Nuveen LLC Makes New 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 acquired a new stake in shares of Atlantic Union Bankshares Co. (NASDAQ:AUB - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 363,386 shares of the company's stock, valued at approximately $11,316,000. Nuveen LLC owned 0.40% of Atlantic Union Bankshares as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Mariner LLC grew its holdings in Atlantic Union Bankshares by 5.0% in the fourth quarter. Mariner LLC now owns 29,031 shares of the company's stock worth $1,100,000 after purchasing an additional 1,378 shares during the last quarter. MetLife Investment Management LLC grew its holdings in Atlantic Union Bankshares by 4.4% in the fourth quarter. MetLife Investment Management LLC now owns 53,867 shares of the company's stock worth $2,040,000 after purchasing an additional 2,281 shares during the last quarter. State of Tennessee Department of Treasury grew its holdings in Atlantic Union Bankshares by 26.7% in the fourth quarter. State of Tennessee Department of Treasury now owns 34,796 shares of the company's stock worth $1,318,000 after purchasing an additional 7,340 shares during the last quarter. OneDigital Investment Advisors LLC purchased a new position in Atlantic Union Bankshares in the fourth quarter worth $231,000. Finally, Hsbc Holdings PLC purchased a new position in Atlantic Union Bankshares in the fourth quarter worth $3,081,000. 78.58% of the stock is owned by hedge funds and other institutional investors.

Atlantic Union Bankshares Price Performance

Shares of AUB stock traded up $0.31 on Tuesday, reaching $35.22. 859,458 shares of the company were exchanged, compared to its average volume of 1,434,569. The company has a market cap of $5.02 billion, a price-to-earnings ratio of 15.38 and a beta of 0.88. The business has a 50-day moving average price of $32.55 and a 200 day moving average price of $31.32. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.91 and a current ratio of 0.91. Atlantic Union Bankshares Co. has a 1 year low of $22.85 and a 1 year high of $44.54.

Atlantic Union Bankshares (NASDAQ:AUB - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The company reported $0.95 earnings per share (EPS) 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 company had revenue of $377.22 million during the quarter, compared to analysts' expectations of $369.70 million. During the same quarter in the prior year, the company earned $0.63 EPS. Atlantic Union Bankshares's revenue was up 92.0% compared to the same quarter last year. Equities research analysts forecast that Atlantic Union Bankshares Co. will post 3.26 earnings per share for the current fiscal year.

Atlantic Union Bankshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 18th. Investors of record on Monday, August 4th were paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend was Monday, August 4th. Atlantic Union Bankshares's dividend payout ratio is currently 66.02%.

Insider Activity

In other Atlantic Union Bankshares news, Director Frank Russell Ellett acquired 1,441 shares of the company's stock in a transaction that occurred on Friday, August 8th. The stock was bought at an average price of $31.49 per share, with a total value of $45,377.09. Following the purchase, the director owned 78,047 shares in the company, valued at approximately $2,457,700.03. The trade was a 1.88% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO John C. Asbury purchased 7,500 shares of the company's stock in a transaction dated Monday, July 28th. The stock was purchased at an average cost of $32.91 per share, with a total value of $246,825.00. Following the purchase, the chief executive officer owned 270,532 shares in the company, valued at approximately $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 ninety days, insiders have purchased 18,941 shares of company stock valued at $606,502. 0.87% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on AUB shares. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Atlantic Union Bankshares in a report on Wednesday, July 30th. 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. Keefe, Bruyette & Woods lifted their price objective on shares of 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. Finally, 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 note on Friday, July 25th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Atlantic Union Bankshares currently has an average rating of "Moderate Buy" and an average price target 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.