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 increased its stake in shares of Atlantic Union Bankshares Co. (NASDAQ:AUB - Free Report) by 35.5% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,573,946 shares of the company's stock after acquiring an additional 412,730 shares during the quarter. Northern Trust Corp owned about 1.75% of Atlantic Union Bankshares worth $49,013,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of Atlantic Union Bankshares by 8.9% during the first quarter. Vanguard Group Inc. now owns 11,932,493 shares of the company's stock worth $371,578,000 after acquiring an additional 978,793 shares during the last quarter. Ameriprise Financial Inc. boosted its position in shares of Atlantic Union Bankshares by 62.0% during the fourth quarter. Ameriprise Financial Inc. now owns 2,587,890 shares of the company's stock worth $98,029,000 after acquiring an additional 990,583 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Atlantic Union Bankshares by 6.4% during the fourth quarter. The Manufacturers Life Insurance Company now owns 1,723,794 shares of the company's stock worth $65,297,000 after acquiring an additional 103,275 shares during the last quarter. Victory Capital Management Inc. boosted its position in shares of Atlantic Union Bankshares by 4.0% during the first quarter. Victory Capital Management Inc. now owns 1,644,177 shares of the company's stock worth $51,200,000 after acquiring an additional 63,650 shares during the last quarter. Finally, American Century Companies Inc. boosted its position in shares of Atlantic Union Bankshares by 19.3% during the first quarter. American Century Companies Inc. now owns 1,259,864 shares of the company's stock worth $39,232,000 after acquiring an additional 203,791 shares during the last quarter. Institutional investors own 78.58% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on AUB shares. Jefferies Financial Group set a $37.00 target price on shares of Atlantic Union Bankshares and gave the stock a "buy" rating in a research report on Wednesday, May 21st. Piper Sandler lowered their price objective on shares of Atlantic Union Bankshares from $46.00 to $45.00 and set an "overweight" rating for the company in a research report on Friday, July 25th. Keefe, Bruyette & Woods increased 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 research report on Monday, August 4th. Finally, Raymond James Financial reiterated a "strong-buy" rating on shares of Atlantic Union Bankshares in a research report on Wednesday, July 30th. One equities research 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 company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $38.33.

Insider Buying and Selling at Atlantic Union Bankshares

In other news, Director Frank Russell Ellett bought 1,441 shares of Atlantic Union Bankshares stock in a transaction dated Friday, August 8th. The shares were acquired at an average price of $31.49 per share, with a total value of $45,377.09. Following the completion of the purchase, the director owned 78,047 shares in the company, valued at $2,457,700.03. The trade was a 1.88% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO John C. Asbury bought 7,500 shares of Atlantic Union Bankshares stock in a transaction dated Monday, July 28th. The stock was purchased at an average cost of $32.91 per share, for a total transaction of $246,825.00. Following the purchase, the chief executive officer owned 270,532 shares of the company's stock, valued at approximately $8,903,208.12. This trade represents a 2.85% increase in their position. 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. Insiders own 0.87% of the company's stock.

Atlantic Union Bankshares Trading Up 1.6%

Shares of AUB opened at $35.70 on Thursday. Atlantic Union Bankshares Co. has a twelve month low of $22.85 and a twelve month high of $44.54. The company has a market cap of $5.09 billion, a P/E ratio of 15.59 and a beta of 0.88. 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 company's fifty day simple moving average is $32.77 and its 200-day simple moving average is $31.38.

Atlantic Union Bankshares (NASDAQ:AUB - Get Free Report) last announced its earnings results on Thursday, July 24th. The company reported $0.95 earnings per share for the quarter, beating 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 business had revenue of $377.22 million for the quarter, compared to the consensus estimate of $369.70 million. During the same quarter in the prior year, the firm posted $0.63 earnings per share. The business's revenue for the quarter was up 92.0% on a year-over-year basis. As a group, analysts expect that Atlantic Union Bankshares Co. will post 3.26 EPS for the current year.

Atlantic Union Bankshares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, August 18th. Stockholders of record on Monday, August 4th were paid a $0.34 dividend. 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 dividend payout ratio is currently 66.02%.

Atlantic Union Bankshares Company 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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