Boenning & Scattergood Remains a Hold on Union Bankshares Corporation (UBSH)


Boenning & Scattergood analyst Matthew Schultheis maintained a Hold rating on Union Bankshares Corporation (UBSH) today. The company’s shares opened today at $34.30.

Schultheis noted:

“We are attracted to Union’s markets and Union’s competitive position in those markets. 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 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 UBSH shares do not participate to become constructive in the shares.”

According to TipRanks.com, Schultheis is a 3-star analyst with an average return of 3.8% and a 57.8% success rate. Schultheis covers the Financial sector, focusing on stocks such as Citizens Financial Services Inc, Fulton Financial Corp, and City Holding Company.

Currently, the analyst consensus on Union Bankshares Corporation is a Moderate Buy with an average price target of $40.

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Based on Union Bankshares Corporation’s latest earnings release for the quarter ending December 31, the company reported a quarterly net profit of $44.09 million. In comparison, last year the company had a net profit of $16.64 million.

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Union Bankshares Corp. is a bank holding company which engages in the provision of financial services. The company was founded in July 1993 and is headquartered in Richmond, VA.

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