Bridgeway Capital Management LLC Buys Shares of 94,189 Atlantic Union Bankshares Co. $AUB

Key Points

• Bridgeway Capital Management LLC acquired 94,189 shares of Atlantic Union Bankshares Co. valued at approximately $2.93 million, representing a 0.10% ownership in the company.
• Insider transactions included the purchase of 5,000 shares by Director Frank Russell Ellett and 7,500 shares by CEO John C. Asbury, indicating strong executive confidence in the company’s performance.
• Atlantic Union Bankshares reported a quarterly earnings per share of $0.95, exceeding estimates and showing a 92% year-over-year revenue increase.

Bridgeway Capital Management LLC acquired a new position in Atlantic Union Bankshares Co. (NASDAQ:AUB - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 94,189 shares of the company's stock, valued at approximately $2,933,000. Bridgeway Capital Management LLC owned 0.10% of Atlantic Union Bankshares as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in AUB. Bank of New York Mellon Corp increased its stake in Atlantic Union Bankshares by 8.8% in the 1st quarter. Bank of New York Mellon Corp now owns 1,171,836 shares of the company's stock worth $36,491,000 after acquiring an additional 94,883 shares during the last quarter. OneDigital Investment Advisors LLC boosted its stake in shares of Atlantic Union Bankshares by 8.7% during the first quarter. OneDigital Investment Advisors LLC now owns 6,619 shares of the company's stock valued at $206,000 after purchasing an additional 527 shares during the period. Amalgamated Bank boosted its stake in shares of Atlantic Union Bankshares by 30.7% during the first quarter. Amalgamated Bank now owns 34,400 shares of the company's stock valued at $1,071,000 after purchasing an additional 8,073 shares during the period. DAVENPORT & Co LLC lifted its stake in Atlantic Union Bankshares by 25.6% in the first quarter. DAVENPORT & Co LLC now owns 558,451 shares of the company's stock worth $17,390,000 after acquiring an additional 113,760 shares during the period. Finally, SG Americas Securities LLC purchased a new stake in Atlantic Union Bankshares in the first quarter worth about $310,000. Institutional investors own 78.58% of the company's stock.

Wall Street Analyst Weigh In

AUB has been the subject of several research analyst reports. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Atlantic Union Bankshares in a research report on Wednesday, July 30th. Keefe, Bruyette & Woods raised 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. Piper Sandler decreased their target price on Atlantic Union Bankshares from $46.00 to $45.00 and set an "overweight" rating on the stock in a research report on Friday, July 25th. Finally, Jefferies Financial Group set a $37.00 target price on Atlantic Union Bankshares and gave the company a "buy" rating in a research report on Wednesday, May 21st. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Atlantic Union Bankshares currently has a consensus rating of "Moderate Buy" and an average target price of $38.33.

Insider Buying and Selling at Atlantic Union Bankshares

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

Atlantic Union Bankshares Trading Up 0.2%

Shares of NASDAQ AUB traded up $0.07 during trading on Thursday, hitting $35.28. 360,140 shares of the company were exchanged, compared to its average volume of 1,388,857. Atlantic Union Bankshares Co. has a 12-month low of $22.85 and a 12-month high of $44.54. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.91 and a current ratio of 0.91. The company has a fifty day moving average price of $33.63 and a 200-day moving average price of $31.25. The firm has a market capitalization of $5.03 billion, a PE ratio of 15.42 and a beta of 0.90.

Atlantic Union Bankshares (NASDAQ:AUB - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The company reported $0.95 EPS for the quarter, topping the consensus estimate of $0.80 by $0.15. Atlantic Union Bankshares had a return on equity of 8.50% and a net margin of 15.53%.The business 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 earned $0.63 EPS. The company's quarterly revenue was up 92.0% compared to the same quarter last year. As a group, equities research analysts expect that Atlantic Union Bankshares Co. will post 3.26 EPS for the current year.

Atlantic Union Bankshares Announces Dividend

The business also recently declared 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 3.9%. The ex-dividend date was Monday, August 4th. Atlantic Union Bankshares's payout ratio is currently 66.02%.

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.