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

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Union Bankshares (NYSE:AUB) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday, Zacks.com reports.

According to Zacks, “Atlantic Union Bankshares Corporation provides banking and financial services to consumers and businesses. It provides deposit products, loans, credit cards, automated teller machine services, mobile and Internet banking services, online bill payment services, as well as trust, and wealth management services. Atlantic Union Bankshares Corporation, formerly known as Union Bankshares Corporation, is based in Richmond, United States. “

Separately, Boenning Scattergood reissued an “outperform” rating and set a $47.75 price objective on shares of WSFS Financial in a research note on Thursday, June 20th.

NYSE:AUB traded up $0.70 during trading hours on Tuesday, hitting $35.64. 9,783 shares of the company’s stock traded hands, compared to its average volume of 313,410. Union Bankshares has a 52 week low of $26.48 and a 52 week high of $42.74.

Union Bankshares (NYSE:AUB) last posted its quarterly earnings data on Wednesday, April 24th. The company reported $0.66 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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.

Hedge funds have recently modified their holdings of the business. Investors Research Corp purchased a new position in shares of Union Bankshares in the second quarter worth about $57,000. McCollum Christoferson Group LLC bought a new stake in Union Bankshares during the 2nd quarter valued at approximately $500,000. Carroll Financial Associates Inc. bought a new stake in Union Bankshares during the 2nd quarter valued at approximately $1,202,000. First National Bank of Omaha bought a new stake in Union Bankshares during the 2nd quarter valued at approximately $1,641,000. Finally, Hennessy Advisors Inc. bought a new stake in Union Bankshares during the 2nd quarter valued at approximately $4,593,000.

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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