TD Cowen Initiates Coverage on Atlantic Union Bankshares (NASDAQ:AUB)

TD Cowen began coverage on shares of Atlantic Union Bankshares (NASDAQ:AUB) in a report published on Thursday morning, Marketbeat.com reports. The firm issued a buy rating and a $46.00 price objective on the stock.

AUB has been the subject of a number of other research reports. Keefe, Bruyette & Woods lifted their price objective on Atlantic Union Bankshares from $33.00 to $34.00 and gave the stock a “market perform” rating in a research report on Monday, August 4th. Piper Sandler dropped their price objective on Atlantic Union Bankshares from $46.00 to $45.00 and set an “overweight” rating for the company in a research report on Friday, July 25th. Finally, Raymond James Financial reiterated a “strong-buy” rating on shares of Atlantic Union Bankshares in a research report on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $40.25.

Atlantic Union Bankshares Trading Up 0.9%

Shares of AUB stock opened at $35.95 on Thursday. Atlantic Union Bankshares has a fifty-two week low of $22.85 and a fifty-two week high of $44.54. The stock has a market cap of $5.12 billion, a P/E ratio of 15.70 and a beta of 0.90. The business has a fifty day simple moving average of $34.23 and a 200-day simple moving average of $31.36. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.13.

Atlantic Union Bankshares (NASDAQ:AUB) last announced its quarterly earnings results on Thursday, July 24th. The company reported $0.95 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.15. The business had revenue of $377.22 million during the quarter, compared to analysts’ expectations of $369.70 million. Atlantic Union Bankshares had a return on equity of 8.50% and a net margin of 15.53%.The business’s revenue for the quarter was up 92.0% on a year-over-year basis. During the same quarter last year, the business posted $0.63 earnings per share. On average, analysts forecast that Atlantic Union Bankshares will post 3.26 earnings per share for the current fiscal year.

Atlantic Union Bankshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, August 18th. Shareholders of record on Monday, August 4th were issued a $0.34 dividend. The ex-dividend date was Monday, August 4th. This represents a $1.36 annualized dividend and a yield of 3.8%. Atlantic Union Bankshares’s payout ratio is 66.02%.

Insider Activity

In other Atlantic Union Bankshares news, CEO John C. Asbury purchased 7,500 shares of the stock in a transaction on Monday, July 28th. The stock was bought at an average price of $32.91 per share, for a total transaction of $246,825.00. Following the acquisition, the chief executive officer directly owned 270,532 shares of the company’s stock, valued at $8,903,208.12. This represents a 2.85% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Director Frank Russell Ellett purchased 1,441 shares of the stock in a transaction on Friday, August 8th. The stock was acquired at an average price of $31.49 per share, with a total value of $45,377.09. Following the acquisition, the director directly owned 78,047 shares in the company, valued at $2,457,700.03. This trade represents a 1.88% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 18,941 shares of company stock valued at $606,502 in the last 90 days. 0.87% of the stock is owned by company insiders.

Institutional Trading of Atlantic Union Bankshares

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AUB. NBC Securities Inc. acquired a new position in shares of Atlantic Union Bankshares in the 1st quarter valued at about $25,000. Curio Wealth LLC acquired a new position in shares of Atlantic Union Bankshares in the 2nd quarter valued at about $28,000. CWM LLC lifted its stake in shares of Atlantic Union Bankshares by 99.4% in the 1st quarter. CWM LLC now owns 1,049 shares of the company’s stock valued at $33,000 after purchasing an additional 523 shares in the last quarter. Huntington National Bank lifted its stake in shares of Atlantic Union Bankshares by 71.7% in the 2nd quarter. Huntington National Bank now owns 1,298 shares of the company’s stock valued at $41,000 after purchasing an additional 542 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. lifted its stake in shares of Atlantic Union Bankshares by 64.8% in the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 1,533 shares of the company’s stock valued at $48,000 after purchasing an additional 603 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 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.