Raymond James Financial Cuts Atlantic Union Bankshares (NASDAQ:AUB) Price Target to $40.00

Key Points

• Raymond James Financial has lowered its price target for Atlantic Union Bankshares from $43.00 to $40.00, suggesting a potential upside of 17.96% from the last stock close.
• Atlantic Union Bankshares reported $0.84 EPS for the last quarter, missing estimates, while revenue grew by 69.8% year-over-year despite being below analyst expectations.
• Following insider purchases, executives now hold a combined over 270,000 shares, indicating confidence in the company's future performance.

Atlantic Union Bankshares (NASDAQ:AUB - Get Free Report) had its target price reduced by investment analysts at Raymond James Financial from $43.00 to $40.00 in a report released on Friday, MarketBeat reports. The firm presently has a "strong-buy" rating on the stock. Raymond James Financial's target price would suggest a potential upside of 17.96% from the stock's previous close.

Several other equities analysts also recently issued reports on the stock. TD Cowen began coverage on shares of Atlantic Union Bankshares in a report on Thursday, September 25th. They set a "buy" rating and a $46.00 price target for the company. Piper Sandler reduced 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 report on Friday, July 25th. Cowen began coverage on shares of Atlantic Union Bankshares in a report on Wednesday, September 24th. They issued a "buy" rating for the company. Janney Montgomery Scott began coverage on shares of Atlantic Union Bankshares in a report on Wednesday, October 8th. They issued a "buy" rating and a $42.00 price objective for the company. Finally, Morgan Stanley upped their price objective on shares of Atlantic Union Bankshares from $35.00 to $41.00 and gave the stock an "underperform" rating in a report on Monday, September 29th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $40.83.

Atlantic Union Bankshares Stock Performance

Shares of AUB traded up $0.98 during midday trading on Friday, hitting $33.91. 97,341 shares of the stock traded hands, compared to its average volume of 1,342,616. Atlantic Union Bankshares has a 1-year low of $22.85 and a 1-year high of $44.54. The firm has a market capitalization of $4.83 billion, a PE ratio of 14.81 and a beta of 0.87. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.91 and a current ratio of 0.91. The business's 50 day moving average price is $35.10 and its two-hundred day moving average price is $31.88.

Atlantic Union Bankshares (NASDAQ:AUB - Get Free Report) last announced its quarterly earnings results on Thursday, October 23rd. The company reported $0.84 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.86 by ($0.02). Atlantic Union Bankshares had a net margin of 15.53% and a return on equity of 8.50%. The firm had revenue of $319.21 million for the quarter, compared to analyst estimates of $377.92 million. During the same period last year, the firm posted $0.83 EPS. The business's revenue was up 69.8% compared to the same quarter last year. Equities research analysts predict that Atlantic Union Bankshares will post 3.26 EPS for the current fiscal year.

Insider Activity

In related news, Director Frank Russell Ellett acquired 1,441 shares of the business's stock in a transaction on Friday, August 8th. The shares were purchased at an average price of $31.49 per share, for a total transaction of $45,377.09. Following the acquisition, the director owned 78,047 shares in the company, valued at approximately $2,457,700.03. This represents a 1.88% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO John C. Asbury acquired 7,500 shares of the business's stock in a transaction on Monday, July 28th. The shares were bought at an average price of $32.91 per share, for a total transaction of $246,825.00. Following 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 disclosure for this purchase can be found here. Over the last quarter, insiders acquired 18,941 shares of company stock worth $606,502. 0.87% of the stock is owned by company insiders.

Institutional Trading of Atlantic Union Bankshares

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Nisa Investment Advisors LLC raised its holdings in Atlantic Union Bankshares by 4.9% during the 3rd quarter. Nisa Investment Advisors LLC now owns 10,451 shares of the company's stock worth $369,000 after buying an additional 485 shares during the period. Tributary Capital Management LLC boosted its position in shares of Atlantic Union Bankshares by 91.4% in the third quarter. Tributary Capital Management LLC now owns 1,414,240 shares of the company's stock valued at $49,909,000 after acquiring an additional 675,524 shares during the period. SG Americas Securities LLC boosted its position in shares of Atlantic Union Bankshares by 30.3% in the third quarter. SG Americas Securities LLC now owns 22,184 shares of the company's stock valued at $783,000 after acquiring an additional 5,157 shares during the period. HB Wealth Management LLC bought a new stake in shares of Atlantic Union Bankshares in the third quarter valued at approximately $503,000. Finally, Park Avenue Securities LLC boosted its position in shares of Atlantic Union Bankshares by 10.9% in the third quarter. Park Avenue Securities LLC now owns 13,434 shares of the company's stock valued at $474,000 after acquiring an additional 1,325 shares during the period. Institutional investors and hedge funds own 78.58% of the company's stock.

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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