Hennessy Advisors Inc. Acquires New Shares in Atlantic Union Bankshares Co. $AUB

Hennessy Advisors Inc. acquired a new stake in Atlantic Union Bankshares Co. (NASDAQ:AUB) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 40,000 shares of the company’s stock, valued at approximately $1,251,000.

Several other large investors have also bought and sold shares of the business. Vanguard Group Inc. boosted its stake in Atlantic Union Bankshares by 8.9% in the first quarter. Vanguard Group Inc. now owns 11,932,493 shares of the company’s stock valued at $371,578,000 after buying an additional 978,793 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in Atlantic Union Bankshares by 6.3% in the first quarter. Ameriprise Financial Inc. now owns 2,751,341 shares of the company’s stock valued at $85,676,000 after buying an additional 163,451 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in Atlantic Union Bankshares by 36.0% in the first quarter. Goldman Sachs Group Inc. now owns 2,137,072 shares of the company’s stock valued at $66,548,000 after buying an additional 565,564 shares in the last quarter. Victory Capital Management Inc. boosted its stake in Atlantic Union Bankshares by 4.0% in the first quarter. Victory Capital Management Inc. now owns 1,644,177 shares of the company’s stock valued at $51,200,000 after buying an additional 63,650 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in Atlantic Union Bankshares by 35.5% in the first quarter. Northern Trust Corp now owns 1,573,946 shares of the company’s stock valued at $49,013,000 after buying an additional 412,730 shares in the last quarter. 78.58% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently weighed in on AUB shares. Cowen started coverage on Atlantic Union Bankshares in a research note on Wednesday, September 24th. They issued a “buy” rating on the stock. TD Cowen initiated coverage on Atlantic Union Bankshares in a research note on Thursday, September 25th. They set a “buy” rating and a $46.00 price target on the stock. Keefe, Bruyette & Woods lifted their price target on Atlantic Union Bankshares from $33.00 to $34.00 and gave the company a “market perform” rating in a research note on Monday, August 4th. Raymond James Financial reissued a “strong-buy” rating and set a $43.00 price target (up from $42.00) on shares of Atlantic Union Bankshares in a research note on Friday. Finally, Piper Sandler cut their price target on Atlantic Union Bankshares from $46.00 to $45.00 and set an “overweight” rating on the stock in a research note on Friday, July 25th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $41.50.

Atlantic Union Bankshares Price Performance

Shares of AUB opened at $35.71 on Friday. Atlantic Union Bankshares Co. has a 1 year low of $22.85 and a 1 year high of $44.54. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.91 and a quick ratio of 0.91. The company has a market capitalization of $5.09 billion, a price-to-earnings ratio of 15.59 and a beta of 0.87. The business has a 50-day moving average of $34.44 and a 200-day moving average of $31.46.

Atlantic Union Bankshares (NASDAQ:AUB) last issued its quarterly earnings data on Thursday, July 24th. The company reported $0.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.15. Atlantic Union Bankshares had a return on equity of 8.50% and a net margin of 15.53%.The company had revenue of $377.22 million during the quarter, compared to the consensus estimate of $369.70 million. During the same period last year, the company earned $0.63 earnings per share. The firm’s revenue was up 92.0% compared to the same quarter last year. As a group, equities research analysts anticipate that Atlantic Union Bankshares Co. will post 3.26 earnings per share for the current year.

Atlantic Union Bankshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 18th. Stockholders of record on Monday, August 4th were given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date was Monday, August 4th. Atlantic Union Bankshares’s dividend payout ratio (DPR) is 66.02%.

Insider Transactions at Atlantic Union Bankshares

In other Atlantic Union Bankshares news, Director Frank Russell Ellett bought 5,000 shares of the stock in a transaction on Thursday, August 7th. The stock was acquired at an average cost of $31.54 per share, for a total transaction of $157,700.00. Following the completion of the acquisition, the director owned 76,606 shares in the company, valued at $2,416,153.24. This trade represents a 6.98% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, CEO John C. Asbury bought 7,500 shares of the stock in a transaction on Monday, July 28th. The stock was acquired at an average price of $32.91 per share, with a total value of $246,825.00. Following the completion of the acquisition, the chief executive officer owned 270,532 shares of the company’s stock, valued at $8,903,208.12. This represents a 2.85% increase in their position. The disclosure for this purchase can be found here. Insiders have bought 18,941 shares of company stock valued at $606,502 over the last 90 days. 0.87% of the stock is owned by corporate insiders.

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.