Atlantic Union Bankshares Co. (NASDAQ:AUB) Raises Dividend to $0.34 Per Share

Atlantic Union Bankshares Co. (NASDAQ:AUB) declared a quarterly dividend on Thursday, October 24th, Wall Street Journal reports. Stockholders of record on Friday, November 8th will be paid a dividend of 0.34 per share on Friday, November 22nd. This represents a $1.36 annualized dividend and a dividend yield of 3.70%. The ex-dividend date is Friday, November 8th. This is an increase from Atlantic Union Bankshares’s previous quarterly dividend of $0.32.

Atlantic Union Bankshares has raised its dividend by an average of 6.9% annually over the last three years and has raised its dividend annually for the last 13 consecutive years. Atlantic Union Bankshares has a payout ratio of 39.3% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Atlantic Union Bankshares to earn $3.33 per share next year, which means the company should continue to be able to cover its $1.28 annual dividend with an expected future payout ratio of 38.4%.

Atlantic Union Bankshares Stock Performance

Shares of NASDAQ AUB traded down $0.32 during mid-day trading on Friday, hitting $36.78. The company had a trading volume of 1,434,813 shares, compared to its average volume of 488,449. The firm’s 50 day simple moving average is $37.83 and its two-hundred day simple moving average is $35.43. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.90 and a quick ratio of 0.90. The stock has a market cap of $3.30 billion, a price-to-earnings ratio of 15.39 and a beta of 0.89. Atlantic Union Bankshares has a 12 month low of $27.63 and a 12 month high of $42.50.

Atlantic Union Bankshares (NASDAQ:AUB) last announced its earnings results on Monday, October 21st. The company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.82 by $0.01. The firm had revenue of $358.81 million for the quarter, compared to the consensus estimate of $226.70 million. Atlantic Union Bankshares had a return on equity of 8.85% and a net margin of 16.25%. During the same quarter in the previous year, the business earned $0.80 EPS. As a group, equities research analysts forecast that Atlantic Union Bankshares will post 3.01 earnings per share for the current year.

Analyst Upgrades and Downgrades

AUB has been the topic of several research analyst reports. Keefe, Bruyette & Woods lifted their price target on Atlantic Union Bankshares from $35.00 to $38.00 and gave the company a “market perform” rating in a research report on Monday, July 29th. Raymond James lowered their price target on Atlantic Union Bankshares from $45.00 to $41.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 2nd. Finally, Hovde Group lowered their price target on Atlantic Union Bankshares from $46.00 to $45.00 and set an “outperform” rating on the stock in a research report on Friday, September 13th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $40.40.

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.