Atlantic Union Bankshares Corp Reduces Stock Holdings in Apple Inc. $AAPL

Atlantic Union Bankshares Corp lowered its stake in Apple Inc. (NASDAQ:AAPL - Free Report) by 2.2% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 338,292 shares of the iPhone maker's stock after selling 7,717 shares during the period. Apple accounts for approximately 4.5% of Atlantic Union Bankshares Corp's holdings, making the stock its 2nd biggest holding. Atlantic Union Bankshares Corp's holdings in Apple were worth $75,145,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. IFP Advisors Inc increased its position in shares of Apple by 25.4% in the 1st quarter. IFP Advisors Inc now owns 424,273 shares of the iPhone maker's stock worth $94,254,000 after purchasing an additional 85,862 shares during the last quarter. Aspen Capital Management LLC bought a new stake in shares of Apple in the 1st quarter worth about $4,861,000. OneAscent Financial Services LLC increased its position in shares of Apple by 127.1% in the 1st quarter. OneAscent Financial Services LLC now owns 149,424 shares of the iPhone maker's stock worth $33,232,000 after purchasing an additional 83,636 shares during the last quarter. Morse Asset Management Inc increased its position in shares of Apple by 1.4% in the 1st quarter. Morse Asset Management Inc now owns 40,165 shares of the iPhone maker's stock worth $8,922,000 after purchasing an additional 555 shares during the last quarter. Finally, Mowery & Schoenfeld Wealth Management LLC increased its position in shares of Apple by 10.9% in the 1st quarter. Mowery & Schoenfeld Wealth Management LLC now owns 15,312 shares of the iPhone maker's stock worth $3,401,000 after purchasing an additional 1,511 shares during the last quarter. Institutional investors own 67.73% of the company's stock.

Insider Activity at Apple

In other Apple news, SVP Deirdre O'brien sold 34,821 shares of the business's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $223.20, for a total transaction of $7,772,047.20. Following the sale, the senior vice president directly owned 136,687 shares in the company, valued at approximately $30,508,538.40. The trade was a 20.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.06% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on AAPL shares. Barclays boosted their target price on shares of Apple from $173.00 to $180.00 and gave the stock an "underweight" rating in a research report on Friday, August 1st. Rosenblatt Securities reissued a "neutral" rating and issued a $217.00 target price on shares of Apple in a research report on Tuesday, July 29th. Needham & Company LLC reaffirmed a "hold" rating on shares of Apple in a report on Friday, July 25th. Wedbush reaffirmed an "outperform" rating and issued a $270.00 price target on shares of Apple in a report on Wednesday. Finally, Moffett Nathanson upgraded shares of Apple from a "sell" rating to a "neutral" rating and set a $225.00 price objective on the stock in a research report on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Apple currently has a consensus rating of "Moderate Buy" and an average price target of $239.05.

Apple Stock Performance

NASDAQ:AAPL traded down $0.67 during mid-day trading on Thursday, hitting $237.81. The stock had a trading volume of 23,367,216 shares, compared to its average volume of 56,619,613. The stock has a market capitalization of $3.53 trillion, a price-to-earnings ratio of 36.11, a P/E/G ratio of 2.42 and a beta of 1.11. The company has a 50 day simple moving average of $217.73 and a 200-day simple moving average of $212.92. Apple Inc. has a 52 week low of $169.21 and a 52 week high of $260.10. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.25.

Apple (NASDAQ:AAPL - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, topping analysts' consensus estimates of $1.43 by $0.14. Apple had a net margin of 24.30% and a return on equity of 170.91%. The company had revenue of $94.04 billion for the quarter, compared to the consensus estimate of $88.64 billion. During the same period in the previous year, the firm earned $1.40 EPS. Apple's revenue was up 9.6% on a year-over-year basis. On average, research analysts expect that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Monday, August 11th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date was Monday, August 11th. Apple's payout ratio is 15.78%.

Apple Company Profile

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, and HomePod.