Atlantic Union Bankshares (NASDAQ:AUB) Reaches New 52-Week High – Here’s What Happened

Atlantic Union Bankshares Co. (NASDAQ:AUB)’s share price reached a new 52-week high on Wednesday . The stock traded as high as $43.49 and last traded at $43.38, with a volume of 79097 shares changing hands. The stock had previously closed at $42.73.

Analyst Upgrades and Downgrades

AUB has been the topic of several research reports. 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 research report on Friday, September 13th. Raymond James lowered their price objective on shares of 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, Keefe, Bruyette & Woods lifted their target price on shares of Atlantic Union Bankshares from $35.00 to $38.00 and gave the stock a “market perform” rating in a research report on Monday, July 29th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, Atlantic Union Bankshares has an average rating of “Moderate Buy” and an average price target of $40.40.

Atlantic Union Bankshares Stock Performance

The firm has a market cap of $3.83 billion, a P/E ratio of 14.73 and a beta of 0.89. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.13. The business’s fifty day simple moving average is $38.25 and its 200-day simple moving average is $36.19.

Atlantic Union Bankshares (NASDAQ:AUB) last announced its quarterly earnings results on Monday, October 21st. The company reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.82 by $0.01. The business had revenue of $358.81 million for the quarter, compared to analyst estimates of $226.70 million. Atlantic Union Bankshares had a net margin of 16.25% and a return on equity of 8.85%. During the same quarter last year, the firm earned $0.80 EPS. As a group, sell-side analysts expect that Atlantic Union Bankshares Co. will post 2.93 earnings per share for the current year.

Atlantic Union Bankshares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Friday, November 8th will be issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 3.19%. The ex-dividend date is Friday, November 8th. This is a positive change from Atlantic Union Bankshares’s previous quarterly dividend of $0.32. Atlantic Union Bankshares’s dividend payout ratio (DPR) is 56.43%.

Hedge Funds Weigh In On Atlantic Union Bankshares

Several hedge funds and other institutional investors have recently modified their holdings of AUB. SG Americas Securities LLC purchased a new position in shares of Atlantic Union Bankshares during the first quarter valued at about $397,000. Sei Investments Co. grew its holdings in Atlantic Union Bankshares by 83.7% in the first quarter. Sei Investments Co. now owns 160,775 shares of the company’s stock worth $5,677,000 after purchasing an additional 73,262 shares during the period. Russell Investments Group Ltd. grew its holdings in Atlantic Union Bankshares by 9.6% in the first quarter. Russell Investments Group Ltd. now owns 78,380 shares of the company’s stock worth $2,768,000 after purchasing an additional 6,870 shares during the period. US Bancorp DE grew its holdings in Atlantic Union Bankshares by 6.8% in the first quarter. US Bancorp DE now owns 12,098 shares of the company’s stock worth $427,000 after purchasing an additional 769 shares during the period. Finally, State Board of Administration of Florida Retirement System grew its holdings in Atlantic Union Bankshares by 68.8% in the first quarter. State Board of Administration of Florida Retirement System now owns 36,209 shares of the company’s stock worth $1,269,000 after purchasing an additional 14,760 shares during the period. Hedge funds and other institutional investors own 78.58% of the company’s stock.

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.