KLP Kapitalforvaltning AS Boosts Position in Atlantic Union Bankshares Co. $AUB

Key Points

• KLP Kapitalforvaltning AS increased its stake in Atlantic Union Bankshares by 54.6% during the second quarter, acquiring an additional 9,800 shares, bringing its total holdings to 27,750 shares valued at approximately $868,000.
• Atlantic Union Bankshares reported $0.95 earnings per share for the last quarter, surpassing estimates of $0.80, along with a 92.0% revenue increase compared to the previous year.
• Recent analyst reports have set price targets for Atlantic Union Bankshares ranging from $42.00 to $46.00, with a general rating of "Moderate Buy".

KLP Kapitalforvaltning AS increased its holdings in shares of Atlantic Union Bankshares Co. (NASDAQ:AUB - Free Report) by 54.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 27,750 shares of the company's stock after purchasing an additional 9,800 shares during the quarter. KLP Kapitalforvaltning AS's holdings in Atlantic Union Bankshares were worth $868,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. CWM LLC lifted its stake in Atlantic Union Bankshares by 99.4% during the first quarter. CWM LLC now owns 1,049 shares of the company's stock worth $33,000 after purchasing an additional 523 shares during the last quarter. Fifth Third Bancorp lifted its stake in Atlantic Union Bankshares by 50.2% during the second quarter. Fifth Third Bancorp now owns 2,052 shares of the company's stock worth $64,000 after purchasing an additional 686 shares during the last quarter. Concord Wealth Partners lifted its stake in Atlantic Union Bankshares by 304.1% during the first quarter. Concord Wealth Partners now owns 2,728 shares of the company's stock worth $85,000 after purchasing an additional 2,053 shares during the last quarter. ORG Wealth Partners LLC purchased a new stake in Atlantic Union Bankshares during the first quarter worth approximately $100,000. Finally, Signaturefd LLC lifted its stake in Atlantic Union Bankshares by 731.9% during the second quarter. Signaturefd LLC now owns 3,577 shares of the company's stock worth $112,000 after purchasing an additional 3,147 shares during the last quarter. Hedge funds and other institutional investors own 78.58% of the company's stock.

Insider Buying and Selling

In other Atlantic Union Bankshares news, Director Frank Russell Ellett acquired 5,000 shares of the company's stock in a transaction that occurred on Thursday, August 7th. The shares were purchased at an average price of $31.54 per share, with a total value of $157,700.00. Following the completion of the acquisition, the director directly owned 76,606 shares of the company's stock, valued at approximately $2,416,153.24. The trade was a 6.98% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO John C. Asbury acquired 7,500 shares of the company's stock in a transaction that occurred on 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 acquisition, the chief executive officer directly owned 270,532 shares of the company's stock, valued at $8,903,208.12. This trade represents a 2.85% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders bought 18,941 shares of company stock worth $606,502. Corporate insiders own 0.87% of the company's stock.

Analysts Set New Price Targets

AUB has been the subject of several recent analyst reports. National Bankshares set a $46.00 target price on Atlantic Union Bankshares in a research note on Wednesday, September 24th. TD Cowen assumed coverage on Atlantic Union Bankshares in a research note on Thursday, September 25th. They issued a "buy" rating and a $46.00 price objective for the company. Janney Montgomery Scott assumed coverage on Atlantic Union Bankshares in a research note on Wednesday, October 8th. They issued a "buy" rating and a $42.00 price objective for the company. Piper Sandler reduced their price objective on Atlantic Union Bankshares from $46.00 to $45.00 and set an "overweight" rating for the company in a research note on Friday, July 25th. Finally, Raymond James Financial reiterated a "strong-buy" rating and issued a $43.00 price objective (up previously from $42.00) on shares of Atlantic Union Bankshares in a research note on Friday, October 3rd. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $41.56.

Atlantic Union Bankshares Trading Down 3.1%

NASDAQ:AUB opened at $34.90 on Thursday. The firm has a market cap of $4.97 billion, a P/E ratio of 15.24 and a beta of 0.87. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.13. The stock's 50 day simple moving average is $35.00 and its 200-day simple moving average is $31.65. Atlantic Union Bankshares Co. has a 12-month low of $22.85 and a 12-month high of $44.54.

Atlantic Union Bankshares (NASDAQ:AUB - Get Free Report) last released its earnings results on Thursday, July 24th. The company reported $0.95 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.80 by $0.15. The business had revenue of $377.22 million for 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 for the quarter was up 92.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.63 earnings per share. Equities analysts anticipate that Atlantic Union Bankshares Co. will post 3.26 EPS for the current year.

Atlantic Union Bankshares Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 18th. Stockholders of record on Monday, August 4th were issued a $0.34 dividend. 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 3.9%. Atlantic Union Bankshares's payout ratio is presently 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.

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