Atlantic Union Bankshares (NASDAQ:AUB) Releases Quarterly Earnings Results, Misses Expectations By $0.02 EPS

Key Points

• Atlantic Union Bankshares reported quarterly earnings of $0.84 per share, missing analyst expectations by $0.02, despite a significant revenue increase of 69.8% year-over-year.
• The company has recently seen notable insider buying, with CEO John C. Asbury purchasing 7,500 shares, increasing his ownership by 2.85%.
• Several research firms have adjusted their price targets for Atlantic Union Bankshares, with estimates ranging up to $46.00, reflecting mixed ratings among analysts.

Atlantic Union Bankshares (NASDAQ:AUB - Get Free Report) issued its earnings results on Thursday. The company reported $0.84 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.86 by ($0.02), Briefing.com reports. Atlantic Union Bankshares had a return on equity of 8.50% and a net margin of 15.53%.The firm's quarterly revenue was up 69.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.83 EPS.

Atlantic Union Bankshares Stock Performance

Atlantic Union Bankshares stock traded down $0.98 during mid-day trading on Thursday, reaching $33.04. 476,095 shares of the company's stock were exchanged, compared to its average volume of 1,340,003. The firm has a market capitalization of $4.71 billion, a PE ratio of 14.35 and a beta of 0.87. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.13. The business's fifty day simple moving average is $35.12 and its 200 day simple moving average is $31.82. Atlantic Union Bankshares has a one year low of $22.85 and a one year high of $44.54.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on AUB. Morgan Stanley upped their price target on Atlantic Union Bankshares from $35.00 to $41.00 and gave the stock an "underperform" rating in a research note on Monday, September 29th. TD Cowen began coverage on shares of Atlantic Union Bankshares in a research report on Thursday, September 25th. They issued a "buy" rating and a $46.00 price target for the company. Raymond James Financial restated a "strong-buy" rating and set a $43.00 price target (up previously from $42.00) on shares of Atlantic Union Bankshares in a research note on Friday, October 3rd. Keefe, Bruyette & Woods raised their price objective on shares of Atlantic Union Bankshares from $33.00 to $34.00 and gave the company a "market perform" rating in a research note on Monday, August 4th. Finally, Cowen assumed coverage on shares of Atlantic Union Bankshares in a report on Wednesday, September 24th. They set a "buy" rating for the company. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $41.56.

Insiders Place Their Bets

In other news, CEO John C. Asbury acquired 7,500 shares of the company's stock in a transaction that occurred on Monday, July 28th. The shares were acquired at an average price of $32.91 per share, for a total transaction of $246,825.00. Following the completion of the purchase, the chief executive officer owned 270,532 shares in the company, valued at approximately $8,903,208.12. This trade represents a 2.85% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Frank Russell Ellett bought 1,441 shares of the firm's stock in a transaction on Friday, August 8th. The stock was purchased at an average cost of $31.49 per share, with a total value of $45,377.09. Following the completion of the transaction, the director directly owned 78,047 shares of the company's stock, valued at approximately $2,457,700.03. The trade was a 1.88% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 18,941 shares of company stock worth $606,502 over the last quarter. Company insiders own 0.87% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in AUB. EverSource Wealth Advisors LLC raised its stake in Atlantic Union Bankshares by 504.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,542 shares of the company's stock valued at $48,000 after acquiring an additional 1,287 shares during the period. Northwestern Mutual Wealth Management Co. raised its position in shares of Atlantic Union Bankshares by 1,556.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,457 shares of the company's stock valued at $139,000 after purchasing an additional 4,188 shares during the period. Cresset Asset Management LLC purchased a new position in Atlantic Union Bankshares in the 2nd quarter valued at approximately $215,000. Corient Private Wealth LLC bought a new stake in Atlantic Union Bankshares during the 2nd quarter valued at $219,000. Finally, Evergreen Capital Management LLC bought a new position in shares of Atlantic Union Bankshares in the second quarter worth $269,000. Institutional investors own 78.58% of the company's stock.

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.

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