Murchinson Ltd. Invests $3.33 Million in Atlantic Union Bankshares Co. $AUB

Key Points

• Murchinson Ltd. acquired a new stake in Atlantic Union Bankshares, purchasing 106,874 shares valued at approximately $3.3 million, making this stock their 25th largest holding.
• Atlantic Union Bankshares reported a 92.0% increase in quarterly revenue year-over-year, totaling $377.22 million, and earnings per share of $0.95, surpassing analysts' expectations.
• The company announced a quarterly dividend of $0.34 per share, yielding 3.8%, with a payout ratio of 66.02%.

Murchinson Ltd. acquired a new stake in shares of Atlantic Union Bankshares Co. (NASDAQ:AUB - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 106,874 shares of the company's stock, valued at approximately $3,328,000. Atlantic Union Bankshares comprises approximately 0.2% of Murchinson Ltd.'s portfolio, making the stock its 25th biggest holding. Murchinson Ltd. owned about 0.12% of Atlantic Union Bankshares at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. NBC Securities Inc. purchased a new stake in shares of Atlantic Union Bankshares during the 1st quarter worth about $25,000. CWM LLC boosted its holdings in Atlantic Union Bankshares by 99.4% in the 1st quarter. CWM LLC now owns 1,049 shares of the company's stock worth $33,000 after acquiring an additional 523 shares during the period. Investment Management Corp VA ADV purchased a new position in shares of Atlantic Union Bankshares during the 4th quarter valued at approximately $72,000. Concord Wealth Partners boosted its stake in shares of Atlantic Union Bankshares by 304.1% during the 1st quarter. Concord Wealth Partners now owns 2,728 shares of the company's stock valued at $85,000 after buying an additional 2,053 shares during the last quarter. Finally, ORG Wealth Partners LLC purchased a new position in shares of Atlantic Union Bankshares during the 1st quarter valued at approximately $100,000. Institutional investors and hedge funds own 78.58% of the company's stock.

Insider Buying and Selling

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

Analysts Set New Price Targets

Several equities analysts recently issued reports on AUB shares. Raymond James Financial restated a "strong-buy" rating on shares of Atlantic Union Bankshares in a research note on Wednesday, July 30th. Piper Sandler decreased their target price on Atlantic Union Bankshares from $46.00 to $45.00 and set an "overweight" rating for the company in a research note on Friday, July 25th. Jefferies Financial Group set a $37.00 price target on Atlantic Union Bankshares and gave the company a "buy" rating in a research report on Wednesday, May 21st. Finally, Keefe, Bruyette & Woods increased their price objective on Atlantic Union Bankshares from $33.00 to $34.00 and gave the stock a "market perform" rating in a research note on Monday, August 4th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $38.33.

Atlantic Union Bankshares Stock Performance

AUB traded up $0.10 during midday trading on Thursday, reaching $35.31. The company's stock had a trading volume of 255,348 shares, compared to its average volume of 1,388,254. The stock has a market cap of $5.03 billion, a P/E ratio of 15.42 and a beta of 0.90. The company has a fifty day simple moving average of $33.63 and a 200 day simple moving average of $31.25. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.13. Atlantic Union Bankshares Co. has a twelve month low of $22.85 and a twelve month high of $44.54.

Atlantic Union Bankshares (NASDAQ:AUB - Get Free Report) last released its earnings results on Thursday, July 24th. The company reported $0.95 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.80 by $0.15. The firm 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 company's revenue was up 92.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.63 EPS. Research analysts expect that Atlantic Union Bankshares Co. will post 3.26 earnings per share for the current year.

Atlantic Union Bankshares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, August 18th. Shareholders of record on Monday, August 4th were issued a $0.34 dividend. The ex-dividend date of this dividend was Monday, August 4th. This represents a $1.36 dividend on an annualized basis and a yield of 3.9%. Atlantic Union Bankshares's dividend payout ratio (DPR) is 66.02%.

Atlantic Union Bankshares 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.