Westwood Holdings Group Inc. Trims Stake in Atlantic Union Bankshares Co. (NASDAQ:AUB)

Key Points

• Westwood Holdings Group Inc. has reduced its stake in Atlantic Union Bankshares Co. by 11.9%, now owning approximately 2.39% of the company, valued at $67,028,000.
• CEO John C. Asbury recently purchased 7,500 shares of Atlantic Union Bankshares, increasing his ownership by 2.85% and bringing his total holdings to around $8.9 million.
• The company's stock price has increased by 1.3% and it reported earnings per share of $0.95 for the last quarter, exceeding analysts' expectations.

Westwood Holdings Group Inc. cut its holdings in Atlantic Union Bankshares Co. (NASDAQ:AUB - Free Report) by 11.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,152,467 shares of the company's stock after selling 290,411 shares during the period. Westwood Holdings Group Inc. owned about 2.39% of Atlantic Union Bankshares worth $67,028,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Dimensional Fund Advisors LP lifted its stake in Atlantic Union Bankshares by 0.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,681,103 shares of the company's stock valued at $215,201,000 after purchasing an additional 31,082 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in Atlantic Union Bankshares by 62.0% in the fourth quarter. Ameriprise Financial Inc. now owns 2,587,890 shares of the company's stock valued at $98,029,000 after purchasing an additional 990,583 shares during the last quarter. North Reef Capital Management LP purchased a new position in Atlantic Union Bankshares in the fourth quarter valued at approximately $78,942,000. The Manufacturers Life Insurance Company lifted its stake in Atlantic Union Bankshares by 6.4% in the fourth quarter. The Manufacturers Life Insurance Company now owns 1,723,794 shares of the company's stock valued at $65,297,000 after purchasing an additional 103,275 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its position in shares of Atlantic Union Bankshares by 4.0% during the first quarter. Victory Capital Management Inc. now owns 1,644,177 shares of the company's stock worth $51,200,000 after acquiring an additional 63,650 shares in the last quarter. 78.58% of the stock is owned by institutional investors.

Insider Transactions 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 completion of the acquisition, the chief executive officer owned 270,532 shares in the company, valued at approximately $8,903,208.12. This trade represents a 2.85% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Frank Russell Ellett bought 1,441 shares of the company's stock in a transaction dated 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 acquisition, the director owned 78,047 shares of the company's stock, valued at $2,457,700.03. This trade represents a 1.88% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 18,941 shares of company stock valued at $606,502. 0.87% of the stock is currently owned by company insiders.

Atlantic Union Bankshares Trading Up 2.0%

Shares of NASDAQ:AUB traded up $0.63 on Friday, reaching $32.02. 1,409,911 shares of the company traded hands, compared to its average volume of 1,467,563. The business's 50-day simple moving average is $31.88 and its 200 day simple moving average is $31.71. Atlantic Union Bankshares Co. has a 52 week low of $22.85 and a 52 week high of $44.54. The stock has a market capitalization of $4.56 billion, a P/E ratio of 13.98 and a beta of 0.88. 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 (NASDAQ:AUB - Get Free Report) last announced 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. Atlantic Union Bankshares had a return on equity of 8.50% and a net margin of 15.53%. The firm had revenue of $377.22 million for the quarter, compared to analysts' expectations of $369.70 million. During the same period last year, the firm earned $0.63 earnings per share. The company's revenue for the quarter was up 92.0% compared to the same quarter last year. As a group, equities analysts anticipate that Atlantic Union Bankshares Co. will post 3.26 EPS for the current fiscal year.

Atlantic Union Bankshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 18th. Stockholders of record on Monday, August 4th will be issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date is Monday, August 4th. Atlantic Union Bankshares's dividend payout ratio is currently 66.02%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on AUB shares. Jefferies Financial Group set a $37.00 target price on Atlantic Union Bankshares and gave the stock a "buy" rating in a research report on Wednesday, May 21st. Keefe, Bruyette & Woods increased their target price on 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 decreased their price target on shares of Atlantic Union Bankshares from $46.00 to $45.00 and set an "overweight" rating on the stock in a report on Friday, July 25th. Two equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Atlantic Union Bankshares presently has an average rating of "Moderate Buy" and an average price target of $38.33.

About Atlantic Union Bankshares

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.