Congress Asset Management Co. Invests $5.23 Million in Atlantic Union Bankshares Co. $AUB

Key Points

• Congress Asset Management Co. invested approximately $5.23 million in Atlantic Union Bankshares Co. by acquiring 167,213 shares during the 2nd quarter.
• Atlantic Union Bankshares reported earnings per share of $0.95 for the last quarter, surpassing estimates and showing a significant year-over-year revenue increase of 92%.
• The stock has received a consensus rating of "Moderate Buy" from analysts, with an average price target of $40.25.

Congress Asset Management Co. bought a new position in Atlantic Union Bankshares Co. (NASDAQ:AUB - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 167,213 shares of the company's stock, valued at approximately $5,230,000. Congress Asset Management Co. owned approximately 0.12% of Atlantic Union Bankshares at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in AUB. NBC Securities Inc. acquired a new position in Atlantic Union Bankshares during the 1st quarter valued at approximately $25,000. CWM LLC boosted its position in Atlantic Union Bankshares by 99.4% during the 1st quarter. CWM LLC now owns 1,049 shares of the company's stock valued at $33,000 after purchasing an additional 523 shares during the period. Fifth Third Bancorp boosted its position in Atlantic Union Bankshares by 50.2% during the 2nd quarter. Fifth Third Bancorp now owns 2,052 shares of the company's stock valued at $64,000 after purchasing an additional 686 shares during the period. Concord Wealth Partners boosted its position in Atlantic Union Bankshares by 304.1% during the 1st quarter. Concord Wealth Partners now owns 2,728 shares of the company's stock worth $85,000 after acquiring an additional 2,053 shares during the period. Finally, ORG Wealth Partners LLC acquired a new position in Atlantic Union Bankshares during the 1st quarter worth $100,000. Institutional investors and hedge funds own 78.58% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on AUB. TD Cowen began coverage on Atlantic Union Bankshares in a research report on Thursday. They set a "buy" rating and a $46.00 price target for the company. Keefe, Bruyette & Woods boosted their price target on Atlantic Union Bankshares from $33.00 to $34.00 and gave the stock a "market perform" rating in a research report on Monday, August 4th. Piper Sandler reduced 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. Raymond James Financial reiterated a "strong-buy" rating on shares of Atlantic Union Bankshares in a research report on Wednesday, July 30th. Finally, Cowen assumed coverage on Atlantic Union Bankshares in a research report on Wednesday. They set a "buy" rating for the company. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $40.25.

Atlantic Union Bankshares Trading Up 0.9%

Shares of Atlantic Union Bankshares stock opened at $35.95 on Friday. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.13. The firm has a market cap of $5.12 billion, a price-to-earnings ratio of 15.70 and a beta of 0.90. The business has a fifty day simple moving average of $34.23 and a 200-day simple moving average of $31.36. Atlantic Union Bankshares Co. has a fifty-two week low of $22.85 and a fifty-two week high of $44.54.

Atlantic Union Bankshares (NASDAQ:AUB - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The company reported $0.95 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.15. The business had revenue of $377.22 million during the quarter, compared to analyst estimates of $369.70 million. Atlantic Union Bankshares had a return on equity of 8.50% and a net margin of 15.53%.The company's revenue was up 92.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.63 earnings per share. On average, equities analysts forecast that Atlantic Union Bankshares Co. will post 3.26 EPS for the current fiscal year.

Atlantic Union Bankshares Dividend Announcement

The business also recently announced 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. The ex-dividend date of this dividend was Monday, August 4th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.8%. Atlantic Union Bankshares's payout ratio is 66.02%.

Insiders Place Their Bets

In related news, CEO John C. Asbury bought 7,500 shares of the business's stock in a transaction dated Monday, July 28th. The shares were bought at an average cost 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 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 link. Also, Director Frank Russell Ellett bought 1,441 shares of the business's stock in a transaction dated Friday, August 8th. The shares were bought at an average cost of $31.49 per share, for a total transaction of $45,377.09. Following the completion of the transaction, the director directly owned 78,047 shares of the company's stock, 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 have bought 18,941 shares of company stock worth $606,502 over the last ninety days. 0.87% of the stock is owned by insiders.

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.

Want to see what other hedge funds are holding AUB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Atlantic Union Bankshares Co. (NASDAQ:AUB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.