Atlantic Union Bankshares (NYSE:AUB) Issues Earnings Results, Beats Expectations By $0.02 EPS

Key Points

• Atlantic Union Bankshares beat earnings expectations by reporting $0.94 EPS for the quarter, $0.02 above analysts’ estimates of $0.92.
• Revenue came in slightly below forecasts at $387.57 million versus expectations of $389.06 million, while the bank posted a 10.74% return on equity and a 15.50% net margin.
• The company also maintained a quarterly dividend of $0.37 per share, equal to $1.48 annually and a 3.5% yield, as analysts kept a generally positive outlook with a “Moderate Buy” consensus.

Atlantic Union Bankshares (NYSE:AUB - Get Free Report) posted its quarterly earnings data on Tuesday. The company reported $0.94 EPS for the quarter, topping analysts' consensus estimates of $0.92 by $0.02, FiscalAI reports. Atlantic Union Bankshares had a return on equity of 10.74% and a net margin of 15.50%.The firm had revenue of $387.57 million during the quarter, compared to analysts' expectations of $389.06 million.

Atlantic Union Bankshares Trading Down 1.3%

Shares of AUB opened at $42.08 on Tuesday. Atlantic Union Bankshares has a twelve month low of $30.39 and a twelve month high of $43.62. The firm has a market capitalization of $6.02 billion, a P/E ratio of 17.83 and a beta of 0.79. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.15. The stock's fifty day simple moving average is $39.57 and its 200 day simple moving average is $38.30.

Atlantic Union Bankshares Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 5th. Stockholders of record on Friday, May 22nd were issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date was Friday, May 22nd. Atlantic Union Bankshares's dividend payout ratio is presently 62.71%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on AUB. Morgan Stanley raised their price target on shares of Atlantic Union Bankshares from $42.00 to $45.00 and gave the stock an "equal weight" rating in a research note on Monday, June 29th. Stephens reissued an "overweight" rating and set a $46.00 price objective on shares of Atlantic Union Bankshares in a research note on Thursday, June 11th. Weiss Ratings initiated coverage on Atlantic Union Bankshares in a research report on Monday, July 6th. They set a "buy (b-)" rating on the stock. Zacks Research lowered Atlantic Union Bankshares from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, March 31st. Finally, TD Cowen lifted their price target on Atlantic Union Bankshares from $44.00 to $45.00 and gave the company a "buy" rating in a report on Tuesday, May 12th. Five analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, Atlantic Union Bankshares has an average rating of "Moderate Buy" and an average target price of $43.62.

Hedge Funds Weigh In On Atlantic Union Bankshares

A number of large investors have recently modified their holdings of AUB. T. Rowe Price Investment Management Inc. acquired a new position in Atlantic Union Bankshares during the fourth quarter valued at approximately $87,022,000. Claris Financial LLC acquired a new stake in shares of Atlantic Union Bankshares in the fourth quarter worth $210,000. Invesco Ltd. lifted its holdings in shares of Atlantic Union Bankshares by 0.9% during the 4th quarter. Invesco Ltd. now owns 1,107,336 shares of the company's stock valued at $39,089,000 after acquiring an additional 10,299 shares in the last quarter. Mercer Global Advisors Inc. ADV lifted its holdings in shares of Atlantic Union Bankshares by 33.4% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 11,850 shares of the company's stock valued at $418,000 after acquiring an additional 2,964 shares in the last quarter. Finally, Beacon Pointe Advisors LLC boosted its position in Atlantic Union Bankshares by 13.7% during the 4th quarter. Beacon Pointe Advisors LLC now owns 21,161 shares of the company's stock worth $747,000 after purchasing an additional 2,542 shares during the period. 78.58% of the stock is currently owned by hedge funds and other institutional investors.

Atlantic Union Bankshares Company Profile

Atlantic Union Bankshares, Inc is a bank holding company headquartered in Richmond, Virginia, operating through its principal subsidiary Atlantic Union Bank. The company offers a full suite of commercial and consumer banking services to individuals, businesses and institutions across Virginia, Maryland, North Carolina and the District of Columbia. Leveraging a network of full-service branches, commercial lending offices and digital platforms, Atlantic Union Bankshares focuses on relationship-driven solutions tailored to its regional client base.

Atlantic Union’s product lineup includes traditional deposit accounts, such as checking, savings and money market accounts, along with certificates of deposit.

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