Atlantic Union Bankshares Co. $AUB Position Lowered by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company reduced its stake in Atlantic Union Bankshares Co. by 54.0%, selling 931,269 shares and holding 792,525 shares valued at approximately $24.68 million by the end of the last quarter.
• Atlantic Union Bankshares reported a 92.0% increase in quarterly revenue year-over-year, posting $377.22 million in revenue and earnings per share of $0.95, exceeding analysts' expectations.
• The company announced a quarterly dividend of $0.34 per share, providing an annualized yield of 3.8%, with a dividend payout ratio of 66.02%.

The Manufacturers Life Insurance Company lessened its position in Atlantic Union Bankshares Co. (NASDAQ:AUB - Free Report) by 54.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 792,525 shares of the company's stock after selling 931,269 shares during the period. The Manufacturers Life Insurance Company owned about 0.88% of Atlantic Union Bankshares worth $24,679,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of AUB. Vanguard Group Inc. grew its stake in Atlantic Union Bankshares by 8.9% in the 1st quarter. Vanguard Group Inc. now owns 11,932,493 shares of the company's stock worth $371,578,000 after acquiring an additional 978,793 shares during the period. Ameriprise Financial Inc. grew its position in shares of 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 purchasing an additional 163,451 shares during the period. Victory Capital Management Inc. increased its stake in Atlantic Union Bankshares by 4.0% in the first 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 lifted its position in 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. lifted its position in Atlantic Union Bankshares by 19.3% during the first quarter. American Century Companies Inc. now owns 1,259,864 shares of the company's stock worth $39,232,000 after buying an additional 203,791 shares during the period. Hedge funds and other institutional investors own 78.58% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on AUB shares. Piper Sandler dropped 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 note on Friday, July 25th. Raymond James Financial restated a "strong-buy" rating on shares of Atlantic Union Bankshares in a report on Wednesday, July 30th. Keefe, Bruyette & Woods increased 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. Finally, Jefferies Financial Group set a $37.00 price objective on shares of Atlantic Union Bankshares and gave the company a "buy" rating in a research note on Wednesday, May 21st. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $38.33.

Atlantic Union Bankshares Stock Down 0.7%

Shares of AUB traded down $0.26 during mid-day trading on Friday, reaching $35.76. 694,602 shares of the stock traded hands, compared to its average volume of 1,407,450. The stock has a fifty day simple moving average of $33.37 and a 200 day simple moving average of $31.29. 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 cap of $5.10 billion, a price-to-earnings ratio of 15.61 and a beta of 0.90.

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, 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 business had revenue of $377.22 million during the quarter, compared to analyst estimates of $369.70 million. During the same period last year, the business earned $0.63 EPS. The business's revenue was up 92.0% on a year-over-year basis. Sell-side analysts expect that Atlantic Union Bankshares Co. will post 3.26 EPS for the current fiscal year.

Atlantic Union Bankshares Dividend Announcement

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

Insider Activity

In other Atlantic Union Bankshares news, CEO John C. Asbury bought 7,500 shares of the business's stock in a transaction on Monday, July 28th. The shares were bought at an average cost 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 approximately $8,903,208.12. This trade represents a 2.85% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Frank Russell Ellett bought 5,000 shares of Atlantic Union Bankshares stock in a transaction dated Thursday, August 7th. The shares were acquired at an average price of $31.54 per share, with a total value of $157,700.00. Following the completion of the purchase, the director owned 76,606 shares in the company, valued at approximately $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 quarter, insiders purchased 18,941 shares of company stock worth $606,502. Insiders own 0.87% of the company's stock.

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.