Boenning Scattergood Reiterates Hold Rating for Union Bankshares (NYSE:AUB)

Boenning Scattergood reiterated their hold rating on shares of Union Bankshares (NYSE:AUB) in a report issued on Friday, AnalystRatings.com reports.

“We are attracted to Atlantic Union’s markets and the company’s competitive position in those markets. Atlantic Union stands to benefit significantly from any disruption in Virginia and has worked hard to build the infrastructure and processes to become Virginia’s regional bank. As such, the outlook for Atlantic Union is favorable. Shares may gap away from peers if growth accelerates beyond expectations, and we suggest investors with a longer time horizon continue to hold their positions or even accumulate at current levels. However, we have a Neutral rating, and suggest investors with a shorter time horizon wait for unwarranted declines in the price of the stock or upward market movements in which AUB shares do not participate to become constructive in the shares.”,” Boenning Scattergood’s analyst wrote.

Separately, Zacks Investment Research cut H&E Equipment Services from a hold rating to a sell rating in a research note on Wednesday, July 17th.

Union Bankshares stock opened at $35.87 on Friday. Union Bankshares has a 1-year low of $26.48 and a 1-year high of $42.64.

Union Bankshares (NYSE:AUB) last posted its quarterly earnings results on Wednesday, April 24th. The company reported $0.66 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.68 by ($0.02). The business had revenue of $152.49 million during the quarter, compared to the consensus estimate of $154.45 million.

The company also recently announced a quarterly dividend, which will be paid on Friday, August 16th. Stockholders of record on Friday, August 2nd will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.79%. The ex-dividend date is Thursday, August 1st.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Tributary Capital Management LLC acquired a new stake in shares of Union Bankshares during the second quarter worth about $26,868,000. Vigilant Capital Management LLC acquired a new stake in shares of Union Bankshares during the second quarter worth about $14,384,000. Hennessy Advisors Inc. acquired a new stake in shares of Union Bankshares during the second quarter worth about $4,593,000. Commonwealth Equity Services LLC acquired a new stake in shares of Union Bankshares during the second quarter worth about $3,650,000. Finally, Deroy & Devereaux Private Investment Counsel Inc. acquired a new stake in shares of Union Bankshares during the second quarter worth about $3,456,000.

About Union Bankshares

Atlantic Union Bankshares Corporation operates as the holding company for Atlantic Union Bank 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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