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

Key Points

• DAVENPORT & Co LLC reduced its stake in Atlantic Union Bankshares (AUB) by 8.0% in Q4, selling 65,774 shares and now holding 760,660 shares (~0.53% ownership) valued at about $26.97 million.
• Atlantic Union beat Q4 expectations with EPS of $0.97 vs. $0.86 expected, pays a quarterly $0.37 dividend (annualized yield ~4.2%), and analysts have raised targets leaving a consensus "Moderate Buy" with an average target of $43.17.

DAVENPORT & Co LLC lessened its stake in Atlantic Union Bankshares Co. (NASDAQ:AUB - Free Report) by 8.0% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 760,660 shares of the company's stock after selling 65,774 shares during the period. DAVENPORT & Co LLC owned about 0.53% of Atlantic Union Bankshares worth $26,974,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in AUB. Westside Investment Management Inc. boosted its position in shares of Atlantic Union Bankshares by 100.0% during the third quarter. Westside Investment Management Inc. now owns 780 shares of the company's stock worth $27,000 after buying an additional 390 shares during the period. Farther Finance Advisors LLC raised its holdings in shares of Atlantic Union Bankshares by 309.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 864 shares of the company's stock valued at $30,000 after buying an additional 653 shares during the period. EverSource Wealth Advisors LLC lifted its stake in 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 acquiring an additional 1,287 shares in the last quarter. Abich Financial Wealth Management LLC acquired a new position in Atlantic Union Bankshares during the 3rd quarter worth about $50,000. Finally, UMB Bank n.a. lifted its stake in Atlantic Union Bankshares by 32.5% during the 3rd quarter. UMB Bank n.a. now owns 1,660 shares of the company's stock worth $59,000 after acquiring an additional 407 shares in the last quarter. 78.58% of the stock is currently owned by institutional investors and hedge funds.

Atlantic Union Bankshares Trading Up 1.1%

AUB opened at $35.32 on Thursday. The business has a fifty day moving average price of $38.07 and a 200 day moving average price of $35.97. 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 Co. has a 12 month low of $22.85 and a 12 month high of $42.18. The stock has a market capitalization of $5.03 billion, a price-to-earnings ratio of 15.42 and a beta of 0.82.

Atlantic Union Bankshares (NASDAQ:AUB - Get Free Report) last announced its quarterly earnings data on Thursday, January 22nd. The company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.11. Atlantic Union Bankshares had a return on equity of 8.50% and a net margin of 15.53%.The business had revenue of $391.33 million during the quarter, compared to analysts' expectations of $378.95 million. During the same quarter last year, the business posted $0.67 EPS. Sell-side analysts expect 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 announced a quarterly dividend, which was paid on Friday, February 27th. Investors of record on Friday, February 13th were issued a $0.37 dividend. The ex-dividend date of this dividend was Friday, February 13th. This represents a $1.48 annualized dividend and a yield of 4.2%. Atlantic Union Bankshares's dividend payout ratio (DPR) is 72.55%.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Piper Sandler lifted their target price on Atlantic Union Bankshares from $41.50 to $47.50 and gave the company an "overweight" rating in a research report on Thursday, February 5th. Zacks Research raised shares of Atlantic Union Bankshares from a "hold" rating to a "strong-buy" rating in a research report on Thursday, February 5th. Raymond James Financial set a $45.00 price objective on shares of Atlantic Union Bankshares in a research note on Thursday, December 11th. Stephens lifted their price objective on shares of Atlantic Union Bankshares from $43.00 to $45.00 and gave the company an "overweight" rating in a report on Monday, January 26th. Finally, Morgan Stanley upped their target price on shares of Atlantic Union Bankshares from $44.00 to $47.00 and gave the stock an "equal weight" rating in a research note on Monday, March 2nd. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $43.17.

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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