Connable Office Inc. Purchases Shares of 12,975 Atlantic Union Bankshares Co. $AUB

Connable Office Inc. bought a new position in Atlantic Union Bankshares Co. (NASDAQ:AUB) during the second quarter, according to its most recent 13F filing with the SEC. The fund bought 12,975 shares of the company’s stock, valued at approximately $406,000.

Several other hedge funds also recently added to or reduced their stakes in AUB. Bank of New York Mellon Corp lifted its position in Atlantic Union Bankshares by 27.2% during the second quarter. Bank of New York Mellon Corp now owns 1,490,180 shares of the company’s stock valued at $46,613,000 after acquiring an additional 318,344 shares during the last quarter. Bank of Montreal Can lifted its holdings in Atlantic Union Bankshares by 10.7% during the second quarter. Bank of Montreal Can now owns 22,606 shares of the company’s stock valued at $707,000 after purchasing an additional 2,194 shares in the last quarter. Pinnacle Associates Ltd. lifted its stake in shares of Atlantic Union Bankshares by 3.9% in the second quarter. Pinnacle Associates Ltd. now owns 271,916 shares of the company’s stock worth $8,506,000 after buying an additional 10,241 shares in the last quarter. Impact Partnership Wealth LLC purchased a new position in shares of Atlantic Union Bankshares in the second quarter worth about $488,000. Finally, Heritage Investors Management Corp acquired a new stake in Atlantic Union Bankshares during the second quarter worth about $235,000. 78.58% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Cowen reiterated a “buy” rating on shares of Atlantic Union Bankshares in a research report on Monday, October 27th. Janney Montgomery Scott assumed coverage on shares of Atlantic Union Bankshares in a research report on Wednesday, October 8th. They set a “buy” rating and a $42.00 price target for the company. Raymond James Financial reiterated a “strong-buy” rating on shares of Atlantic Union Bankshares in a research report on Friday, October 24th. National Bankshares set a $46.00 target price on shares of Atlantic Union Bankshares in a research note on Wednesday, September 24th. Finally, Piper Sandler cut 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 research note on Friday, October 24th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Atlantic Union Bankshares presently has an average rating of “Moderate Buy” and an average target price of $40.61.

Insiders Place Their Bets

In related news, Director Frank Russell Ellett acquired 1,441 shares of Atlantic Union Bankshares stock in a transaction that occurred 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 completion of the acquisition, the director directly owned 78,047 shares of the company’s stock, valued at $2,457,700.03. This trade represents a 1.88% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.87% of the stock is owned by insiders.

Atlantic Union Bankshares Price Performance

Shares of NASDAQ AUB opened at $32.96 on Tuesday. The stock has a market cap of $4.70 billion, a price-to-earnings ratio of 14.39 and a beta of 0.87. Atlantic Union Bankshares Co. has a 52 week low of $22.85 and a 52 week high of $44.54. The company’s 50-day moving average price is $34.97 and its 200 day moving average price is $32.45. The company has a current ratio of 0.91, a quick 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, October 23rd. The company reported $0.84 earnings per share for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.02). Atlantic Union Bankshares had a net margin of 15.53% and a return on equity of 8.50%. The business had revenue of $319.21 million for the quarter, compared to analyst estimates of $377.92 million. During the same period last year, the firm earned $0.83 earnings per share. The company’s quarterly revenue was up 69.8% on a year-over-year basis. As a group, research analysts forecast that Atlantic Union Bankshares Co. will post 3.26 earnings per share for the current fiscal year.

Atlantic Union Bankshares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 14th will be issued a $0.37 dividend. The ex-dividend date of this dividend is Friday, November 14th. This is an increase from Atlantic Union Bankshares’s previous quarterly dividend of $0.34. This represents a $1.48 annualized dividend and a yield of 4.5%. Atlantic Union Bankshares’s dividend payout ratio is currently 79.14%.

Atlantic Union Bankshares 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.