Wedge Capital Management L L P NC trimmed its stake in Union Bankshares Corp (NASDAQ:UBSH) by 3.6% in the third quarter, HoldingsChannel.com reports. The firm owned 399,470 shares of the financial services provider’s stock after selling 15,028 shares during the period. Wedge Capital Management L L P NC’s holdings in Union Bankshares were worth $15,392,000 as of its most recent SEC filing.
A number of other large investors also recently bought and sold shares of UBSH. BlackRock Inc. grew its holdings in shares of Union Bankshares by 20.4% during the second 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 last quarter. Segall Bryant & Hamill LLC acquired a new position in shares of Union Bankshares during the second quarter valued at about $17,012,000. Dimensional Fund Advisors LP grew its holdings in shares of Union Bankshares by 9.5% during the second 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 last quarter. Victory Capital Management Inc. grew its holdings in shares of Union Bankshares by 151.8% during the second quarter. Victory Capital Management Inc. now owns 434,290 shares of the financial services provider’s stock valued at $16,885,000 after buying an additional 261,838 shares during the last quarter. Finally, Bank of America Corp DE grew its holdings in shares of Union Bankshares by 182.9% during the second quarter. Bank of America Corp DE now owns 348,981 shares of the financial services provider’s stock valued at $13,568,000 after buying an additional 225,629 shares during the last quarter. Institutional investors and hedge funds own 75.52% of the company’s stock.
UBSH opened at $34.77 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 Corp has a fifty-two week low of $32.04 and a fifty-two week high of $42.74. The stock has a market cap of $2.29 billion, a P/E ratio of 18.20 and a beta of 1.23.
Union Bankshares (NASDAQ:UBSH) last released its quarterly earnings results on Wednesday, October 17th. The financial services provider reported $0.61 earnings per share for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.03). Union Bankshares had a net margin of 20.38% and a return on equity of 9.80%. The firm had revenue of $125.85 million for the quarter, compared to the consensus estimate of $132.49 million. Equities research analysts predict that Union Bankshares Corp will post 2.75 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, November 23rd. Investors of record on Friday, November 9th will be given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.65%. The ex-dividend date is Thursday, November 8th. Union Bankshares’s payout ratio is currently 48.17%.
In related news, Director G William Beale sold 1,000 shares of the firm’s stock in a transaction dated Thursday, September 20th. The shares were sold at an average price of $40.45, for a total transaction of $40,450.00. Following the transaction, the director now directly owns 100,462 shares of the company’s stock, valued at $4,063,687.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.64% of the stock is owned by company insiders.
UBSH has been the subject of a number of analyst reports. BidaskClub cut shares of Union Bankshares from a “hold” rating to a “sell” rating in a report on Friday, July 13th. Zacks Investment Research upgraded shares of Union Bankshares from a “sell” rating to a “hold” rating in a report on Tuesday, July 24th. Brean Capital reiterated a “hold” rating on shares of Union Bankshares in a report on Monday, July 30th. Finally, Raymond James lifted their price objective 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. Two analysts have rated the stock with a sell rating, two have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $44.14.
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Union Bankshares Profile
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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