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

A number of other large investors also recently modified their holdings of AUB. NBC Securities Inc. bought a new position in shares of Atlantic Union Bankshares in the first quarter valued at approximately $25,000. CWM LLC boosted its position in shares of Atlantic Union Bankshares by 99.4% in the first 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 bought a new position in shares of Atlantic Union Bankshares in the fourth quarter valued at approximately $72,000. Concord Wealth Partners boosted its position in shares of Atlantic Union Bankshares by 304.1% in the first 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 bought a new position in shares of Atlantic Union Bankshares in the first quarter valued at approximately $100,000. 78.58% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CEO John C. Asbury purchased 7,500 shares of the stock in a transaction dated Monday, July 28th. The stock was purchased at an average price of $32.91 per share, with a total value of $246,825.00. Following the transaction, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Frank Russell Ellett bought 5,000 shares of the firm's stock in a transaction on Thursday, August 7th. The stock was acquired at an average cost of $31.54 per share, with a total value of $157,700.00. Following the transaction, the director owned 76,606 shares in the company, valued at $2,416,153.24. The trade was a 6.98% increase in their position. 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. 0.87% of the stock is owned by insiders.

Atlantic Union Bankshares Trading Down 0.0%

NASDAQ:AUB traded down $0.00 during trading hours on Friday, hitting $35.38. The company had a trading volume of 781,246 shares, compared to its average volume of 1,387,931. The company has a market capitalization of $5.04 billion, a PE ratio of 15.45 and a beta of 0.90. The stock has a 50-day moving average price of $33.70 and a 200 day moving average price of $31.25. Atlantic Union Bankshares Co. has a 52 week low of $22.85 and a 52 week high of $44.54. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.91 and a quick 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, beating analysts' consensus estimates 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 analysts' expectations of $369.70 million. During the same quarter in the previous year, the business posted $0.63 EPS. The company's quarterly revenue was up 92.0% on a year-over-year basis. On average, equities research analysts predict that Atlantic Union Bankshares Co. will post 3.26 EPS for the current fiscal year.

Atlantic Union Bankshares Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 18th. Stockholders of record on Monday, August 4th were issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date was Monday, August 4th. Atlantic Union Bankshares's payout ratio is 66.02%.

Analyst Ratings Changes

A number of equities analysts have recently commented on AUB shares. Piper Sandler cut their price objective on shares of Atlantic Union Bankshares from $46.00 to $45.00 and set an "overweight" rating for the company in a research report on Friday, July 25th. Jefferies Financial Group set a $37.00 price target on shares of Atlantic Union Bankshares and gave the stock 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, Keefe, Bruyette & Woods lifted their price target on shares of 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. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $38.33.

Atlantic Union Bankshares Company 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.