Atlantic Union Bankshares Co. $AUB Shares Bought by Ameriprise Financial Inc.

Key Points

• Ameriprise Financial Inc. increased its stake in Atlantic Union Bankshares by 6.3%, acquiring an additional 163,451 shares, raising its total ownership to 2,751,341 shares, valued at approximately $85.68 million.
• The company reported a quarterly earnings per share (EPS) of $0.95, surpassing analyst expectations by $0.15, with a notable revenue increase of 92.0% year-over-year to $377.22 million.
• Atlantic Union Bankshares has recently declared a dividend of $0.34 per share, resulting in an annualized dividend yield of 3.9% and a payout ratio of 66.02%.

Ameriprise Financial Inc. raised its stake in Atlantic Union Bankshares Co. (NASDAQ:AUB - Free Report) by 6.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,751,341 shares of the company's stock after purchasing an additional 163,451 shares during the quarter. Ameriprise Financial Inc. owned about 3.05% of Atlantic Union Bankshares worth $85,676,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of Atlantic Union Bankshares by 8.9% in the 1st quarter. Vanguard Group Inc. now owns 11,932,493 shares of the company's stock valued at $371,578,000 after purchasing an additional 978,793 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Atlantic Union Bankshares by 6.4% in the 4th quarter. The Manufacturers Life Insurance Company now owns 1,723,794 shares of the company's stock valued at $65,297,000 after purchasing an additional 103,275 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Atlantic Union Bankshares by 4.0% in the 1st quarter. Victory Capital Management Inc. now owns 1,644,177 shares of the company's stock valued at $51,200,000 after purchasing an additional 63,650 shares during the last quarter. Northern Trust Corp boosted its holdings in shares of Atlantic Union Bankshares by 35.5% in the 1st quarter. Northern Trust Corp now owns 1,573,946 shares of the company's stock valued at $49,013,000 after purchasing an additional 412,730 shares during the last quarter. Finally, American Century Companies Inc. boosted its holdings in shares of Atlantic Union Bankshares by 19.3% in the 1st quarter. American Century Companies Inc. now owns 1,259,864 shares of the company's stock valued at $39,232,000 after purchasing an additional 203,791 shares during the last quarter. Institutional investors and hedge funds own 78.58% of the company's stock.

Insider Buying and Selling at Atlantic Union Bankshares

In other news, Director Frank Russell Ellett purchased 1,441 shares of the company's stock in a transaction that occurred on Friday, August 8th. The shares were purchased at an average price of $31.49 per share, with a total value of $45,377.09. Following the purchase, the director directly owned 78,047 shares of the company's stock, valued at approximately $2,457,700.03. This represents a 1.88% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO John C. Asbury purchased 7,500 shares of the company's stock in a transaction that occurred on 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 purchase, the chief executive officer directly owned 270,532 shares in the company, valued at $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. Insiders have purchased a total of 18,941 shares of company stock worth $606,502 in the last ninety days. 0.87% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have weighed in on AUB shares. Jefferies Financial Group set a $37.00 price target on shares of Atlantic Union Bankshares and gave the company a "buy" rating in a report on Wednesday, May 21st. Keefe, Bruyette & Woods lifted 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 report on Monday, August 4th. Piper Sandler cut 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. Finally, Raymond James Financial reissued a "strong-buy" rating on shares of Atlantic Union Bankshares in a research note on Wednesday, July 30th. One investment 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 company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $38.33.

Atlantic Union Bankshares Trading Down 0.4%

Shares of AUB stock traded down $0.14 during mid-day trading on Thursday, reaching $35.54. The company's stock had a trading volume of 584,784 shares, compared to its average volume of 1,425,449. The company's 50 day simple moving average is $32.88 and its 200-day simple moving average is $31.36. Atlantic Union Bankshares Co. has a 12-month low of $22.85 and a 12-month high of $44.54. 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 market capitalization of $5.06 billion, a PE ratio of 15.52 and a beta of 0.88.

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 (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 the consensus estimate of $369.70 million. During the same quarter in the previous year, the firm posted $0.63 EPS. The firm's quarterly revenue was up 92.0% on a year-over-year basis. On average, research analysts predict that Atlantic Union Bankshares Co. will post 3.26 EPS for the current fiscal year.

Atlantic Union Bankshares Dividend Announcement

The company 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 of this dividend was Monday, August 4th. This represents a $1.36 annualized dividend and a yield of 3.8%. Atlantic Union Bankshares's payout ratio is 66.02%.

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.