Atlantic Union Bankshares Co. (NYSE:AUB) Increases Dividend to $0.40 Per Share

Key Points

• Atlantic Union Bankshares raised its quarterly dividend 8.1% to $0.40 per share, payable November 27 to shareholders of record November 13. The new annualized dividend is $1.60, representing a 4.0% yield.
• The company has increased its dividend for 14 consecutive years, with a 38.5% payout ratio indicating earnings coverage. Analysts expect the dividend to remain well covered, with a projected future payout ratio of 36.4%.
• Wall Street maintains a generally positive view, with four Buy ratings and three Holds producing a consensus “Moderate Buy” rating and an average price target of $45.80, above the reported share price of $39.77.

Atlantic Union Bankshares Co. (NYSE:AUB - Get Free Report) announced a quarterly dividend on Thursday, October 29th. Investors of record on Friday, November 13th will be given a dividend of $0.40 per share on Friday, November 27th. This represents a $1.60 annualized dividend and a dividend yield of 4.0%. The ex-dividend date is Friday, November 13th. This is a 8.1% increase from Atlantic Union Bankshares's previous quarterly dividend of $0.37.

Atlantic Union Bankshares has raised its dividend by an average of 0.1% per year over the last three years and has increased its dividend annually for the last 14 consecutive years. Atlantic Union Bankshares has a payout ratio of 38.5% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Atlantic Union Bankshares to earn $4.07 per share next year, which means the company should continue to be able to cover its $1.48 annual dividend with an expected future payout ratio of 36.4%.

Atlantic Union Bankshares Trading Up 1.3%

NYSE:AUB opened at $39.77 on Friday. The firm has a 50-day simple moving average of $39.21 and a 200-day simple moving average of $39.04. Atlantic Union Bankshares has a one year low of $30.87 and a one year high of $43.62. The firm has a market cap of $5.68 billion, a P/E ratio of 10.87 and a beta of 0.80. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.94 and a current ratio of 0.94.

Atlantic Union Bankshares (NYSE:AUB - Get Free Report) last issued its quarterly earnings data on Tuesday, October 20th. The company reported $0.96 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.96. The company had revenue of $387.90 million for the quarter, compared to analyst estimates of $392.72 million. Atlantic Union Bankshares had a net margin of 23.97% and a return on equity of 10.79%. Atlantic Union Bankshares's revenue was up 3.3% compared to the same quarter last year. During the same period last year, the company posted $0.84 earnings per share. Equities analysts anticipate that Atlantic Union Bankshares will post 3.77 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

AUB has been the topic of a number of analyst reports. Piper Sandler cut their price target on Atlantic Union Bankshares from $47.00 to $45.00 and set an "overweight" rating on the stock in a report on Wednesday, October 21st. Weiss Ratings raised shares of Atlantic Union Bankshares from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, October 8th. Morgan Stanley upped their price target on Atlantic Union Bankshares from $49.00 to $50.00 and gave the stock an "equal weight" rating in a research report on Monday, September 28th. Finally, TD Cowen dropped their target price on Atlantic Union Bankshares from $44.00 to $43.00 and set a "buy" rating on the stock in a research note on Wednesday, October 21st. Four equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $45.80.

About Atlantic Union Bankshares

Atlantic Union Bankshares Corporation NYSE: AUB is a financial services holding company headquartered in Richmond, Virginia. Its principal subsidiary, Atlantic Union Bank, provides banking and related financial services to individuals, businesses, institutions and government entities.

The company offers consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, personal loans, treasury and cash management services, mortgage banking, investment and wealth management, and other financial solutions.

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