Atlantic Union Bankshares (NASDAQ:AUB) Sees Unusually-High Trading Volume Following Better-Than-Expected Earnings

Atlantic Union Bankshares Co. (NASDAQ:AUB) shares saw an uptick in trading volume on Tuesday after the company announced better than expected quarterly earnings. 467,414 shares traded hands during mid-day trading, an increase of 3% from the previous session’s volume of 451,662 shares.The stock last traded at $36.15 and had previously closed at $36.21.

The company reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.01. The business had revenue of $358.81 million during the quarter, compared to the consensus estimate of $226.70 million. Atlantic Union Bankshares had a net margin of 15.53% and a return on equity of 8.95%. During the same period in the prior year, the firm earned $0.80 EPS.

Atlantic Union Bankshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Friday, August 9th were given a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 3.54%. The ex-dividend date was Friday, August 9th. Atlantic Union Bankshares’s dividend payout ratio is currently 56.39%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on AUB shares. Raymond James reduced their price objective on Atlantic Union Bankshares from $45.00 to $41.00 and set an “outperform” rating for the company in a research report on Wednesday, October 2nd. Keefe, Bruyette & Woods boosted their price objective on shares of Atlantic Union Bankshares from $35.00 to $38.00 and gave the stock a “market perform” rating in a report on Monday, July 29th. Finally, Hovde Group decreased their target price on 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. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $40.40.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of AUB. State Board of Administration of Florida Retirement System boosted its position 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 valued at $1,269,000 after buying an additional 14,760 shares in the last quarter. Edgestream Partners L.P. bought a new position in Atlantic Union Bankshares in the 1st quarter valued at $783,000. Fifth Lane Capital LP bought a new stake in shares of Atlantic Union Bankshares during the first quarter worth $1,560,000. Sei Investments Co. increased its stake in shares of Atlantic Union Bankshares by 83.7% in the first quarter. Sei Investments Co. now owns 160,775 shares of the company’s stock valued at $5,677,000 after buying an additional 73,262 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its holdings in shares of Atlantic Union Bankshares by 106.4% in the first quarter. BNP Paribas Financial Markets now owns 43,507 shares of the company’s stock valued at $1,536,000 after buying an additional 22,432 shares during the last quarter. 78.58% of the stock is currently owned by institutional investors and hedge funds.

Atlantic Union Bankshares Trading Down 0.2 %

The company’s 50-day moving average is $37.80 and its 200-day moving average is $35.37. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.90 and a current ratio of 0.90. The firm has a market cap of $3.25 billion, a price-to-earnings ratio of 15.96 and a beta of 0.89.

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.