Raymond James Financial Inc. Has $5.14 Million Stock Position in Atlantic Union Bankshares Co. $AUB

Key Points

• Raymond James Financial Inc. has reduced its stake in Atlantic Union Bankshares Co. by 9.7%, now holding approximately 0.18% of the company with a value of $5.1 million.
• Atlantic Union Bankshares recently reported a quarterly earnings per share of $0.95, exceeding estimates, and recorded a revenue increase of 92.0% compared to the same quarter last year.
• The company declared a $0.34 quarterly dividend with a yield of 3.8%, reflecting a payout ratio of 66.02% for shareholders of record on August 4th.

Raymond James Financial Inc. cut its position in shares of Atlantic Union Bankshares Co. (NASDAQ:AUB - Free Report) by 9.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 164,941 shares of the company's stock after selling 17,814 shares during the quarter. Raymond James Financial Inc. owned 0.18% of Atlantic Union Bankshares worth $5,136,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the company. Ameriprise Financial Inc. grew its holdings in shares of Atlantic Union Bankshares by 62.0% during the fourth quarter. Ameriprise Financial Inc. now owns 2,587,890 shares of the company's stock valued at $98,029,000 after buying an additional 990,583 shares in the last quarter. Vanguard Group Inc. boosted its position in Atlantic Union Bankshares by 8.9% during 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. Invesco Ltd. boosted its position in Atlantic Union Bankshares by 207.5% during the 1st quarter. Invesco Ltd. now owns 1,016,402 shares of the company's stock worth $31,651,000 after acquiring an additional 685,832 shares during the period. Stieven Capital Advisors L.P. purchased a new position in Atlantic Union Bankshares during the 1st quarter valued at about $12,923,000. Finally, Millennium Management LLC increased its holdings in shares of Atlantic Union Bankshares by 908.3% in the 4th quarter. Millennium Management LLC now owns 450,389 shares of the company's stock valued at $17,061,000 after purchasing an additional 405,722 shares during the period. 78.58% of the stock is owned by hedge funds and other institutional investors.

Atlantic Union Bankshares Stock Performance

Atlantic Union Bankshares stock traded up $0.05 during trading hours on Wednesday, reaching $35.18. 490,504 shares of the company were exchanged, compared to its average volume of 1,394,787. Atlantic Union Bankshares Co. has a 12 month low of $22.85 and a 12 month high of $44.54. The firm has a market cap of $5.01 billion, a price-to-earnings ratio of 15.36 and a beta of 0.90. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.13. The stock has a 50-day moving average of $33.63 and a 200 day moving average of $31.25.

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, beating analysts' consensus estimates of $0.80 by $0.15. The company had revenue of $377.22 million during the quarter, compared to analysts' expectations of $369.70 million. Atlantic Union Bankshares had a net margin of 15.53% and a return on equity of 8.50%. The business's quarterly revenue was up 92.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.63 earnings per share. As a group, research analysts anticipate that Atlantic Union Bankshares Co. will post 3.26 earnings per share for the current year.

Atlantic Union Bankshares Announces Dividend

The firm also recently disclosed 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 3.9%. The ex-dividend date of this dividend was Monday, August 4th. Atlantic Union Bankshares's dividend payout ratio (DPR) is presently 66.02%.

Insider Transactions at Atlantic Union Bankshares

In other news, CEO John C. Asbury acquired 7,500 shares of the company's stock in a transaction dated Monday, July 28th. The stock was bought at an average price of $32.91 per share, with a total value of $246,825.00. Following the completion of the acquisition, the chief executive officer owned 270,532 shares in the company, valued at approximately $8,903,208.12. This represents a 2.85% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Frank Russell Ellett bought 1,441 shares of Atlantic Union Bankshares stock in a transaction dated Friday, August 8th. The stock was acquired at an average cost of $31.49 per share, for a total transaction of $45,377.09. Following the completion of the acquisition, the director directly owned 78,047 shares in the company, valued at $2,457,700.03. This represents a 1.88% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders purchased 18,941 shares of company stock worth $606,502. 0.87% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on AUB shares. Piper Sandler decreased their target price 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. Keefe, Bruyette & Woods boosted their target price on Atlantic Union Bankshares from $33.00 to $34.00 and gave the company a "market perform" rating in a research note on Monday, August 4th. Jefferies Financial Group set a $37.00 price target on Atlantic Union Bankshares and gave the stock a "buy" rating in a research note on Wednesday, May 21st. Finally, Raymond James Financial reissued a "strong-buy" rating on shares of Atlantic Union Bankshares in a research note on Wednesday, July 30th. 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 company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $38.33.

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.