Northern Trust Corp Buys 412,730 Shares of Atlantic Union Bankshares Co. $AUB

Key Points

• Northern Trust Corp increased its stake in Atlantic Union Bankshares by 35.5%, acquiring an additional 412,730 shares, and now owns approximately 1.75% of the company valued at $49 million.
• Analysts have set a consensus target price of $38.33 for Atlantic Union Bankshares, with ratings including one Strong Buy, three Buy, and two Hold ratings.
• The company recently reported a 92% year-over-year increase in revenue, reaching $377.22 million, alongside earnings per share of $0.95 for the last quarter, surpassing expectations.

Northern Trust Corp raised its holdings in Atlantic Union Bankshares Co. (NASDAQ:AUB - Free Report) by 35.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,573,946 shares of the company's stock after buying an additional 412,730 shares during the period. Northern Trust Corp owned 1.75% of Atlantic Union Bankshares worth $49,013,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Xponance Inc. increased its stake in Atlantic Union Bankshares by 5.8% in the 1st quarter. Xponance Inc. now owns 6,798 shares of the company's stock valued at $212,000 after buying an additional 374 shares during the last quarter. CWM LLC increased its stake in Atlantic Union Bankshares by 99.4% in the 1st quarter. CWM LLC now owns 1,049 shares of the company's stock valued at $33,000 after buying an additional 523 shares during the last quarter. OneDigital Investment Advisors LLC increased its stake in Atlantic Union Bankshares by 8.7% in the 1st quarter. OneDigital Investment Advisors LLC now owns 6,619 shares of the company's stock valued at $206,000 after buying an additional 527 shares during the last quarter. Oppenheimer Asset Management Inc. increased its stake in Atlantic Union Bankshares by 1.9% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 30,755 shares of the company's stock valued at $958,000 after buying an additional 575 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its stake in Atlantic Union Bankshares by 3.3% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 19,130 shares of the company's stock valued at $596,000 after buying an additional 614 shares during the last quarter. 78.58% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Keefe, Bruyette & Woods lifted their price target on shares of Atlantic Union Bankshares from $33.00 to $34.00 and gave the company a "market perform" rating in a research note on Monday, August 4th. Piper Sandler lowered their price target on shares of Atlantic Union Bankshares from $46.00 to $45.00 and set an "overweight" rating on the stock in a research note on Friday, July 25th. Raymond James Financial restated 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 price objective on shares of Atlantic Union Bankshares and gave the stock a "buy" rating in a research note on Wednesday, May 21st. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $38.33.

Atlantic Union Bankshares Stock Performance

Shares of Atlantic Union Bankshares stock traded down $0.25 during trading on Tuesday, hitting $35.48. 1,232,064 shares of the stock were exchanged, compared to its average volume of 1,420,453. The stock has a market capitalization of $5.06 billion, a price-to-earnings ratio of 15.49 and a beta of 0.90. The company has a fifty day moving average price of $33.18 and a 200-day moving average price of $31.27. Atlantic Union Bankshares Co. has a 1-year low of $22.85 and a 1-year high of $44.54. 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 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.15. The company had revenue of $377.22 million for the quarter, compared to analyst estimates of $369.70 million. Atlantic Union Bankshares had a net margin of 15.53% and a return on equity of 8.50%. Atlantic Union Bankshares's revenue for the quarter was up 92.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.63 EPS. As a group, equities analysts predict that Atlantic Union Bankshares Co. will post 3.26 EPS for the current fiscal year.

Atlantic Union Bankshares Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, August 18th. Investors of record on Monday, August 4th were issued a dividend of $0.34 per share. The ex-dividend date of this dividend was Monday, August 4th. This represents a $1.36 annualized dividend and a dividend yield of 3.8%. Atlantic Union Bankshares's payout ratio is presently 66.02%.

Insider Activity

In related news, CEO John C. Asbury bought 7,500 shares of Atlantic Union Bankshares stock in a transaction that occurred on Monday, July 28th. The stock was acquired at an average price of $32.91 per share, with a total value of $246,825.00. Following the acquisition, 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Frank Russell Ellett bought 1,441 shares of Atlantic Union Bankshares stock in a transaction that occurred on Friday, August 8th. The shares were bought at an average cost of $31.49 per share, with a total value of $45,377.09. Following the acquisition, the director directly owned 78,047 shares in the company, valued at $2,457,700.03. This trade represents a 1.88% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 18,941 shares of company stock valued at $606,502 in the last ninety days. 0.87% of the stock is currently owned by insiders.

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.