UPDATE: Compass Point Initiates Union First Market Bankshares at Buy on Execution, Capital
Compass Point initiated coverage on Union First Market Bankshares (NASDAQ: UBSH) with a Buy rating and a $17.50 price target.
Compass Point commented, "We believe the bank is in a position of strength as it has been led by the same CEO since its inception in 1993, has never lost money through the downturn, has repaid their $36MM in TARP a year ago, and has built very strong capital levels. As support, management recently announced a 750K share repurchase program that is approved through 2013."
Union First Market Bankshares closed at $15.38 on Thursday.
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