Millennium Management LLC Increases Stock Position in Atlantic Union Bankshares Co. $AUB

Key Points

• Millennium Management LLC increased its stake in Atlantic Union Bankshares by 152.3%, owning over 1.1 million shares worth approximately $35.4 million by the end of the reporting period.
• Insider trading activity showed that Director Frank Russell Ellett acquired 5,000 shares at an average price of $31.54, reflecting a 6.98% increase in his holdings, while CEO John C. Asbury also increased his ownership by 2.85% with an acquisition of 7,500 shares.
• Analysts have varying ratings for Atlantic Union Bankshares, with a consensus rating of "Moderate Buy" and an average target price of $38.33 among institutions following the stock.

Millennium Management LLC boosted its position in Atlantic Union Bankshares Co. (NASDAQ:AUB - Free Report) by 152.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,136,526 shares of the company's stock after acquiring an additional 686,137 shares during the period. Millennium Management LLC owned 1.26% of Atlantic Union Bankshares worth $35,391,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in AUB. Vanguard Group Inc. increased its holdings in Atlantic Union Bankshares by 8.9% in the first 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. Ameriprise Financial Inc. lifted its stake in Atlantic Union Bankshares by 6.3% in the first quarter. Ameriprise Financial Inc. now owns 2,751,341 shares of the company's stock valued at $85,676,000 after buying an additional 163,451 shares in the last quarter. Victory Capital Management Inc. boosted its stake in 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 worth $51,200,000 after purchasing an additional 63,650 shares during the period. Northern Trust Corp boosted its position in shares of Atlantic Union Bankshares by 35.5% during the first quarter. Northern Trust Corp now owns 1,573,946 shares of the company's stock worth $49,013,000 after buying an additional 412,730 shares during the period. Finally, American Century Companies Inc. raised its holdings in shares of Atlantic Union Bankshares by 19.3% in the first 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 own 78.58% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on AUB shares. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Atlantic Union Bankshares in a research report on Wednesday, July 30th. 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 report on Friday, July 25th. Jefferies Financial Group set a $37.00 price objective on shares of Atlantic Union Bankshares and gave the stock a "buy" rating in a research note on Wednesday, May 21st. Finally, Keefe, Bruyette & Woods lifted their price objective on Atlantic Union Bankshares from $33.00 to $34.00 and gave the company a "market perform" rating in a report on Monday, August 4th. One research 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. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $38.33.

Atlantic Union Bankshares Trading Down 0.7%

Shares of Atlantic Union Bankshares stock traded down $0.26 on Tuesday, hitting $34.71. The stock had a trading volume of 723,496 shares, compared to its average volume of 1,381,365. The stock has a 50 day moving average of $33.77 and a 200 day moving average of $31.21. The firm has a market capitalization of $4.95 billion, a P/E ratio of 15.16 and a beta of 0.90. Atlantic Union Bankshares Co. has a twelve month low of $22.85 and a twelve month high of $44.54. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.91 and a current ratio of 0.91.

Atlantic Union Bankshares (NASDAQ:AUB - Get Free Report) last announced its 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 return on equity of 8.50% and a net margin of 15.53%.The firm had revenue of $377.22 million for the quarter, compared to the consensus estimate of $369.70 million. During the same period in the previous year, the business earned $0.63 EPS. The business's quarterly revenue was up 92.0% compared to the same quarter last year. Sell-side analysts expect 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 declared a quarterly dividend, which was paid on Monday, August 18th. Shareholders of record on Monday, August 4th were paid a $0.34 dividend. The ex-dividend date of this dividend was Monday, August 4th. This represents a $1.36 annualized dividend and a yield of 3.9%. Atlantic Union Bankshares's payout ratio is 66.02%.

Insiders Place Their Bets

In related news, Director Frank Russell Ellett bought 5,000 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The shares were acquired at an average cost of $31.54 per share, with a total value of $157,700.00. Following the completion of the purchase, the director directly owned 76,606 shares in the company, valued at $2,416,153.24. The trade was a 6.98% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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 completion of the purchase, the chief executive officer owned 270,532 shares in the company, valued at $8,903,208.12. This trade represents a 2.85% increase in their position. 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 quarter. 1.16% of the stock is owned by corporate insiders.

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.