 shares of the financial services provider’s stock valued at $173,644,000 after acquiring an additional 797,560 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Union Bankshares by 10.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,743,966 shares of the financial services provider’s stock valued at $153,374,000 after acquiring an additional 435,471 shares during the period. Wellington Management Group LLP grew its position in shares of Union Bankshares by 5.7% during the 1st quarter. Wellington Management Group LLP now owns 4,481,477 shares of the financial services provider’s stock valued at $144,887,000 after acquiring an additional 240,739 shares during the period. Finally, Janus Henderson Group PLC grew its position in shares of Union Bankshares by 94.9% during the 1st quarter. Janus Henderson Group PLC now owns 1,992,235 shares of the financial services provider’s stock valued at $64,409,000 after acquiring an additional 969,949 shares during the period. Institutional investors and hedge funds own 64.38% of the company’s stock.

About Union Bankshares

Union Bankshares Corporation operates as the holding company for Union Bank & Trust that provides banking and related financial services to consumers and businesses. 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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