Bridgeway Capital Management LLC Purchases 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 shares of Atlantic Union Bankshares Co. (NASDAQ:AUB - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor 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 filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of 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 purchasing an additional 978,793 shares during the last quarter. Invesco Ltd. increased its stake in Atlantic Union Bankshares by 207.5% during the 1st quarter. Invesco Ltd. now owns 1,016,402 shares of the company's stock worth $31,651,000 after buying an additional 685,832 shares in the last quarter. Stieven Capital Advisors L.P. purchased a new stake in Atlantic Union Bankshares during the 1st quarter worth approximately $12,923,000. Northern Trust Corp raised 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 valued at $49,013,000 after acquiring an additional 412,730 shares during the last quarter. Finally, Millennium Management LLC lifted its position in shares of Atlantic Union Bankshares by 908.3% in the fourth quarter. Millennium Management LLC now owns 450,389 shares of the company's stock valued at $17,061,000 after acquiring an additional 405,722 shares in the last quarter. 78.58% of the stock is owned by hedge funds and other institutional investors.

Atlantic Union Bankshares Trading Down 0.0%

Shares of AUB stock traded down $0.00 during trading on Friday, hitting $35.38. 781,246 shares of the stock traded hands, compared to its average volume of 1,387,931. Atlantic Union Bankshares Co. has a 52-week low of $22.85 and a 52-week high of $44.54. The firm has a market capitalization of $5.04 billion, a P/E ratio of 15.45 and a beta of 0.90. The firm's fifty day moving average price is $33.70 and its 200-day moving average price is $31.25. 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 (NASDAQ:AUB - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The company reported $0.95 earnings per share (EPS) for the quarter, beating the consensus estimate 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 period in the previous year, the firm earned $0.63 EPS. Atlantic Union Bankshares's revenue was up 92.0% on a year-over-year basis. As a group, research analysts forecast that Atlantic Union Bankshares Co. will post 3.26 earnings per share for the current fiscal year.

Atlantic Union Bankshares Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, August 18th. Stockholders of record on Monday, August 4th were given 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 dividend payout ratio (DPR) is currently 66.02%.

Analysts Set New Price Targets

Several analysts recently commented on AUB shares. Piper Sandler dropped their price target on Atlantic Union Bankshares from $46.00 to $45.00 and set an "overweight" rating for the company in a research report on Friday, July 25th. Jefferies Financial Group set a $37.00 target price on shares of Atlantic Union Bankshares and gave the stock a "buy" rating in a research note on Wednesday, May 21st. Keefe, Bruyette & Woods increased their target price on shares of Atlantic Union Bankshares from $33.00 to $34.00 and gave the company a "market perform" rating in a research report on Monday, August 4th. Finally, Raymond James Financial restated a "strong-buy" rating on shares of Atlantic Union Bankshares in a research report on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $38.33.

Insider Buying and Selling at Atlantic Union Bankshares

In other Atlantic Union Bankshares news, CEO John C. Asbury purchased 7,500 shares of the business's stock in a transaction on Monday, July 28th. The shares were bought at an average cost of $32.91 per share, for a total transaction of $246,825.00. Following the completion of the purchase, the chief executive officer directly owned 270,532 shares of the company's stock, valued at approximately $8,903,208.12. This trade represents a 2.85% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Frank Russell Ellett purchased 1,441 shares of the firm's stock in a transaction on Friday, August 8th. The stock was acquired at an average cost of $31.49 per share, with a total value of $45,377.09. Following the transaction, the director directly owned 78,047 shares in the company, valued at $2,457,700.03. This trade represents a 1.88% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 18,941 shares of company stock worth $606,502 in the last quarter. Company insiders own 0.87% of the company's stock.

Atlantic Union Bankshares Profile

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.