UBS AG downgraded shares of Union First Market Bankshares Corp (NASDAQ: UBSH) from a buy rating to a neutral rating in a report issued on Thursday. They currently have $18.00 target price on the stock.
“We are downgrading our rating from Buy to Neutral as shares have achieved our price target. Year to date, UBSH has appreciated 10.5% (15.3% since our initiation) versus 3.3% for the BKX. In order for the stock to outperform from these levels, we believe the company will need to attain its targeted efficiency ratio (62-63%) and/or deploy its $62MM in excess capital into an accretive acquisition (given their stronger currency/stock price). Further, loan growth would need to exceed our 5% estimate in FY13. Overall, we continue to view the company favorably, though believe the shares are fairly valued at current levels and a buy rating is no longer justified.,” UBS AG’s analyst wrote.
A number of other firms have also recently commented on UBSH. Analysts at Compass Point downgraded shares of Union First Market Bankshares Corp from a buy rating to a neutral rating in a research note to investors on Thursday. They now have a $18.00 price target on the stock. Separately, analysts at Robert W. Baird upgraded shares of Union First Market Bankshares Corp from a neutral rating to an outperform rating in a research note to investors on Friday, January 25th. They now have a $20.00 price target on the stock, up previously from $17.00.
Three analysts have rated the stock with a buy rating, one has assigned an overweight rating, and four have given a hold rating to the stock. The company currently has an average rating of overweight and a consensus price target of $18.50.
Union First Market Bankshares Corp traded down 0.45% on Thursday, hitting $17.89. Union First Market Bankshares Corp has a 52-week low of $13.00 and a 52-week high of $18.28. The stock’s 50-day moving average is currently $17.1. The company has a market cap of $452.1 million and a price-to-earnings ratio of 13.13.
The company also recently declared a quarterly dividend, which is scheduled for Friday, March 1st. Shareholders of record on Friday, February 15th will be given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 2.89%. The ex-dividend date of this dividend is Wednesday, February 13th. This is a positive change from Union First Market Bankshares Corp’s previous quarterly dividend of $0.12.
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