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

Boenning Scattergood reissued their hold rating on shares of Union Bankshares (NYSE:AUB) in a report issued on Friday morning, 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.”,” the firm’s analyst commented.

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

NYSE:AUB opened at $35.87 on Friday. Union Bankshares has a one year low of $26.48 and a one year high of $42.64.

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

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 16th. Investors of record on Friday, August 2nd will be given a $0.25 dividend. The ex-dividend date is Thursday, August 1st. This represents a $1.00 annualized dividend and a yield of 2.79%.

Institutional investors have recently modified their holdings of the stock. Commonwealth Equity Services LLC purchased a new position in Union Bankshares in the second quarter worth approximately $3,650,000. Bessemer Group Inc. purchased a new position in Union Bankshares in the second quarter worth approximately $1,610,000. Deroy & Devereaux Private Investment Counsel Inc. purchased a new position in Union Bankshares in the second quarter worth approximately $3,456,000. Xact Kapitalforvaltning AB purchased a new position in Union Bankshares in the second quarter worth approximately $425,000. Finally, Vigilant Capital Management LLC purchased a new position in Union Bankshares in the second quarter worth approximately $14,384,000.

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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