Truist Financial Corp Cuts Stake in Atlantic Union Bankshares Co. $AUB

Key Points

• Truist Financial cut its stake in Atlantic Union Bankshares by 44.9% in the fourth quarter, leaving it with 99,857 shares valued at about $3.53 million.
• Atlantic Union Bankshares reported Q1 earnings of $0.89 per share, missing estimates of $0.92, while revenue of $371.71 million also came in below expectations.
• The company declared a quarterly dividend of $0.37 per share, implying an annualized yield of about 4.0%; meanwhile, analysts currently view the stock as a Moderate Buy with an average target price of $42.89.

Truist Financial Corp lowered its stake in shares of Atlantic Union Bankshares Co. (NASDAQ:AUB - Free Report) by 44.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 99,857 shares of the company's stock after selling 81,407 shares during the period. Truist Financial Corp owned 0.07% of Atlantic Union Bankshares worth $3,525,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. AQR Capital Management LLC lifted its stake in Atlantic Union Bankshares by 634.3% in the 1st quarter. AQR Capital Management LLC now owns 41,902 shares of the company's stock worth $1,305,000 after purchasing an additional 36,196 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Atlantic Union Bankshares by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 53,232 shares of the company's stock valued at $1,658,000 after purchasing an additional 2,322 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Atlantic Union Bankshares by 36.0% in the first quarter. Goldman Sachs Group Inc. now owns 2,137,072 shares of the company's stock worth $66,548,000 after purchasing an additional 565,564 shares during the last quarter. Empowered Funds LLC purchased a new stake in shares of Atlantic Union Bankshares in the first quarter worth about $3,011,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Atlantic Union Bankshares by 9.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 249,378 shares of the company's stock worth $7,766,000 after buying an additional 22,078 shares in the last quarter. Institutional investors own 78.58% of the company's stock.

Insider Transactions at Atlantic Union Bankshares

In other Atlantic Union Bankshares news, Director Nancy H. Agee bought 650 shares of the business's stock in a transaction dated Monday, April 20th. The shares were purchased at an average price of $39.05 per share, with a total value of $25,382.50. Following the completion of the purchase, the director owned 37,797 shares in the company, valued at $1,475,972.85. This represents a 1.75% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.96% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on AUB. Stephens lifted their price objective on Atlantic Union Bankshares from $43.00 to $45.00 and gave the stock an "overweight" rating in a research note on Monday, January 26th. Morgan Stanley raised their target price on shares of Atlantic Union Bankshares from $44.00 to $47.00 and gave the company an "equal weight" rating in a report on Monday, March 2nd. Piper Sandler reduced their price target on shares of Atlantic Union Bankshares from $47.50 to $45.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 22nd. Finally, Zacks Research downgraded shares of Atlantic Union Bankshares from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, March 31st. Five equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, Atlantic Union Bankshares currently has a consensus rating of "Moderate Buy" and an average target price of $42.89.

Atlantic Union Bankshares Price Performance

NASDAQ:AUB opened at $36.97 on Tuesday. The firm has a market capitalization of $5.29 billion, a price-to-earnings ratio of 16.14 and a beta of 0.80. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.91 and a quick ratio of 0.91. The business has a 50 day simple moving average of $36.56 and a 200-day simple moving average of $36.41. Atlantic Union Bankshares Co. has a 1 year low of $28.11 and a 1 year high of $42.18.

Atlantic Union Bankshares (NASDAQ:AUB - Get Free Report) last released its quarterly earnings results on Tuesday, April 21st. The company reported $0.89 earnings per share for the quarter, missing the consensus estimate of $0.92 by ($0.03). The company had revenue of $371.71 million for the quarter, compared to analysts' expectations of $391.24 million. Atlantic Union Bankshares had a net margin of 15.53% and a return on equity of 8.50%. During the same quarter in the previous year, the company posted $0.90 EPS. Equities analysts forecast that Atlantic Union Bankshares Co. will post 3.26 EPS for the current year.

Atlantic Union Bankshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 5th. Investors of record on Friday, May 22nd will be given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend is Friday, May 22nd. Atlantic Union Bankshares's dividend payout ratio is 62.71%.

About Atlantic Union Bankshares

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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