Dynamic Technology Lab Private Ltd Buys 61,228 Shares of Atlantic Union Bankshares Co. $AUB

Key Points

• Dynamic Technology Lab Private Ltd increased its holdings in Atlantic Union Bankshares Co. by 249.9% in the first quarter, acquiring a total of 85,730 shares valued at approximately $2.67 million.
• Atlantic Union Bankshares reported a 92.0% year-over-year revenue increase for the quarter, with earnings per share of $0.95 exceeding estimates by $0.15.
• The company recently declared a quarterly dividend of $0.34, reflecting an annualized dividend yield of 3.8% and a payout ratio of 66.02%.

Dynamic Technology Lab Private Ltd lifted its stake in Atlantic Union Bankshares Co. (NASDAQ:AUB - Free Report) by 249.9% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 85,730 shares of the company's stock after acquiring an additional 61,228 shares during the quarter. Atlantic Union Bankshares accounts for 0.4% of Dynamic Technology Lab Private Ltd's investment portfolio, making the stock its 24th largest position. Dynamic Technology Lab Private Ltd owned 0.10% of Atlantic Union Bankshares worth $2,670,000 as of its most recent filing with the SEC.

Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Atlantic Union Bankshares by 8.9% in the 1st 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. Millennium Management LLC lifted its stake in shares of Atlantic Union Bankshares by 152.3% in the first quarter. Millennium Management LLC now owns 1,136,526 shares of the company's stock valued at $35,391,000 after purchasing an additional 686,137 shares during the period. Invesco Ltd. increased its holdings in Atlantic Union Bankshares by 207.5% during the 1st quarter. Invesco Ltd. now owns 1,016,402 shares of the company's stock valued at $31,651,000 after acquiring an additional 685,832 shares in the last quarter. Stieven Capital Advisors L.P. purchased a new stake in shares of Atlantic Union Bankshares during the first quarter worth about $12,923,000. Finally, Northern Trust Corp grew its holdings 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 in the last quarter. 78.58% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on AUB. Raymond James Financial restated a "strong-buy" rating on shares of Atlantic Union Bankshares in a research note on Wednesday, July 30th. Keefe, Bruyette & Woods upped their price objective on shares of 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 shares of Atlantic Union Bankshares and gave the stock a "buy" rating in a research report on Wednesday, May 21st. Finally, Piper Sandler lowered their price target on Atlantic Union Bankshares from $46.00 to $45.00 and set an "overweight" rating on the stock in a report on Friday, July 25th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $38.33.

Atlantic Union Bankshares Price Performance

Shares of NASDAQ:AUB traded up $0.06 during midday trading on Friday, reaching $35.44. The company's stock had a trading volume of 293,923 shares, compared to its average volume of 1,385,062. Atlantic Union Bankshares Co. has a fifty-two week low of $22.85 and a fifty-two week high of $44.54. The company has a market capitalization of $5.05 billion, a P/E ratio of 15.47 and a beta of 0.90. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.91 and a quick ratio of 0.91. The business's fifty day simple moving average is $33.67 and its 200-day simple moving average is $31.25.

Atlantic Union Bankshares (NASDAQ:AUB - Get Free Report) last announced its 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. The company had revenue of $377.22 million during the quarter, compared to analyst estimates of $369.70 million. Atlantic Union Bankshares had a return on equity of 8.50% and a net margin of 15.53%.The firm's quarterly revenue was up 92.0% compared to the same quarter last year. During the same period last year, the company posted $0.63 earnings per share. As a group, equities research analysts expect that Atlantic Union Bankshares Co. will post 3.26 EPS for the current fiscal 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 annualized dividend and a dividend yield of 3.8%. The ex-dividend date was Monday, August 4th. Atlantic Union Bankshares's payout ratio is 66.02%.

Insider Activity

In related news, Director Frank Russell Ellett acquired 5,000 shares of the company's stock in a transaction dated Thursday, August 7th. The shares were bought at an average price of $31.54 per share, for a total transaction of $157,700.00. Following the purchase, the director directly owned 76,606 shares in the company, valued at approximately $2,416,153.24. This trade represents a 6.98% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO John C. Asbury bought 7,500 shares of the firm's stock in a transaction that occurred on Monday, July 28th. The shares were acquired at an average cost of $32.91 per share, for a total transaction of $246,825.00. Following the completion of the acquisition, the chief executive officer directly owned 270,532 shares in the company, valued at $8,903,208.12. The trade was a 2.85% increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 18,941 shares of company stock worth $606,502 in the last quarter. 0.87% of the stock is currently owned by company insiders.

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.