AlphaQuest LLC Increases Position in Atlantic Union Bankshares Co. $AUB

Key Points

• AlphaQuest LLC increased its stake in Atlantic Union Bankshares by 493.8% in Q1, owning 0.10% of the company worth approximately $2.7 million.
• Several institutional investors, including Vanguard Group and Ameriprise Financial, have also boosted their holdings, reflecting strong institutional interest with 78.58% of the stock owned by hedge funds and other institutions.
• Atlantic Union Bankshares reported better-than-expected earnings, with an EPS of $0.95, which exceeded analyst estimates of $0.80, alongside a 92% year-over-year revenue increase.

AlphaQuest LLC boosted its position in shares of Atlantic Union Bankshares Co. (NASDAQ:AUB - Free Report) by 493.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 86,730 shares of the company's stock after purchasing an additional 72,123 shares during the period. AlphaQuest LLC owned approximately 0.10% of Atlantic Union Bankshares worth $2,701,000 at the end of the most recent quarter.

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

Atlantic Union Bankshares Stock Up 0.9%

NASDAQ AUB traded up $0.31 on Tuesday, hitting $35.22. 859,458 shares of the stock were exchanged, compared to its average volume of 1,434,287. 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 company has a 50-day moving average price of $32.55 and a 200-day moving average price of $31.32. The company has a market cap of $5.02 billion, a PE ratio of 15.38 and a beta of 0.88. Atlantic Union Bankshares Co. has a fifty-two week low of $22.85 and a fifty-two week high of $44.54.

Atlantic Union Bankshares (NASDAQ:AUB - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The company reported $0.95 EPS for the quarter, topping 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 for the quarter, compared to analyst estimates of $369.70 million. During the same period last year, the business earned $0.63 EPS. Atlantic Union Bankshares's revenue for the quarter was up 92.0% compared to the same quarter last year. Sell-side analysts anticipate that Atlantic Union Bankshares Co. will post 3.26 EPS for the current fiscal year.

Atlantic Union Bankshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, August 18th. Investors of record on Monday, August 4th were paid a dividend of $0.34 per share. The ex-dividend date 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 is currently 66.02%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods boosted their price target 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. Jefferies Financial Group set a $37.00 price target on shares of Atlantic Union Bankshares and gave the company a "buy" rating in a research note on Wednesday, May 21st. Raymond James Financial reissued a "strong-buy" rating on shares of Atlantic Union Bankshares in a research note on Wednesday, July 30th. Finally, Piper Sandler reduced their price target 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. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $38.33.

Insiders Place Their Bets

In other Atlantic Union Bankshares news, CEO John C. Asbury purchased 7,500 shares of the firm's stock in a transaction that occurred on Monday, July 28th. The stock was purchased at an average price of $32.91 per share, for a total transaction of $246,825.00. Following the purchase, the chief executive officer directly 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frank Russell Ellett purchased 1,441 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The shares were acquired at an average price of $31.49 per share, with a total value of $45,377.09. Following the purchase, the director owned 78,047 shares in the company, valued at $2,457,700.03. This trade represents a 1.88% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 18,941 shares of company stock valued at $606,502. 0.87% of the stock is owned by company insiders.

About Atlantic Union Bankshares

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.