Bank of America Corp DE Purchases 308,934 Shares of Atlantic Union Bankshares Co. $AUB

Key Points

• Bank of America increased its Atlantic Union Bankshares stake by 53.4% in the first quarter, purchasing 308,934 additional shares for a total holding of 886,978 shares valued at approximately $31.7 million.
• Analysts maintain a generally positive view of AUB, with five Buy ratings and three Holds producing a consensus “Moderate Buy” rating and an average price target of $45.57.
• Atlantic Union Bankshares reported quarterly EPS of $0.94, beating estimates of $0.92, and announced a quarterly dividend of $0.37 per share, representing a 3.5% annualized yield.

Bank of America Corp DE lifted its holdings in Atlantic Union Bankshares Co. (NYSE:AUB - Free Report) by 53.4% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 886,978 shares of the company's stock after buying an additional 308,934 shares during the period. Bank of America Corp DE owned approximately 0.62% of Atlantic Union Bankshares worth $31,701,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. IFP Advisors Inc grew its stake in Atlantic Union Bankshares by 362.5% in the 4th quarter. IFP Advisors Inc now owns 740 shares of the company's stock valued at $26,000 after purchasing an additional 580 shares during the period. Commonwealth Retirement Investments LLC purchased a new stake in shares of Atlantic Union Bankshares during the 4th quarter valued at $39,000. EverSource Wealth Advisors LLC raised its stake in shares of Atlantic Union Bankshares by 504.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,542 shares of the company's stock worth $48,000 after purchasing an additional 1,287 shares during the period. Farther Finance Advisors LLC raised its stake in shares of Atlantic Union Bankshares by 138.9% during the 4th quarter. Farther Finance Advisors LLC now owns 2,064 shares of the company's stock worth $73,000 after purchasing an additional 1,200 shares during the period. Finally, Johnson Financial Group Inc. bought a new stake in shares of Atlantic Union Bankshares during the 3rd quarter worth $77,000. 78.58% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Stephens restated an "overweight" rating and set a $46.00 price target on shares of Atlantic Union Bankshares in a research report on Thursday, June 11th. Weiss Ratings upgraded shares of Atlantic Union Bankshares from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday. Morgan Stanley boosted their target price on shares of Atlantic Union Bankshares from $42.00 to $45.00 and gave the company an "equal weight" rating in a research note on Monday, June 29th. Piper Sandler restated an "overweight" rating and set a $47.00 price target on shares of Atlantic Union Bankshares in a research note on Wednesday, July 22nd. Finally, TD Cowen lifted their price target 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. Five investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $45.57.

Atlantic Union Bankshares Stock Performance

NYSE AUB opened at $42.86 on Friday. The company's 50 day moving average is $41.54 and its 200-day moving average is $38.98. Atlantic Union Bankshares Co. has a 12-month low of $30.87 and a 12-month high of $43.62. 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 firm has a market cap of $6.12 billion, a P/E ratio of 12.80 and a beta of 0.79.

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

Atlantic Union Bankshares Announces Dividend

The business also recently announced 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. The ex-dividend date is Friday, August 7th. This represents a $1.48 annualized dividend and a dividend yield of 3.5%. Atlantic Union Bankshares's dividend payout ratio is currently 44.18%.

Atlantic Union Bankshares 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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