Union Bankshares, Inc. (NASDAQ:UNB) Short Interest Down 88.0% in June

Key Points

• Short interest in Union Bankshares plunged 88% in June, falling to 10,469 shares by June 30 from 87,456 shares two weeks earlier. That puts the short-interest ratio at just 0.2 days, with only 0.2% of shares sold short.
• Institutional investors were active in the stock, with firms like Geode Capital Management, JPMorgan Chase, Goldman Sachs, and Jane Street either adding new positions or increasing existing holdings. Hedge funds and other institutional investors now own 14.84% of the company.
• The stock rose 1.2% to $24.85 and remains near its recent averages, while the company continues to show solid fundamentals. Union Bankshares reported quarterly EPS of $0.65, paid a $0.36 quarterly dividend, and offers an annualized yield of 5.8%.

Union Bankshares, Inc. (NASDAQ:UNB - Get Free Report) saw a large drop in short interest during the month of June. As of June 30th, there was short interest totaling 10,469 shares, a drop of 88.0% from the June 15th total of 87,456 shares. Based on an average daily volume of 49,237 shares, the short-interest ratio is presently 0.2 days. Currently, 0.2% of the company's shares are sold short.

Institutional Trading of Union Bankshares

Institutional investors have recently made changes to their positions in the stock. Goldman Sachs Group Inc. purchased a new position in shares of Union Bankshares in the 1st quarter valued at $214,000. Jane Street Group LLC acquired a new stake in Union Bankshares in the 1st quarter valued at $401,000. Geode Capital Management LLC increased its holdings in Union Bankshares by 105.4% in the 2nd quarter. Geode Capital Management LLC now owns 86,310 shares of the bank's stock valued at $2,298,000 after purchasing an additional 44,298 shares in the last quarter. JPMorgan Chase & Co. raised its position in Union Bankshares by 34,520.0% in the second quarter. JPMorgan Chase & Co. now owns 1,731 shares of the bank's stock valued at $46,000 after purchasing an additional 1,726 shares during the period. Finally, New York State Common Retirement Fund purchased a new position in Union Bankshares in the second quarter valued at about $104,000. 14.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Weiss Ratings reissued a "hold (c)" rating on shares of Union Bankshares in a research report on Wednesday, June 24th. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat, the stock presently has an average rating of "Hold".

Union Bankshares Trading Up 1.2%

Union Bankshares stock traded up $0.30 during trading on Friday, hitting $24.85. The company's stock had a trading volume of 4,347 shares, compared to its average volume of 14,163. The stock's fifty day moving average is $24.01 and its 200 day moving average is $24.11. Union Bankshares has a 1-year low of $20.65 and a 1-year high of $29.49. The stock has a market capitalization of $114.56 million, a price-to-earnings ratio of 9.82 and a beta of 0.28. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.79 and a current ratio of 0.79.

Union Bankshares (NASDAQ:UNB - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The bank reported $0.65 earnings per share (EPS) for the quarter. The firm had revenue of $25.08 million for the quarter. Union Bankshares had a return on equity of 14.94% and a net margin of 13.13%.

Union Bankshares Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 7th. Shareholders of record on Monday, April 27th were paid a dividend of $0.36 per share. The ex-dividend date of this dividend was Monday, April 27th. This represents a $1.44 dividend on an annualized basis and a yield of 5.8%. Union Bankshares's dividend payout ratio (DPR) is currently 56.92%.

About Union Bankshares

Union Bankshares, Inc is a Virginia-based bank holding company and the parent of Union Bank & Trust, offering a comprehensive range of commercial and retail banking services. Through its community banking platform, the company provides deposit accounts, business and consumer lending, treasury and cash management, residential mortgages, and digital banking solutions. It also delivers trust and wealth management services to individuals, corporations, and nonprofits.

The company's commercial banking team serves small and middle-market businesses with financing for real estate, equipment, working capital, and industrial sectors.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.