Allspring Global Investments Holdings LLC Sells 652,016 Shares of Atlantic Union Bankshares Co. $AUB

Allspring Global Investments Holdings LLC lessened its position in Atlantic Union Bankshares Co. (NASDAQ:AUB - Free Report) by 67.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 319,951 shares of the company's stock after selling 652,016 shares during the period. Allspring Global Investments Holdings LLC owned about 0.22% of Atlantic Union Bankshares worth $10,450,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Xponance Inc. lifted its stake in shares of Atlantic Union Bankshares by 5.8% in the first quarter. Xponance Inc. now owns 6,798 shares of the company's stock worth $212,000 after buying an additional 374 shares in the last quarter. Corebridge Financial Inc. lifted its stake in shares of Atlantic Union Bankshares by 0.8% in the first quarter. Corebridge Financial Inc. now owns 48,026 shares of the company's stock worth $1,496,000 after buying an additional 396 shares in the last quarter. CWM LLC lifted its stake in shares of Atlantic Union Bankshares by 99.4% in the first quarter. CWM LLC now owns 1,049 shares of the company's stock worth $33,000 after buying an additional 523 shares in the last quarter. OneDigital Investment Advisors LLC lifted its stake in shares of Atlantic Union Bankshares by 8.7% in the first quarter. OneDigital Investment Advisors LLC now owns 6,619 shares of the company's stock worth $206,000 after buying an additional 527 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. lifted its stake in shares of Atlantic Union Bankshares by 1.9% in the first quarter. Oppenheimer Asset Management Inc. now owns 30,755 shares of the company's stock worth $958,000 after buying an additional 575 shares in the last quarter. Institutional investors own 78.58% of the company's stock.

Insider Buying and Selling

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

Analyst Upgrades and Downgrades

AUB has been the topic of several analyst reports. Piper Sandler dropped their target price on shares of Atlantic Union Bankshares from $46.00 to $45.00 and set an "overweight" rating on the stock in a research note on Friday, July 25th. Janney Montgomery Scott initiated coverage on shares of Atlantic Union Bankshares in a research note on Wednesday, October 8th. They issued a "buy" rating and a $42.00 target price on the stock. Morgan Stanley upped their target price on shares of Atlantic Union Bankshares from $35.00 to $41.00 and gave the stock an "underperform" rating in a research note on Monday, September 29th. Raymond James Financial reissued a "strong-buy" rating and set a $43.00 price objective (up from $42.00) on shares of Atlantic Union Bankshares in a report on Friday, October 3rd. Finally, TD Cowen initiated coverage on shares of Atlantic Union Bankshares in a report on Thursday, September 25th. They set a "buy" rating and a $46.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $41.56.

Atlantic Union Bankshares Stock Up 3.1%

AUB opened at $33.95 on Friday. 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 firm has a 50 day moving average price of $35.06 and a 200-day moving average price of $31.70. Atlantic Union Bankshares Co. has a twelve month low of $22.85 and a twelve month high of $44.54. The stock has a market capitalization of $4.84 billion, a price-to-earnings ratio of 14.82 and a beta of 0.87.

Atlantic Union Bankshares (NASDAQ:AUB - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The company reported $0.95 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.15. Atlantic Union Bankshares had a net margin of 15.53% and a return on equity of 8.50%. The firm had revenue of $377.22 million during the quarter, compared to analysts' expectations of $369.70 million. During the same period in the previous year, the company earned $0.63 earnings per share. The firm's quarterly revenue was up 92.0% on a year-over-year basis. Equities research analysts forecast that Atlantic Union Bankshares Co. will post 3.26 earnings per share for the current year.

Atlantic Union Bankshares Announces Dividend

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 dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend was Monday, August 4th. Atlantic Union Bankshares's dividend payout ratio is currently 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.

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