Atlantic Union Bankshares Co. $AUB Shares Purchased by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System increased its Atlantic Union Bankshares stake by 21% in the first quarter, bringing its holdings to 164,102 shares valued at approximately $5.9 million. Institutional investors collectively own 78.58% of the company.
• Atlantic Union Bankshares exceeded quarterly earnings expectations, reporting $0.94 in EPS versus the $0.92 consensus, while revenue rose 3.1% year over year to $387.57 million.
• The company declared a quarterly dividend of $0.37 per share, equivalent to a 3.4% annualized yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $45.57.

California State Teachers Retirement System grew its position in shares of Atlantic Union Bankshares Co. (NYSE:AUB - Free Report) by 21.0% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 164,102 shares of the company's stock after buying an additional 28,505 shares during the period. California State Teachers Retirement System owned about 0.11% of Atlantic Union Bankshares worth $5,865,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in AUB. Dimensional Fund Advisors LP lifted its stake in Atlantic Union Bankshares by 1.4% during the first quarter. Dimensional Fund Advisors LP now owns 7,635,464 shares of the company's stock worth $272,883,000 after purchasing an additional 102,821 shares during the last quarter. State Street Corp raised its holdings in shares of Atlantic Union Bankshares by 24.5% during the second quarter. State Street Corp now owns 7,400,456 shares of the company's stock worth $231,486,000 after purchasing an additional 1,457,647 shares during the period. North Reef Capital Management LP raised its holdings in shares of Atlantic Union Bankshares by 23.1% during the fourth quarter. North Reef Capital Management LP now owns 4,572,090 shares of the company's stock worth $161,395,000 after purchasing an additional 858,486 shares during the period. T. Rowe Price Investment Management Inc. bought a new position in shares of Atlantic Union Bankshares in the 4th quarter worth about $87,022,000. Finally, Goldman Sachs Group Inc. lifted its position in shares of Atlantic Union Bankshares by 36.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,137,072 shares of the company's stock worth $66,548,000 after buying an additional 565,564 shares during the last quarter. Institutional investors and hedge funds own 78.58% of the company's stock.

Atlantic Union Bankshares Trading Down 0.7%

Shares of NYSE:AUB opened at $43.10 on Thursday. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.15. The company's 50-day moving average price is $40.86 and its 200 day moving average price is $38.81. The company has a market cap of $6.17 billion, a PE ratio of 12.86 and a beta of 0.79. Atlantic Union Bankshares Co. has a fifty-two week low of $30.87 and a fifty-two week high of $43.62.

Atlantic Union Bankshares (NYSE:AUB - Get Free Report) last posted its earnings results on Tuesday, July 21st. The company reported $0.94 EPS for the quarter, topping the consensus estimate of $0.92 by $0.02. Atlantic Union Bankshares had a net margin of 21.97% and a return on equity of 10.55%. The firm had revenue of $387.57 million during the quarter, compared to analysts' expectations of $389.06 million. During the same quarter in the prior year, the firm earned $0.95 EPS. Atlantic Union Bankshares's quarterly revenue was up 3.1% on a year-over-year basis. Sell-side analysts anticipate that Atlantic Union Bankshares Co. will post 3.76 earnings per share for the current year.

Atlantic Union Bankshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 21st. Shareholders of record on Friday, August 7th will be given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date is Friday, August 7th. Atlantic Union Bankshares's payout ratio is 44.18%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Stephens reaffirmed an "overweight" rating and set a $46.00 price objective on shares of Atlantic Union Bankshares in a research report on Thursday, June 11th. TD Cowen raised their target price on shares of Atlantic Union Bankshares from $46.00 to $48.00 and gave the stock a "buy" rating in a report on Wednesday, July 22nd. Morgan Stanley upped their target price on Atlantic Union Bankshares from $42.00 to $45.00 and gave the company an "equal weight" rating in a report on Monday, June 29th. Weiss Ratings assumed coverage on Atlantic Union Bankshares in a research report on Monday, July 6th. They set a "buy (b-)" rating on the stock. Finally, Piper Sandler reissued an "overweight" rating and issued a $47.00 price target on shares of Atlantic Union Bankshares in a report on Wednesday, July 22nd. Five research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $45.57.

Atlantic Union Bankshares Company Profile

Atlantic Union Bankshares, Inc is a bank holding company headquartered in Richmond, Virginia, operating through its principal subsidiary Atlantic Union Bank. The company offers a full suite of commercial and consumer banking services to individuals, businesses and institutions across Virginia, Maryland, North Carolina and the District of Columbia. Leveraging a network of full-service branches, commercial lending offices and digital platforms, Atlantic Union Bankshares focuses on relationship-driven solutions tailored to its regional client base.

Atlantic Union’s product lineup includes traditional deposit accounts, such as checking, savings and money market accounts, along with certificates of deposit.

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