Atlantic Union Bankshares Co. $AUB Shares Purchased by American Century Companies Inc.

Key Points

• American Century Companies Inc. has increased its holdings in Atlantic Union Bankshares Co. by 19.3%, now owning approximately 1.40% of the company, after purchasing an additional 203,791 shares.
• Atlantic Union Bankshares recently reported $0.95 earnings per share for the quarter, exceeding analysts' expectations, with a substantial revenue increase of 92.0% compared to the same quarter last year.
• The company announced a quarterly dividend of $0.34 per share, representing a yield of 4.0% and a payout ratio of 66.02% for its shareholders.

American Century Companies Inc. raised its stake in shares of Atlantic Union Bankshares Co. (NASDAQ:AUB - Free Report) by 19.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,259,864 shares of the company's stock after acquiring an additional 203,791 shares during the period. American Century Companies Inc. owned approximately 1.40% of Atlantic Union Bankshares worth $39,232,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in AUB. North Reef Capital Management LP purchased a new stake in Atlantic Union Bankshares during the 4th quarter valued at approximately $78,942,000. Ameriprise Financial Inc. raised its stake in Atlantic Union Bankshares by 62.0% during the 4th quarter. Ameriprise Financial Inc. now owns 2,587,890 shares of the company's stock valued at $98,029,000 after acquiring an additional 990,583 shares during the last quarter. Vanguard Group Inc. raised its stake in Atlantic Union Bankshares by 8.9% during the 1st quarter. Vanguard Group Inc. now owns 11,932,493 shares of the company's stock valued at $371,578,000 after acquiring an additional 978,793 shares during the last quarter. Invesco Ltd. raised its stake in Atlantic Union Bankshares by 207.5% during the 1st quarter. Invesco Ltd. now owns 1,016,402 shares of the company's stock valued at $31,651,000 after acquiring an additional 685,832 shares during the last quarter. Finally, Soros Fund Management LLC purchased a new stake in Atlantic Union Bankshares during the 4th quarter valued at approximately $21,813,000. 78.58% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

AUB has been the subject of several analyst reports. Piper Sandler reduced their price objective 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. Raymond James Financial reissued a "strong-buy" rating on shares of Atlantic Union Bankshares in a research note on Wednesday, July 30th. Keefe, Bruyette & Woods increased their target price 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. Finally, Jefferies Financial Group set a $37.00 target price on Atlantic Union Bankshares and gave the stock a "buy" rating in a research note on Wednesday, May 21st. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Hold rating to the stock. Based on 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 Price Performance

Atlantic Union Bankshares stock traded up $0.31 during mid-day trading on Tuesday, hitting $35.22. 859,625 shares of the company were exchanged, compared to its average volume of 1,434,570. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.91 and a quick ratio of 0.91. The business's 50 day simple moving average is $32.65 and its two-hundred day simple moving average is $31.35. The company has a market capitalization of $5.02 billion, a P/E ratio of 15.38 and a beta of 0.88. Atlantic Union Bankshares Co. has a 12-month low of $22.85 and a 12-month high of $44.54.

Atlantic Union Bankshares (NASDAQ:AUB - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The company reported $0.95 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.15. The company had revenue of $377.22 million during the quarter, compared to the consensus estimate of $369.70 million. Atlantic Union Bankshares had a return on equity of 8.50% and a net margin of 15.53%.Atlantic Union Bankshares's revenue was up 92.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.63 earnings per share. Analysts forecast that Atlantic Union Bankshares Co. will post 3.26 earnings per share for the current fiscal year.

Atlantic Union Bankshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 18th. Stockholders of record on Monday, August 4th were given 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 dividend yield of 3.9%. Atlantic Union Bankshares's payout ratio is currently 66.02%.

Insiders Place Their Bets

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

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.