Atlantic Union Bankshares Co. $AUB Shares Acquired by Louisiana State Employees Retirement System

Key Points

• The Louisiana State Employees Retirement System increased its stake in Atlantic Union Bankshares Co. by 57.4%, acquiring a total of 66,600 shares valued at over $2 million.
• Analysts have varying ratings for Atlantic Union Bankshares, with recent coverage including a buy rating and a target price between $41.00 and $46.00 by different firms.
• The company reported a 92% year-over-year revenue increase in its latest quarter, achieving earnings per share of $0.95, surpassing analyst expectations.

Louisiana State Employees Retirement System increased its position in Atlantic Union Bankshares Co. (NASDAQ:AUB - Free Report) by 57.4% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 66,600 shares of the company's stock after purchasing an additional 24,300 shares during the period. Louisiana State Employees Retirement System's holdings in Atlantic Union Bankshares were worth $2,083,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in AUB. GAMMA Investing LLC lifted its holdings in shares of Atlantic Union Bankshares by 2,412.4% in the 1st quarter. GAMMA Investing LLC now owns 33,289 shares of the company's stock valued at $1,069,000 after purchasing an additional 31,964 shares during the last quarter. NBC Securities Inc. purchased a new stake in shares of Atlantic Union Bankshares in the 1st quarter valued at about $25,000. SG Americas Securities LLC purchased a new stake in shares of Atlantic Union Bankshares in the 1st quarter valued at about $310,000. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Atlantic Union Bankshares by 3.3% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 19,130 shares of the company's stock valued at $596,000 after purchasing an additional 614 shares during the last quarter. Finally, Dover Advisors LLC purchased a new stake in shares of Atlantic Union Bankshares in the 1st quarter valued at about $324,000. 78.58% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently weighed in on AUB. TD Cowen started coverage on Atlantic Union Bankshares in a report on Thursday, September 25th. They issued a "buy" rating and a $46.00 target price for the company. 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 research note on Friday, July 25th. Morgan Stanley upped their price objective on Atlantic Union Bankshares from $35.00 to $41.00 and gave the company an "underperform" rating in a research note on Monday, September 29th. Janney Montgomery Scott started coverage on Atlantic Union Bankshares in a research note on Wednesday. They set a "buy" rating and a $42.00 price objective for the company. Finally, Raymond James Financial reaffirmed a "strong-buy" rating and set a $43.00 price objective (up from $42.00) on shares of Atlantic Union Bankshares in a research note on Friday, October 3rd. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Atlantic Union Bankshares presently has an average rating of "Moderate Buy" and a consensus target price of $41.56.

Atlantic Union Bankshares Stock Performance

Shares of AUB stock opened at $33.51 on Friday. The company has a market cap of $4.78 billion, a price-to-earnings ratio of 14.63 and a beta of 0.87. The stock has a 50 day simple moving average of $34.78 and a 200-day simple moving average of $31.58. Atlantic Union Bankshares Co. has a 12-month low of $22.85 and a 12-month high of $44.54. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.13.

Atlantic Union Bankshares (NASDAQ:AUB - Get Free Report) last issued its earnings results on Thursday, July 24th. The company reported $0.95 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.80 by $0.15. The business had revenue of $377.22 million during the quarter, compared to the consensus estimate of $369.70 million. Atlantic Union Bankshares had a return on equity of 8.50% and a net margin of 15.53%.The company's revenue for the quarter was up 92.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.63 EPS. On average, equities analysts forecast that Atlantic Union Bankshares Co. will post 3.26 EPS for the current 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 paid a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend was Monday, August 4th. Atlantic Union Bankshares's dividend payout ratio is 66.02%.

Insider Buying and Selling

In other Atlantic Union Bankshares news, CEO John C. Asbury bought 7,500 shares of the business's stock in a transaction dated Monday, July 28th. The stock was acquired at an average cost of $32.91 per share, with a total value of $246,825.00. Following the purchase, 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 transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Frank Russell Ellett purchased 5,000 shares of the stock in a transaction that occurred on Thursday, August 7th. The stock was purchased at an average price of $31.54 per share, for a total transaction of $157,700.00. Following the acquisition, the director owned 76,606 shares in the company, valued at approximately $2,416,153.24. This trade represents a 6.98% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 18,941 shares of company stock valued at $606,502. Company insiders own 0.87% of the company's stock.

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.

Want to see what other hedge funds are holding AUB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Atlantic Union Bankshares Co. (NASDAQ:AUB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.