Atlantic Union Bankshares (NASDAQ:AUB) Posts Earnings Results, Beats Estimates By $0.15 EPS

Key Points

• Atlantic Union Bankshares reported earnings of $0.95 per share for the quarter, exceeding analysts' estimates of $0.80 by $0.15, and had revenue of $377.22 million, up 92% year-over-year.
• The company announced a quarterly dividend of $0.34 per share, reflecting an annualized dividend of $1.36 and a dividend yield of 4.11%.
• Institutional investors hold 78.58% of the stock, with significant increases in holdings by firms like AQR Capital Management and Goldman Sachs Group.

Atlantic Union Bankshares (NASDAQ:AUB - Get Free Report) posted its earnings results on Thursday. The company reported $0.95 earnings per share for the quarter, topping analysts' consensus estimates of $0.80 by $0.15, Briefing.com reports. The business had revenue of $377.22 million for the quarter, compared to analyst estimates of $369.70 million. Atlantic Union Bankshares had a return on equity of 8.50% and a net margin of 15.53%. The firm's revenue was up 92.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.63 EPS.

Atlantic Union Bankshares Price Performance

Shares of NASDAQ:AUB traded down $0.01 during trading on Friday, reaching $33.08. 1,127,331 shares of the company traded hands, compared to its average volume of 1,471,518. The company's 50 day moving average is $31.45 and its two-hundred day moving average is $32.07. The firm has a market capitalization of $4.71 billion, a PE ratio of 14.44 and a beta of 0.86. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.13. Atlantic Union Bankshares has a 52 week low of $22.85 and a 52 week high of $44.54.

Atlantic Union Bankshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, August 18th. Stockholders of record on Monday, August 4th will be given a dividend of $0.34 per share. The ex-dividend date is Monday, August 4th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 4.11%. Atlantic Union Bankshares's payout ratio is 66.02%.

Institutional Trading of Atlantic Union Bankshares

A number of institutional investors have recently modified their holdings of AUB. AQR Capital Management LLC lifted its position in shares of Atlantic Union Bankshares by 634.3% during the 1st quarter. AQR Capital Management LLC now owns 41,902 shares of the company's stock valued at $1,305,000 after acquiring an additional 36,196 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Atlantic Union Bankshares by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 53,232 shares of the company's stock valued at $1,658,000 after acquiring an additional 2,322 shares during the period. Goldman Sachs Group Inc. lifted its position in shares of Atlantic Union Bankshares by 36.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,137,072 shares of the company's stock valued at $66,548,000 after acquiring an additional 565,564 shares during the period. Empowered Funds LLC bought a new stake in shares of Atlantic Union Bankshares during the 1st quarter valued at $3,011,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Atlantic Union Bankshares by 9.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 249,378 shares of the company's stock worth $7,766,000 after buying an additional 22,078 shares during the last quarter. 78.58% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on AUB shares. Jefferies Financial Group set a $37.00 price target on Atlantic Union Bankshares and gave the company a "buy" rating in a research note on Wednesday, May 21st. Piper Sandler reduced their price target on Atlantic Union Bankshares from $46.00 to $45.00 and set an "overweight" rating for the company in a research note on Friday. Keefe, Bruyette & Woods reduced their price target on Atlantic Union Bankshares from $40.00 to $33.00 and set a "market perform" rating for the company in a research note on Monday, April 28th. Raymond James Financial upgraded Atlantic Union Bankshares from an "outperform" rating to a "strong-buy" rating and boosted their price target for the company from $37.00 to $41.00 in a research note on Tuesday, June 10th. Finally, Morgan Stanley started coverage on Atlantic Union Bankshares in a research note on Wednesday, April 9th. They issued an "equal weight" rating and a $32.00 price target for the company. Two analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $38.00.

Atlantic Union Bankshares Company Profile

Atlantic Union Bankshares Corporation operates as the bank holding company for Atlantic Union Bank that provides banking and related financial products and services to consumers and businesses in the United States. It operates in two segments, Wholesale Banking and Consumer Banking. The company accepts various deposit products, including checking, savings, time deposit, and money market accounts; certificates of deposit; and other depository services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.