Westbourne Investments Inc. Makes New Investment in Atlantic Union Bankshares Co. $AUB

Key Points

• Westbourne Investments Inc. acquired 13,500 shares of Atlantic Union Bankshares Co. for approximately $422,000 during the second quarter as indicated in their Form 13F filing.
• CEO John C. Asbury purchased 7,500 shares at a price of $32.91 per share, increasing their holdings to a total value of around $8.9 million.
• Atlantic Union Bankshares recently announced a quarterly dividend of $0.34 per share, contributing to an annualized yield of 3.9%.

Westbourne Investments Inc. bought a new position in Atlantic Union Bankshares Co. (NASDAQ:AUB - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 13,500 shares of the company's stock, valued at approximately $422,000.

Other large investors have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its position in Atlantic Union Bankshares by 8.8% in the first quarter. Bank of New York Mellon Corp now owns 1,171,836 shares of the company's stock worth $36,491,000 after buying an additional 94,883 shares during the period. OneDigital Investment Advisors LLC increased its holdings in shares of Atlantic Union Bankshares by 8.7% during the first quarter. OneDigital Investment Advisors LLC now owns 6,619 shares of the company's stock valued at $206,000 after purchasing an additional 527 shares during the period. Amalgamated Bank increased its holdings in shares of Atlantic Union Bankshares by 30.7% during the first quarter. Amalgamated Bank now owns 34,400 shares of the company's stock valued at $1,071,000 after purchasing an additional 8,073 shares during the period. DAVENPORT & Co LLC increased its holdings in shares of Atlantic Union Bankshares by 25.6% during the first quarter. DAVENPORT & Co LLC now owns 558,451 shares of the company's stock valued at $17,390,000 after purchasing an additional 113,760 shares during the period. Finally, SG Americas Securities LLC acquired a new position in shares of Atlantic Union Bankshares during the first quarter valued at $310,000. 78.58% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO John C. Asbury purchased 7,500 shares of the firm's stock in a transaction that occurred on Monday, July 28th. The stock was acquired at an average price of $32.91 per share, for a total transaction of $246,825.00. Following the transaction, the chief executive officer directly owned 270,532 shares of the company's stock, valued at $8,903,208.12. This trade represents a 2.85% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Frank Russell Ellett purchased 5,000 shares of the firm's stock in a transaction that occurred on Thursday, August 7th. The stock was bought at an average price of $31.54 per share, with a total value of $157,700.00. Following the transaction, the director directly owned 76,606 shares in the company, valued at $2,416,153.24. This trade represents a 6.98% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 18,941 shares of company stock valued at $606,502 in the last quarter. 0.87% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have recently commented on AUB shares. Piper Sandler lowered their price target on Atlantic Union Bankshares from $46.00 to $45.00 and set an "overweight" rating on the stock in a report on Friday, July 25th. Raymond James Financial reissued a "strong-buy" rating on shares of Atlantic Union Bankshares in a report on Wednesday, July 30th. Finally, Keefe, Bruyette & Woods raised their price target on Atlantic Union Bankshares from $33.00 to $34.00 and gave the company a "market perform" rating in a report on Monday, August 4th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $38.33.

Atlantic Union Bankshares Price Performance

NASDAQ:AUB traded down $0.04 during mid-day trading on Friday, reaching $36.52. 3,452,191 shares of the stock were exchanged, compared to its average volume of 1,389,823. 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 1-year low of $22.85 and a 1-year high of $44.54. The firm has a market capitalization of $5.20 billion, a PE ratio of 15.95 and a beta of 0.90. The business has a fifty day moving average price of $33.93 and a 200 day moving average price of $31.25.

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

Atlantic Union Bankshares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, August 18th. Investors 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 dividend on an annualized basis and a dividend yield of 3.7%. Atlantic Union Bankshares's dividend payout ratio (DPR) is 66.02%.

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.