Atlantic Union Bankshares (NASDAQ:AUB) Issues Quarterly Earnings Results, Beats Estimates By $0.11 EPS

Atlantic Union Bankshares (NASDAQ:AUB) announced its quarterly earnings data on Thursday. The company reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.11, Briefing.com reports. The company had revenue of $391.33 million during the quarter, compared to analyst estimates of $378.95 million. Atlantic Union Bankshares had a net margin of 15.53% and a return on equity of 8.50%. During the same quarter last year, the business posted $0.67 EPS.

Atlantic Union Bankshares Stock Performance

AUB stock traded down $0.35 during trading on Thursday, reaching $39.64. The company had a trading volume of 1,809,041 shares, compared to its average volume of 1,191,453. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.91 and a current ratio of 0.91. Atlantic Union Bankshares has a twelve month low of $22.85 and a twelve month high of $40.71. The company has a market cap of $5.65 billion, a price-to-earnings ratio of 17.31 and a beta of 0.83. The firm has a 50-day simple moving average of $35.53 and a 200-day simple moving average of $34.55.

Atlantic Union Bankshares Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 28th. Investors of record on Friday, November 14th were given a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend was Friday, November 14th. This is an increase from Atlantic Union Bankshares’s previous quarterly dividend of $0.34. Atlantic Union Bankshares’s payout ratio is 79.14%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on AUB shares. Janney Montgomery Scott assumed coverage on Atlantic Union Bankshares in a research report on Wednesday, October 8th. They set a “buy” rating and a $42.00 target price for the company. TD Cowen restated a “buy” rating on shares of Atlantic Union Bankshares in a report on Thursday, December 11th. Piper Sandler dropped their target price on shares of Atlantic Union Bankshares from $45.00 to $41.50 and set an “overweight” rating on the stock in a report on Friday, October 24th. Raymond James Financial set a $45.00 price target on shares of Atlantic Union Bankshares in a report on Thursday, December 11th. Finally, Morgan Stanley increased their price objective on shares of Atlantic Union Bankshares from $41.00 to $44.00 and gave the company an “equal weight” rating in a research note on Thursday, December 11th. Five research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Atlantic Union Bankshares has an average rating of “Moderate Buy” and a consensus target price of $41.61.

Institutional Trading of Atlantic Union Bankshares

A number of hedge funds have recently modified their holdings of AUB. CIBC Bancorp USA Inc. purchased a new position in shares of Atlantic Union Bankshares in the third quarter worth about $537,000. Coldstream Capital Management Inc. purchased a new position in Atlantic Union Bankshares in the 3rd quarter worth approximately $205,000. Danske Bank A S acquired a new position in shares of Atlantic Union Bankshares during the 3rd quarter worth approximately $120,000. NewEdge Advisors LLC grew its position in shares of Atlantic Union Bankshares by 3,632.7% in the third quarter. NewEdge Advisors LLC now owns 7,652 shares of the company’s stock valued at $270,000 after purchasing an additional 7,447 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co lifted its position in Atlantic Union Bankshares by 2.0% during the third quarter. CANADA LIFE ASSURANCE Co now owns 146,660 shares of the company’s stock worth $5,220,000 after buying an additional 2,943 shares in the last quarter. Hedge funds and other institutional investors own 78.58% of the company’s stock.

Atlantic Union Bankshares Company Profile

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.