Neumeier Poma Investment Counsel LLC Has $6.75 Million Stake in Atlantic Union Bankshares Co. (NASDAQ:AUB)

Key Points

• Neumeier Poma Investment Counsel LLC reduced its stake in Atlantic Union Bankshares by 58.8%, now holding 216,645 shares valued at approximately $6.75 million according to SEC filings.
• CEO John C. Asbury purchased 7,500 shares at an average cost of $32.91, increasing his ownership by 2.85% to over $8.9 million.
• Atlantic Union Bankshares reported a 92% increase in quarterly revenue year-over-year and achieved $0.95 EPS, surpassing analysts' expectations of $0.80.

Neumeier Poma Investment Counsel LLC cut its stake in Atlantic Union Bankshares Co. (NASDAQ:AUB - Free Report) by 58.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 216,645 shares of the company's stock after selling 308,875 shares during the quarter. Neumeier Poma Investment Counsel LLC owned about 0.24% of Atlantic Union Bankshares worth $6,746,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its position in shares of Atlantic Union Bankshares by 8.8% during the first quarter. Bank of New York Mellon Corp now owns 1,171,836 shares of the company's stock worth $36,491,000 after acquiring an additional 94,883 shares during the last quarter. OneDigital Investment Advisors LLC grew its stake in Atlantic Union Bankshares by 8.7% in the first quarter. OneDigital Investment Advisors LLC now owns 6,619 shares of the company's stock worth $206,000 after purchasing an additional 527 shares in the last quarter. Amalgamated Bank grew its stake in Atlantic Union Bankshares by 30.7% in the first quarter. Amalgamated Bank now owns 34,400 shares of the company's stock worth $1,071,000 after purchasing an additional 8,073 shares in the last quarter. DAVENPORT & Co LLC grew its stake in Atlantic Union Bankshares by 25.6% in the first quarter. DAVENPORT & Co LLC now owns 558,451 shares of the company's stock worth $17,390,000 after purchasing an additional 113,760 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new position in Atlantic Union Bankshares in the first quarter worth about $310,000. 78.58% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Atlantic Union Bankshares

In other news, Director Frank Russell Ellett bought 5,000 shares of the business's stock in a transaction on Thursday, August 7th. The shares were bought at an average cost of $31.54 per share, for a total transaction of $157,700.00. Following the completion of the acquisition, the director owned 76,606 shares in the company, valued at approximately $2,416,153.24. This trade represents a 6.98% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 bought at an average price of $32.91 per share, for a total transaction of $246,825.00. Following the completion of the acquisition, the chief executive officer 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. Insiders purchased 18,941 shares of company stock worth $606,502 over the last 90 days. 0.87% of the stock is currently owned by company insiders.

Atlantic Union Bankshares Price Performance

Atlantic Union Bankshares stock traded down $0.21 during trading hours on Monday, hitting $31.84. 241,347 shares of the stock were exchanged, compared to its average volume of 1,459,499. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.91 and a current ratio of 0.91. The stock has a market capitalization of $4.54 billion, a P/E ratio of 13.90 and a beta of 0.88. Atlantic Union Bankshares Co. has a 12 month low of $22.85 and a 12 month high of $44.54. The business's 50-day moving average is $31.88 and its two-hundred day moving average is $31.63.

Atlantic Union Bankshares (NASDAQ:AUB - Get Free Report) last issued its quarterly earnings data 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. 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 for the quarter, compared to analysts' expectations of $369.70 million. During the same period in the prior year, the firm earned $0.63 earnings per share. The company's quarterly revenue was up 92.0% compared to the same quarter last year. Equities research analysts expect that Atlantic Union Bankshares Co. will post 3.26 EPS for the current fiscal year.

Atlantic Union Bankshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 18th. Investors of record on Monday, August 4th will be issued a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 4.3%. The ex-dividend date is Monday, August 4th. Atlantic Union Bankshares's dividend payout ratio is currently 66.02%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Piper Sandler decreased their price target 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. Keefe, Bruyette & Woods lifted their price target on Atlantic Union Bankshares from $33.00 to $34.00 and gave the stock a "market perform" rating in a research note on Monday, August 4th. Raymond James Financial reiterated a "strong-buy" rating on shares of Atlantic Union Bankshares in a research note on Wednesday, July 30th. Finally, Jefferies Financial Group set a $37.00 target price on Atlantic Union Bankshares and gave the company a "buy" rating in a research note on Wednesday, May 21st. Two research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $38.33.

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.