Grace & White Inc. NY Makes New Investment in Atlantic Union Bankshares Co. $AUB

Key Points

• Grace & White Inc. NY invested approximately $1.6 million by acquiring 52,326 shares of Atlantic Union Bankshares Co. (AUB) during the second quarter.
• Analysts have varying ratings for AUB, with a consensus average rating of "Moderate Buy" and a target price of $41.56, indicating positive sentiment towards the company's performance.
• Atlantic Union Bankshares recently reported a 92% year-over-year increase in revenue, achieving $377.22 million for the quarter and surpassing analysts' expectations.

Grace & White Inc. NY bought a new position in shares of Atlantic Union Bankshares Co. (NASDAQ:AUB - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm bought 52,326 shares of the company's stock, valued at approximately $1,637,000.

Several other hedge funds have also recently bought and sold shares of AUB. NBC Securities Inc. acquired a new stake in shares of Atlantic Union Bankshares in the first quarter valued at approximately $25,000. CWM LLC raised its holdings in shares of Atlantic Union Bankshares by 99.4% in the first 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 last quarter. Fifth Third Bancorp raised its holdings in shares of Atlantic Union Bankshares by 50.2% in the second 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 last quarter. Concord Wealth Partners raised its holdings in shares of Atlantic Union Bankshares by 304.1% in the first quarter. Concord Wealth Partners now owns 2,728 shares of the company's stock valued at $85,000 after purchasing an additional 2,053 shares during the last quarter. Finally, ORG Wealth Partners LLC acquired a new stake in shares of Atlantic Union Bankshares in the first quarter valued at approximately $100,000. 78.58% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Raymond James Financial reiterated a "strong-buy" rating and issued a $43.00 price objective (up from $42.00) on shares of Atlantic Union Bankshares in a report on Friday, October 3rd. Keefe, Bruyette & Woods lifted their price objective on shares of Atlantic Union Bankshares from $33.00 to $34.00 and gave the company a "market perform" rating in a report on Monday, August 4th. Piper Sandler lowered their price objective on shares of Atlantic Union Bankshares from $46.00 to $45.00 and set an "overweight" rating on the stock in a report on Friday, July 25th. Morgan Stanley lifted their price objective on shares of Atlantic Union Bankshares from $35.00 to $41.00 and gave the company an "underperform" rating in a report on Monday, September 29th. Finally, Cowen assumed coverage on shares of Atlantic Union Bankshares in a report on Wednesday, September 24th. They set a "buy" rating on the stock. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $41.56.

Insiders Place Their Bets

In related news, CEO John C. Asbury acquired 7,500 shares of Atlantic Union Bankshares stock in a transaction on Monday, July 28th. The stock was purchased 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 in the company, valued at $8,903,208.12. This trade represents a 2.85% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frank Russell Ellett acquired 5,000 shares of Atlantic Union Bankshares stock in a transaction on Thursday, August 7th. The shares were bought at an average cost of $31.54 per share, with a total value of $157,700.00. Following the completion of the transaction, the director owned 76,606 shares of the company's stock, valued at approximately $2,416,153.24. This trade represents a 6.98% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 18,941 shares of company stock valued at $606,502. Company insiders own 0.87% of the company's stock.

Atlantic Union Bankshares Price Performance

Shares of AUB opened at $33.51 on Friday. The company has a market cap of $4.78 billion, a price-to-earnings ratio of 14.63 and a beta of 0.87. Atlantic Union Bankshares Co. has a 1-year low of $22.85 and a 1-year high of $44.54. The company's fifty day simple moving average is $34.78 and its 200 day simple moving average is $31.58. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.13.

Atlantic Union Bankshares (NASDAQ:AUB - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The company reported $0.95 EPS for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $369.70 million. During the same period in the previous year, the business posted $0.63 earnings per share. The company's revenue for the quarter was up 92.0% compared to the same quarter last year. On average, research analysts forecast that Atlantic Union Bankshares Co. will post 3.26 earnings per share for the current fiscal year.

Atlantic Union Bankshares Announces Dividend

The business also recently disclosed 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 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend was Monday, August 4th. Atlantic Union Bankshares's payout ratio is 66.02%.

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.

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.