Atlantic Union Bankshares (NASDAQ:AUB) Sees Large Volume Increase Following Better-Than-Expected Earnings

Atlantic Union Bankshares Co. (NASDAQ:AUB) shares saw strong trading volume on Tuesday following a better than expected earnings announcement. 467,414 shares changed hands during mid-day trading, an increase of 3% from the previous session’s volume of 451,662 shares.The stock last traded at $36.15 and had previously closed at $36.21.

The company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.82 by $0.01. The firm had revenue of $358.81 million during the quarter, compared to analysts’ expectations of $226.70 million. Atlantic Union Bankshares had a net margin of 15.53% and a return on equity of 8.95%. During the same quarter in the previous year, the company earned $0.80 earnings per share.

Atlantic Union Bankshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Friday, August 9th were paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 3.54%. The ex-dividend date was Friday, August 9th. Atlantic Union Bankshares’s payout ratio is presently 56.39%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on AUB shares. Keefe, Bruyette & Woods lifted their price target on shares of Atlantic Union Bankshares from $35.00 to $38.00 and gave the company a “market perform” rating in a research note on Monday, July 29th. Raymond James reduced their price target on Atlantic Union Bankshares from $45.00 to $41.00 and set an “outperform” rating for the company in a research report on Wednesday, October 2nd. Finally, Hovde Group lowered their price objective on shares of Atlantic Union Bankshares from $46.00 to $45.00 and set an “outperform” rating on the stock in a report on Friday, September 13th. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $40.40.

Institutional Investors Weigh In On Atlantic Union Bankshares

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in Atlantic Union Bankshares by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 9,290,826 shares of the company’s stock worth $339,487,000 after buying an additional 111,580 shares during the period. Dimensional Fund Advisors LP increased its position in Atlantic Union Bankshares by 13.8% during the second quarter. Dimensional Fund Advisors LP now owns 5,681,290 shares of the company’s stock worth $186,626,000 after acquiring an additional 690,400 shares during the period. Westwood Holdings Group Inc. raised its stake in Atlantic Union Bankshares by 1.2% in the 2nd quarter. Westwood Holdings Group Inc. now owns 2,658,342 shares of the company’s stock worth $87,327,000 after purchasing an additional 30,586 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in Atlantic Union Bankshares by 8.8% in the 2nd quarter. Victory Capital Management Inc. now owns 1,595,728 shares of the company’s stock valued at $52,420,000 after purchasing an additional 128,447 shares during the period. Finally, Bank of New York Mellon Corp grew its position in shares of Atlantic Union Bankshares by 45.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,180,199 shares of the company’s stock worth $38,770,000 after purchasing an additional 368,190 shares in the last quarter. Institutional investors and hedge funds own 78.58% of the company’s stock.

Atlantic Union Bankshares Price Performance

The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.14. The company’s fifty day moving average price is $37.80 and its 200 day moving average price is $35.37. The company has a market capitalization of $3.25 billion, a P/E ratio of 15.96 and a beta of 0.89.

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.