Nuveen LLC Makes New $11.32 Million Investment in Atlantic Union Bankshares Co. $AUB

Key Points

• Nuveen LLC has acquired a new stake in Atlantic Union Bankshares, purchasing 363,386 shares valued at approximately $11.3 million, representing 0.40% of the company.
• Atlantic Union Bankshares reported earnings per share of $0.95 for the last quarter, surpassing estimates by $0.15, with revenue up by 92% year-over-year.
• A quarterly dividend of $0.34 was declared, amounting to an annualized dividend yield of 3.9%, with a payout ratio of 66.02%.

Nuveen LLC bought a new stake in Atlantic Union Bankshares Co. (NASDAQ:AUB - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 363,386 shares of the company's stock, valued at approximately $11,316,000. Nuveen LLC owned about 0.40% of Atlantic Union Bankshares as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of the business. Xponance Inc. increased its position in Atlantic Union Bankshares by 5.8% during the first quarter. Xponance Inc. now owns 6,798 shares of the company's stock worth $212,000 after buying an additional 374 shares during the last quarter. CWM LLC grew its position 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. OneDigital Investment Advisors LLC grew its position in shares of Atlantic Union Bankshares by 8.7% in the first quarter. OneDigital Investment Advisors LLC now owns 6,619 shares of the company's stock valued at $206,000 after purchasing an additional 527 shares during the last quarter. Oppenheimer Asset Management Inc. grew its position in shares of Atlantic Union Bankshares by 1.9% in the first quarter. Oppenheimer Asset Management Inc. now owns 30,755 shares of the company's stock valued at $958,000 after purchasing an additional 575 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its position in shares of Atlantic Union Bankshares by 3.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 19,130 shares of the company's stock valued at $596,000 after purchasing an additional 614 shares during the last quarter. Institutional investors and hedge funds own 78.58% of the company's stock.

Insiders Place Their Bets

In other news, CEO John C. Asbury purchased 7,500 shares of the company's stock in a transaction dated Monday, July 28th. The stock was bought 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. The trade was a 2.85% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Frank Russell Ellett purchased 5,000 shares of the company's stock in a transaction dated Thursday, August 7th. The stock was purchased at an average price of $31.54 per share, with a total value of $157,700.00. Following the completion of the purchase, the director directly owned 76,606 shares in the company, valued at $2,416,153.24. The trade was a 6.98% increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 18,941 shares of company stock valued at $606,502 over the last quarter. 0.87% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

AUB has been the topic of a number of analyst reports. Keefe, Bruyette & Woods increased their price target on Atlantic Union Bankshares from $33.00 to $34.00 and gave the stock a "market perform" rating in a research report on Monday, August 4th. Piper Sandler reduced their price target on Atlantic Union Bankshares from $46.00 to $45.00 and set an "overweight" rating on the stock in a research report on Friday, July 25th. Jefferies Financial Group set a $37.00 price target on Atlantic Union Bankshares and gave the stock a "buy" rating in a research report on Wednesday, May 21st. Finally, Raymond James Financial reissued a "strong-buy" rating on shares of Atlantic Union Bankshares in a research report on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $38.33.

Atlantic Union Bankshares Price Performance

NASDAQ AUB traded down $0.14 on Thursday, hitting $35.54. 584,784 shares of the company's stock were exchanged, compared to its average volume of 1,425,449. The stock has a 50-day moving average of $32.88 and a 200-day moving average of $31.36. 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 Co. has a 52 week low of $22.85 and a 52 week high of $44.54. The stock has a market cap of $5.06 billion, a price-to-earnings ratio of 15.52 and a beta of 0.88.

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 for the quarter, topping the consensus estimate of $0.80 by $0.15. Atlantic Union Bankshares had a return on equity of 8.50% and a net margin of 15.53%.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 prior year, the company earned $0.63 earnings per share. The company's quarterly revenue was up 92.0% on a year-over-year basis. Analysts expect that Atlantic Union Bankshares Co. will post 3.26 earnings per share for the current year.

Atlantic Union Bankshares Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, August 18th. Stockholders of record on Monday, August 4th were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date was Monday, August 4th. Atlantic Union Bankshares's dividend 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.