Atlantic Union Bankshares (NYSE:AUB) Announces Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Atlantic Union Bankshares (NYSE:AUB) released its quarterly earnings results on Tuesday. The company reported $0.94 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.02, FiscalAI reports. Atlantic Union Bankshares had a return on equity of 10.74% and a net margin of 15.50%.The firm had revenue of $387.57 million during the quarter, compared to analysts’ expectations of $389.06 million.

Atlantic Union Bankshares Stock Performance

Shares of AUB opened at $42.08 on Tuesday. The firm has a market cap of $6.02 billion, a price-to-earnings ratio of 17.83 and a beta of 0.79. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.15. The business’s 50 day moving average is $39.57 and its two-hundred day moving average is $38.30. Atlantic Union Bankshares has a 52-week low of $30.39 and a 52-week high of $43.62.

Atlantic Union Bankshares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 5th. Shareholders of record on Friday, May 22nd were given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend was Friday, May 22nd. Atlantic Union Bankshares’s dividend payout ratio is presently 62.71%.

Institutional Trading of Atlantic Union Bankshares

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. AQR Capital Management LLC boosted its stake in Atlantic Union Bankshares by 634.3% during the 1st quarter. AQR Capital Management LLC now owns 41,902 shares of the company’s stock valued at $1,305,000 after acquiring an additional 36,196 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Atlantic Union Bankshares by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 53,232 shares of the company’s stock valued at $1,658,000 after purchasing an additional 2,322 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Atlantic Union Bankshares by 36.0% during the first quarter. Goldman Sachs Group Inc. now owns 2,137,072 shares of the company’s stock worth $66,548,000 after purchasing an additional 565,564 shares during the last quarter. Empowered Funds LLC bought a new position in shares of Atlantic Union Bankshares during the first quarter worth about $3,011,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Atlantic Union Bankshares by 9.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 249,378 shares of the company’s stock worth $7,766,000 after purchasing an additional 22,078 shares in the last quarter. Institutional investors own 78.58% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Piper Sandler boosted their target price on shares of Atlantic Union Bankshares from $45.00 to $46.00 and gave the stock an “overweight” rating in a research report on Thursday, June 11th. TD Cowen raised their price target on shares of Atlantic Union Bankshares from $44.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, May 12th. Weiss Ratings began coverage on shares of Atlantic Union Bankshares in a research note on Monday, July 6th. They set a “buy (b-)” rating on the stock. Zacks Research lowered shares of Atlantic Union Bankshares from a “strong-buy” rating to a “hold” rating in a report on Tuesday, March 31st. Finally, Morgan Stanley upped their price objective on shares of Atlantic Union Bankshares from $42.00 to $45.00 and gave the company an “equal weight” rating in a research report on Monday, June 29th. Five analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, Atlantic Union Bankshares has an average rating of “Moderate Buy” and a consensus price target of $43.62.

About Atlantic Union Bankshares

Atlantic Union Bankshares, Inc is a bank holding company headquartered in Richmond, Virginia, operating through its principal subsidiary Atlantic Union Bank. The company offers a full suite of commercial and consumer banking services to individuals, businesses and institutions across Virginia, Maryland, North Carolina and the District of Columbia. Leveraging a network of full-service branches, commercial lending offices and digital platforms, Atlantic Union Bankshares focuses on relationship-driven solutions tailored to its regional client base.

Atlantic Union’s product lineup includes traditional deposit accounts, such as checking, savings and money market accounts, along with certificates of deposit.