Public Sector Pension Investment Board Buys 189,110 Shares of Atlantic Union Bankshares Co. (NASDAQ:AUB)

Key Points

• The Public Sector Pension Investment Board increased its stake in Atlantic Union Bankshares by 84.5%, acquiring an additional 189,110 shares in the first quarter, bringing its total ownership to approximately 0.46% of the company valued at $12.85 million.
• Atlantic Union Bankshares recently announced a quarterly dividend of $0.34 per share, which will be paid to stockholders on August 18th, representing a 4.1% dividend yield.
• The company reported earnings of $0.95 EPS in the most recent quarter, exceeding analysts' expectations, with revenue showing a 92.0% year-over-year increase.

Public Sector Pension Investment Board raised its holdings in shares of Atlantic Union Bankshares Co. (NASDAQ:AUB - Free Report) by 84.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 412,816 shares of the company's stock after purchasing an additional 189,110 shares during the period. Public Sector Pension Investment Board owned approximately 0.46% of Atlantic Union Bankshares worth $12,855,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. NBC Securities Inc. purchased a new position in shares of Atlantic Union Bankshares during the first quarter valued at about $25,000. CWM LLC raised its stake in shares of Atlantic Union Bankshares by 99.4% during the first quarter. CWM LLC now owns 1,049 shares of the company's stock valued at $33,000 after acquiring an additional 523 shares in the last quarter. Investment Management Corp VA ADV bought a new position in Atlantic Union Bankshares in the fourth quarter worth approximately $72,000. Concord Wealth Partners raised its stake in Atlantic Union Bankshares by 304.1% in the first quarter. Concord Wealth Partners now owns 2,728 shares of the company's stock worth $85,000 after buying an additional 2,053 shares in the last quarter. Finally, ORG Wealth Partners LLC purchased a new position in Atlantic Union Bankshares in the first quarter worth $100,000. 78.58% of the stock is currently owned by hedge funds and other institutional investors.

Atlantic Union Bankshares Stock Down 1.8%

AUB traded down $0.62 during midday trading on Friday, hitting $33.58. 1,215,147 shares of the company's stock traded hands, compared to its average volume of 1,455,509. The company has a market cap of $4.79 billion, a PE ratio of 14.66 and a beta of 0.88. The stock's fifty day simple moving average is $32.22 and its 200-day simple moving average is $31.54. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.91 and a quick ratio of 0.91. Atlantic Union Bankshares Co. has a one year low of $22.85 and a one year high of $44.54.

Atlantic Union Bankshares (NASDAQ:AUB - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The company reported $0.95 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.80 by $0.15. The company had revenue of $377.22 million during the quarter, compared to analysts' expectations of $369.70 million. Atlantic Union Bankshares had a return on equity of 8.50% and a net margin of 15.53%. The business's revenue was up 92.0% on a year-over-year basis. During the same period last year, the business earned $0.63 earnings per share. As a group, equities analysts anticipate that Atlantic Union Bankshares Co. will post 3.26 earnings per share for the current fiscal year.

Atlantic Union Bankshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, August 18th. Shareholders of record on Monday, August 4th will be paid a $0.34 dividend. The ex-dividend date of this dividend is Monday, August 4th. This represents a $1.36 annualized dividend and a dividend yield of 4.1%. Atlantic Union Bankshares's dividend payout ratio (DPR) is currently 66.02%.

Insider Activity

In other Atlantic Union Bankshares 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 completion of the transaction, the chief executive officer owned 270,532 shares in the company, valued at approximately $8,903,208.12. This represents a 2.85% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, Director Frank Russell Ellett acquired 1,441 shares of the stock in a transaction on Friday, August 8th. The shares were purchased at an average price of $31.49 per share, with a total value of $45,377.09. Following the completion of the transaction, the director owned 78,047 shares of the company's stock, valued at approximately $2,457,700.03. This represents a 1.88% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 18,941 shares of company stock worth $606,502 in the last three months. Company insiders own 0.87% of the company's stock.

Analysts Set New Price Targets

AUB has been the subject of several research analyst reports. Jefferies Financial Group set a $37.00 price target on shares of Atlantic Union Bankshares and gave the stock a "buy" rating in a research report on Wednesday, May 21st. Keefe, Bruyette & Woods upped their price target on shares of 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. Raymond James Financial restated a "strong-buy" rating on shares of Atlantic Union Bankshares in a research report on Wednesday, July 30th. Finally, Piper Sandler dropped 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. Two equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $38.33.

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.