With a market cap of $374.5 million, Union First Market Bankshares Corp. is the holding company for Union First Market Bank, as well as non-bank affiliates such as Union Investment Services Inc., Union Mortgage Group Inc. and Union Insurance Group Inc.
In an interview with GuruFocus in January, Gayner described Union First Market as a “good, solid operation.”
His firm’s investment in the company, he said, initially started as a private investment with a Richmond family a while back, and evolved when the once privately owned bank merged into the largest public community bank in Virginia.
“They [Union First Market Bankshares], like every other bank, face challenges, but they are well capitalized and plowing ahead,” Gayner said in the interview.
Union First Market Bankshares Corp. has been trading close to its two-year high, at $15.11 per share.
In its third quarter financial report, the company reported an ROE of 8.7 percent, an ROA of 0.96 percent, both higher than the same time last year. In the same quarter, Union reported a $0.37 earnings per share, which is a 15.6 percent increase compared to the prior year’s third quarter. Its net income also increased $1.4 million compared to the second quarter.
Currently, Union First Market Bankshares has a dividend yield of 3.3 percent, close to a two-year high. Its dividend payout ratio is 0.31.
After three small reductions, Gayner remains at least 10 percent owner of the company.
Out of the 98 stocks in his portfolio, his top holdings are CarMax Inc. (KMX) which is 6.2 percent of his portfolio, Berkshire Hathaway Inc. (BRK.A)(BRK.B) which is 6.1 percent of his portfolio, Diageo Plc (DEO which is 6 percent of his portfolio and Fairfax Financial Holding Ltd. (FRFHF) which is 4.6 percent of his portfolio.
Also review Gayner’s detailed top buys and sells by hovering over the companies in the chart below.
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