KBW Reiterates Outperform on Union First Market Bankshares

KBW is out with its report today on Union First Market Bankshares UBSH, reiterating Outperform. In a note to clients, KBW writes, "UBSH beat our estimate and the street primarily on better credit as the provision came in $0.16 lower than our estimate. PTPP ROA fell modestly on lower mortgage revenues, but the NIM was steady at an impressive 4.47%. We reiterate our OP rating as we believe the valuation provides an attractive entry to a quality franchise in a good market." KBW maintains a $15 PT on UBSH. Shares of UBSH closed Monday at $12.49, down 0.64% from Friday's close.