DAVENPORT & Co LLC Boosts Stake in Atlantic Union Bankshares Co. $AUB

Key Points

• DAVENPORT & Co LLC increased its stake in Atlantic Union Bankshares by 29.8% in Q2, now holding approximately 0.51% of the company valued at $22.67 million.
• Several institutional investors, including Vanguard Group Inc. and Goldman Sachs Group Inc., have also increased their positions in Atlantic Union Bankshares, demonstrating strong interest in the stock.
• Atlantic Union Bankshares reported a 92% increase in revenue year-over-year, with Q2 earnings per share of $0.95, surpassing analysts' expectations.

DAVENPORT & Co LLC boosted its position in shares of Atlantic Union Bankshares Co. (NASDAQ:AUB - Free Report) by 29.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 724,801 shares of the company's stock after buying an additional 166,350 shares during the period. DAVENPORT & Co LLC owned approximately 0.51% of Atlantic Union Bankshares worth $22,667,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in AUB. Vanguard Group Inc. raised its holdings 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 acquiring an additional 978,793 shares in the last quarter. Ameriprise Financial Inc. increased its position in Atlantic Union Bankshares by 6.3% in the first quarter. Ameriprise Financial Inc. now owns 2,751,341 shares of the company's stock worth $85,676,000 after purchasing an additional 163,451 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in Atlantic Union Bankshares by 36.0% during the first quarter. Goldman Sachs Group Inc. now owns 2,137,072 shares of the company's stock valued at $66,548,000 after purchasing an additional 565,564 shares in the last quarter. Victory Capital Management Inc. lifted its position in Atlantic Union Bankshares by 4.0% during the first quarter. Victory Capital Management Inc. now owns 1,644,177 shares of the company's stock valued at $51,200,000 after purchasing an additional 63,650 shares during the last quarter. Finally, Northern Trust Corp grew its stake in shares of Atlantic Union Bankshares by 35.5% in the 1st quarter. Northern Trust Corp now owns 1,573,946 shares of the company's stock worth $49,013,000 after buying an additional 412,730 shares in the last quarter. Institutional investors own 78.58% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on AUB. TD Cowen started coverage on shares of Atlantic Union Bankshares in a report on Thursday, September 25th. They issued a "buy" rating and a $46.00 price target for the company. National Bankshares set a $46.00 price objective on Atlantic Union Bankshares in a research note on Wednesday, September 24th. Raymond James Financial reiterated a "strong-buy" rating and issued a $43.00 target price (up previously from $42.00) on shares of Atlantic Union Bankshares in a report on Friday. Piper Sandler decreased their price target on Atlantic Union Bankshares from $46.00 to $45.00 and set an "overweight" rating on the stock in a report on Friday, July 25th. Finally, Cowen began coverage on shares of Atlantic Union Bankshares in a research note on Wednesday, September 24th. They set a "buy" rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Atlantic Union Bankshares currently has an average rating of "Moderate Buy" and an average price target of $41.50.

Insider Transactions at Atlantic Union Bankshares

In other news, Director Frank Russell Ellett bought 1,441 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The stock was bought at an average price of $31.49 per share, with a total value of $45,377.09. Following the completion of the transaction, the director directly owned 78,047 shares of the company's stock, valued at approximately $2,457,700.03. The trade was a 1.88% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 cost of $32.91 per share, for a total transaction of $246,825.00. Following the completion of the transaction, the chief executive officer owned 270,532 shares of the company's stock, valued at approximately $8,903,208.12. This represents a 2.85% increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 18,941 shares of company stock worth $606,502 over the last 90 days. Company insiders own 0.87% of the company's stock.

Atlantic Union Bankshares Stock Performance

AUB stock opened at $36.16 on Tuesday. Atlantic Union Bankshares Co. has a 1-year low of $22.85 and a 1-year high of $44.54. The business has a 50-day moving average price of $34.51 and a 200 day moving average price of $31.48. The company has a market capitalization of $5.15 billion, a P/E ratio of 15.79 and a beta of 0.87. 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 announced its quarterly earnings results on Thursday, July 24th. The company reported $0.95 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.15. The firm had revenue of $377.22 million during the quarter, compared to analysts' expectations of $369.70 million. Atlantic Union Bankshares had a net margin of 15.53% and a return on equity of 8.50%. The company's revenue was up 92.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.63 EPS. As a group, equities research analysts forecast that Atlantic Union Bankshares Co. will post 3.26 EPS for the current fiscal year.

Atlantic Union Bankshares Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 18th. Shareholders 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 of this dividend was Monday, August 4th. Atlantic Union Bankshares's dividend payout ratio is presently 66.02%.

Atlantic Union Bankshares Company 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.

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