Citigroup Inc. Acquires 81,936 Shares of Atlantic Union Bankshares Co. $AUB

Key Points

• Citigroup Inc. increased its stake in Atlantic Union Bankshares by 36.3% in the first quarter, now owning approximately $9.58 million in shares of the company.
• Atlantic Union Bankshares reported a 92% year-over-year revenue increase for the quarter, with earnings per share of $0.95, surpassing analyst estimates of $0.80.
• The company announced a quarterly dividend of $0.34 per share, reflecting an annualized yield of 4.1%, with a dividend payout ratio of 66.02%.

Citigroup Inc. lifted its holdings in shares of Atlantic Union Bankshares Co. (NASDAQ:AUB - Free Report) by 36.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 307,479 shares of the company's stock after buying an additional 81,936 shares during the quarter. Citigroup Inc. owned about 0.34% of Atlantic Union Bankshares worth $9,575,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Maryland State Retirement & Pension System grew its position in shares of Atlantic Union Bankshares by 26.5% during the 1st quarter. Maryland State Retirement & Pension System now owns 38,051 shares of the company's stock worth $1,185,000 after buying an additional 7,962 shares during the period. Mutual of America Capital Management LLC boosted its stake in Atlantic Union Bankshares by 39.4% during the 1st quarter. Mutual of America Capital Management LLC now owns 18,956 shares of the company's stock worth $590,000 after acquiring an additional 5,356 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Atlantic Union Bankshares by 4.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,104,606 shares of the company's stock worth $34,397,000 after acquiring an additional 50,493 shares during the last quarter. Vanguard Group Inc. boosted its stake 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 last quarter. Finally, New Age Alpha Advisors LLC bought a new position in Atlantic Union Bankshares during the 1st quarter worth approximately $403,000. Institutional investors and hedge funds own 78.58% of the company's stock.

Atlantic Union Bankshares Stock Down 1.1%

AUB traded down $0.3760 during trading on Thursday, reaching $33.2740. The company had a trading volume of 715,744 shares, compared to its average volume of 1,441,119. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.91 and a quick ratio of 0.91. Atlantic Union Bankshares Co. has a 12 month low of $22.85 and a 12 month high of $44.54. The business's fifty day moving average price is $32.37 and its 200 day moving average price is $31.47. The company has a market cap of $4.74 billion, a P/E ratio of 14.53 and a beta of 0.88.

Atlantic Union Bankshares (NASDAQ:AUB - Get Free Report) last announced 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 firm had revenue of $377.22 million for the quarter, compared to analyst estimates of $369.70 million. During the same quarter in the previous year, the firm posted $0.63 earnings per share. The business's revenue was up 92.0% on a year-over-year basis. Equities analysts anticipate that Atlantic Union Bankshares Co. will post 3.26 EPS for the current year.

Atlantic Union Bankshares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, August 18th. Shareholders of record on Monday, August 4th were paid a $0.34 dividend. The ex-dividend date of this dividend was Monday, August 4th. This represents a $1.36 dividend on an annualized basis and a yield of 4.1%. Atlantic Union Bankshares's payout ratio is presently 66.02%.

Analyst Ratings Changes

Several research firms recently weighed in on AUB. Jefferies Financial Group set a $37.00 price objective on shares of Atlantic Union Bankshares and gave the stock a "buy" rating in a research note on Wednesday, May 21st. Piper Sandler reduced their price objective on shares of Atlantic Union Bankshares from $46.00 to $45.00 and set an "overweight" rating on the stock in a research note on Friday, July 25th. Keefe, Bruyette & Woods lifted their price objective 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, Raymond James Financial reissued a "strong-buy" rating on shares of Atlantic Union Bankshares in a research note on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $38.33.

Insider Buying and Selling

In other Atlantic Union Bankshares news, CEO John C. Asbury acquired 7,500 shares of the business's stock in a transaction dated Monday, July 28th. The shares were acquired at an average price of $32.91 per share, with a total value of $246,825.00. Following the completion of the transaction, the chief executive officer directly owned 270,532 shares in the company, valued at $8,903,208.12. This trade represents a 2.85% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Frank Russell Ellett acquired 5,000 shares of the business's stock in a transaction dated Thursday, August 7th. The stock was acquired at an average cost of $31.54 per share, for a total transaction of $157,700.00. Following the transaction, the director owned 76,606 shares of the company's stock, valued at $2,416,153.24. This represents a 6.98% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 18,941 shares of company stock worth $606,502. Insiders own 1.16% of the company's stock.

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.