Principal Financial Group Inc. Boosts Holdings in Atlantic Union Bankshares Co. $AUB

Key Points

• Principal Financial Group increased its stake in Atlantic Union Bankshares by 40.1% in the first quarter, ending with 951,373 shares valued at about $34.0 million.
• Atlantic Union Bankshares reported Q1 earnings of $0.89 per share, missing analyst expectations of $0.92, while revenue also came in below estimates at $371.71 million.
• The company paid a quarterly dividend of $0.37 per share, implying an annualized yield of 3.5%; analysts currently rate the stock a Moderate Buy with a consensus price target of $43.62.

Principal Financial Group Inc. lifted its holdings in Atlantic Union Bankshares Co. (NYSE:AUB - Free Report) by 40.1% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 951,373 shares of the company's stock after acquiring an additional 272,119 shares during the quarter. Principal Financial Group Inc. owned 0.67% of Atlantic Union Bankshares worth $34,002,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in AUB. T. Rowe Price Investment Management Inc. purchased a new position in Atlantic Union Bankshares in the 4th quarter worth $87,022,000. SG Americas Securities LLC boosted its position in Atlantic Union Bankshares by 6,808.0% during the fourth quarter. SG Americas Securities LLC now owns 1,532,473 shares of the company's stock valued at $54,096,000 after buying an additional 1,510,289 shares during the period. State Street Corp boosted its position in Atlantic Union Bankshares by 24.5% during the second quarter. State Street Corp now owns 7,400,456 shares of the company's stock valued at $231,486,000 after buying an additional 1,457,647 shares during the period. North Reef Capital Management LP grew its stake in shares of Atlantic Union Bankshares by 23.1% during the fourth quarter. North Reef Capital Management LP now owns 4,572,090 shares of the company's stock valued at $161,395,000 after buying an additional 858,486 shares during the last quarter. Finally, Aristotle Capital Boston LLC bought a new position in shares of Atlantic Union Bankshares during the fourth quarter valued at about $22,169,000. Hedge funds and other institutional investors own 78.58% of the company's stock.

Atlantic Union Bankshares Price Performance

Shares of Atlantic Union Bankshares stock opened at $42.64 on Friday. The firm has a market cap of $6.10 billion, a PE ratio of 18.07 and a beta of 0.79. Atlantic Union Bankshares Co. has a 12-month low of $30.39 and a 12-month high of $43.62. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.15. The company's fifty day simple moving average is $39.46 and its two-hundred day simple moving average is $38.24.

Atlantic Union Bankshares (NYSE:AUB - Get Free Report) last released its quarterly earnings data on Tuesday, April 21st. The company reported $0.89 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.92 by ($0.03). The firm had revenue of $371.71 million during the quarter, compared to analysts' expectations of $391.24 million. Atlantic Union Bankshares had a net margin of 15.50% and a return on equity of 10.74%. During the same quarter in the previous year, the firm posted $0.90 EPS. As a group, equities analysts expect that Atlantic Union Bankshares Co. will post 3.74 EPS for the current year.

Atlantic Union Bankshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 5th. Investors of record on Friday, May 22nd were issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date was Friday, May 22nd. Atlantic Union Bankshares's payout ratio is currently 62.71%.

Insider Transactions at Atlantic Union Bankshares

In other Atlantic Union Bankshares news, Director Nancy H. Agee purchased 650 shares of the stock in a transaction on Monday, April 20th. The stock was acquired at an average price of $39.05 per share, with a total value of $25,382.50. Following the transaction, the director directly owned 37,797 shares of the company's stock, valued at approximately $1,475,972.85. This trade represents a 1.75% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.96% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Weiss Ratings initiated coverage on Atlantic Union Bankshares in a report on Monday, July 6th. They issued a "buy (b-)" rating on the stock. Piper Sandler increased their target price on Atlantic Union Bankshares from $45.00 to $46.00 and gave the company an "overweight" rating in a report on Thursday, June 11th. Zacks Research lowered Atlantic Union Bankshares from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, March 31st. TD Cowen lifted their price target on Atlantic Union Bankshares from $44.00 to $45.00 and gave the stock a "buy" rating in a research note on Tuesday, May 12th. Finally, Stephens reiterated an "overweight" rating and issued a $46.00 price objective on shares of Atlantic Union Bankshares in a research report on Thursday, June 11th. Five investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $43.62.

Atlantic Union Bankshares Profile

Atlantic Union Bankshares, Inc is a bank holding company headquartered in Richmond, Virginia, operating through its principal subsidiary Atlantic Union Bank. The company offers a full suite of commercial and consumer banking services to individuals, businesses and institutions across Virginia, Maryland, North Carolina and the District of Columbia. Leveraging a network of full-service branches, commercial lending offices and digital platforms, Atlantic Union Bankshares focuses on relationship-driven solutions tailored to its regional client base.

Atlantic Union’s product lineup includes traditional deposit accounts, such as checking, savings and money market accounts, along with certificates of deposit.

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