State of Alaska Department of Revenue Purchases 35,051 Shares of Atlantic Union Bankshares Co. $AUB

Key Points

• The State of Alaska Department of Revenue increased its stake in Atlantic Union Bankshares by 70.5%, acquiring an additional 35,051 shares and bringing its total ownership to 84,792 shares, valued at approximately $2.65 million.
• Recent analyst ratings for Atlantic Union Bankshares indicate a consensus rating of "Moderate Buy" with a consensus price target of $41.38, highlighting the firm's positive outlook.
• CEO John C. Asbury and Director Frank Russell Ellett have recently purchased shares of the company, reflecting insider confidence, with total insider purchases amounting to 18,941 shares valued at around $606,502 over the last 90 days.

State of Alaska Department of Revenue grew its position in Atlantic Union Bankshares Co. (NASDAQ:AUB - Free Report) by 70.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 84,792 shares of the company's stock after acquiring an additional 35,051 shares during the period. State of Alaska Department of Revenue owned about 0.06% of Atlantic Union Bankshares worth $2,651,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. NBC Securities Inc. bought a new position in shares of Atlantic Union Bankshares in the 1st quarter valued at about $25,000. CWM LLC lifted its stake in shares of Atlantic Union Bankshares by 99.4% during the 1st quarter. CWM LLC now owns 1,049 shares of the company's stock worth $33,000 after buying an additional 523 shares during the last quarter. Fifth Third Bancorp lifted its stake in shares of Atlantic Union Bankshares by 50.2% during the 2nd quarter. Fifth Third Bancorp now owns 2,052 shares of the company's stock worth $64,000 after buying an additional 686 shares during the last quarter. Concord Wealth Partners lifted its stake in shares of Atlantic Union Bankshares by 304.1% during the 1st quarter. Concord Wealth Partners now owns 2,728 shares of the company's stock worth $85,000 after buying an additional 2,053 shares during the last quarter. Finally, ORG Wealth Partners LLC acquired a new stake in shares of Atlantic Union Bankshares during the 1st quarter worth about $100,000. Institutional investors own 78.58% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on AUB. TD Cowen began coverage on shares of Atlantic Union Bankshares in a research note on Thursday, September 25th. They set a "buy" rating and a $46.00 target price for the company. National Bankshares set a $46.00 target price on shares of Atlantic Union Bankshares in a research note on Wednesday, September 24th. Piper Sandler cut their target price 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. Raymond James Financial restated a "strong-buy" rating on shares of Atlantic Union Bankshares in a research note on Wednesday, July 30th. Finally, Morgan Stanley boosted their price objective on shares of Atlantic Union Bankshares from $35.00 to $41.00 and gave the company an "underperform" rating in a report on Monday. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $41.38.

Insider Activity at Atlantic Union Bankshares

In other news, CEO John C. Asbury bought 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 transaction, the chief executive officer owned 270,532 shares of the company's stock, valued at $8,903,208.12. This represents a 2.85% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Frank Russell Ellett bought 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 transaction, the director directly owned 76,606 shares in the company, valued at approximately $2,416,153.24. This represents 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 90 days. Corporate insiders own 0.87% of the company's stock.

Atlantic Union Bankshares Price Performance

Shares of NASDAQ:AUB opened at $35.15 on Thursday. The firm has a 50 day moving average of $34.35 and a 200-day moving average of $31.43. The stock has a market capitalization of $5.01 billion, a PE ratio of 15.35 and a beta of 0.90. 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 12 month low of $22.85 and a 12 month high of $44.54.

Atlantic Union Bankshares (NASDAQ:AUB - Get Free Report) last issued its earnings results on Thursday, July 24th. The company reported $0.95 EPS for the quarter, beating the consensus estimate 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 net margin of 15.53% and a return on equity of 8.50%. The business's revenue for the quarter was up 92.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.63 EPS. On average, equities research analysts predict that Atlantic Union Bankshares Co. will post 3.26 EPS for the current fiscal 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 given a $0.34 dividend. The ex-dividend date was Monday, August 4th. This represents a $1.36 annualized dividend and a dividend yield of 3.9%. Atlantic Union Bankshares's payout ratio is presently 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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