Bank of Montreal Can raised its position in shares of Union Bankshares Corp (NASDAQ:UBSH) by 59.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,268 shares of the financial services provider’s stock after purchasing an additional 1,955 shares during the period. Bank of Montreal Can’s holdings in Union Bankshares were worth $171,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. raised its stake in Union Bankshares by 3.6% during the 4th quarter. BlackRock Inc. now owns 4,573,443 shares of the financial services provider’s stock valued at $129,110,000 after buying an additional 158,178 shares during the last quarter. FMR LLC lifted its stake in Union Bankshares by 20.5% in the 4th quarter. FMR LLC now owns 1,364,604 shares of the financial services provider’s stock worth $38,523,000 after purchasing an additional 231,785 shares in the last quarter. Northern Trust Corp lifted its stake in Union Bankshares by 0.7% in the 4th quarter. Northern Trust Corp now owns 1,211,145 shares of the financial services provider’s stock worth $34,191,000 after purchasing an additional 8,373 shares in the last quarter. Jennison Associates LLC lifted its stake in Union Bankshares by 12.6% in the 4th quarter. Jennison Associates LLC now owns 965,537 shares of the financial services provider’s stock worth $27,257,000 after purchasing an additional 107,843 shares in the last quarter. Finally, Tributary Capital Management LLC lifted its stake in Union Bankshares by 37.7% in the 1st quarter. Tributary Capital Management LLC now owns 760,954 shares of the financial services provider’s stock worth $24,602,000 after purchasing an additional 208,451 shares in the last quarter. Institutional investors and hedge funds own 64.38% of the company’s stock.
Shares of NASDAQ UBSH traded up $0.36 during mid-day trading on Wednesday, hitting $34.15. 302,393 shares of the company’s stock traded hands, compared to its average volume of 309,468. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.91 and a quick ratio of 0.90. Union Bankshares Corp has a 1 year low of $26.48 and a 1 year high of $42.74. The company has a market capitalization of $2.81 billion, a P/E ratio of 12.60 and a beta of 1.42. The business has a 50-day moving average of $34.58.
Union Bankshares (NASDAQ:UBSH) last posted its quarterly earnings data on Wednesday, April 24th. The financial services provider reported $0.66 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.68 by ($0.02). Union Bankshares had a return on equity of 9.35% and a net margin of 24.34%. The firm had revenue of $152.49 million during the quarter, compared to analysts’ expectations of $154.45 million. On average, equities analysts expect that Union Bankshares Corp will post 2.77 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, May 31st. Investors of record on Friday, May 17th were given a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 2.69%. The ex-dividend date was Thursday, May 16th. Union Bankshares’s dividend payout ratio (DPR) is currently 33.95%.
Several analysts have commented on the stock. Zacks Investment Research cut shares of Union Bankshares from a “hold” rating to a “sell” rating in a research note on Friday, May 17th. BidaskClub cut shares of Union Bankshares from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, May 15th. ValuEngine upgraded shares of Union Bankshares from a “sell” rating to a “hold” rating in a research note on Wednesday, May 1st. Boenning Scattergood assumed coverage on shares of Union Bankshares in a research note on Wednesday, March 20th. They issued a “neutral” rating on the stock. Finally, Raymond James boosted their price target on shares of Union Bankshares from $37.00 to $42.00 and gave the stock a “strong-buy” rating in a research note on Friday, March 15th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $41.50.
Union Bankshares Profile
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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