Union Bankshares (NYSE:AUB) Downgraded by Zacks Investment Research to Sell

Zacks Investment Research downgraded shares of Union Bankshares (NYSE:AUB) from a hold rating to a sell rating in a research note published on Thursday, Zacks.com reports.

According to Zacks, “Atlantic Union Bankshares Corporation provides banking services to consumers and businesses. It offers checking accounts, lending, credit cards, online and mobile banking, and wealth and treasury management services. Atlantic Union Bankshares Corporation, formerly known as Union Bankshares Corporation, is based in Richmond, United States. “

AUB has been the topic of a number of other research reports. Raymond James upgraded Union Bankshares from an outperform rating to a strong-buy rating in a research report on Wednesday, October 23rd. Stephens began coverage on Union Bankshares in a research report on Monday, January 6th. They set an equal weight rating on the stock. Barclays raised their price target on Union Bankshares from $40.00 to $42.00 and gave the company an equal weight rating in a research report on Monday, January 13th. Finally, Sandler O’Neill downgraded Union Bankshares from a buy rating to a hold rating in a research report on Wednesday, September 25th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average price target of $39.67.

Shares of AUB stock traded down $0.31 on Thursday, reaching $35.22. The company’s stock had a trading volume of 283,944 shares, compared to its average volume of 282,359. Union Bankshares has a 12-month low of $30.59 and a 12-month high of $40.20. The stock’s 50 day simple moving average is $37.45 and its 200-day simple moving average is $37.13.

Union Bankshares (NYSE:AUB) last issued its quarterly earnings data on Tuesday, January 21st. The company reported $0.71 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.01. The business had revenue of $164.32 million during the quarter, compared to analysts’ expectations of $166.70 million.

The company also recently declared a quarterly dividend, which will be paid on Friday, February 21st. Shareholders of record on Friday, February 7th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, February 6th. This represents a $1.00 dividend on an annualized basis and a yield of 2.84%.

In related news, insider Low Robin acquired 2,060 shares of Union Bankshares stock in a transaction dated Monday, November 18th. The shares were purchased at an average cost of $12.16 per share, with a total value of $25,055.78. Also, Director Ronald L. Tillett sold 1,300 shares of the firm’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $37.85, for a total value of $49,205.00.

Several large investors have recently made changes to their positions in AUB. Vanguard Group Inc. bought a new position in shares of Union Bankshares during the second quarter valued at about $243,332,000. BlackRock Inc. bought a new stake in shares of Union Bankshares in the second quarter worth about $197,900,000. State Street Corp bought a new stake in shares of Union Bankshares in the third quarter worth about $75,691,000. Bank of America Corp DE bought a new stake in shares of Union Bankshares in the second quarter worth about $15,351,000. Finally, Phocas Financial Corp. bought a new stake in shares of Union Bankshares in the second quarter worth about $13,906,000.

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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