Atlantic Union Bankshares (NASDAQ:AUB) Sees Unusually-High Trading Volume on Earnings Beat

Shares of Atlantic Union Bankshares Co. (NASDAQ:AUB) saw unusually-strong trading volume on Tuesday after the company announced better than expected quarterly earnings. Approximately 467,414 shares changed hands during 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 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 analysts’ expectations 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 quarter last year, the company earned $0.80 EPS.

Atlantic Union Bankshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Friday, August 9th were paid a dividend of $0.32 per share. The ex-dividend date was Friday, August 9th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.51%. Atlantic Union Bankshares’s payout ratio is 47.06%.

Analysts Set New Price Targets

AUB has been the topic of a number of analyst reports. Hovde Group dropped 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 note on Friday, September 13th. Raymond James dropped 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 note on Wednesday, October 2nd. Finally, Keefe, Bruyette & Woods raised 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 research note on Monday, July 29th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Atlantic Union Bankshares has an average rating of “Moderate Buy” and a consensus target price of $40.40.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. International Assets Investment Management LLC purchased a new position in shares of Atlantic Union Bankshares during the 3rd quarter worth $7,660,000. Raymond James & Associates raised its holdings in shares of Atlantic Union Bankshares by 3.9% during the 3rd quarter. Raymond James & Associates now owns 126,157 shares of the company’s stock worth $4,752,000 after acquiring an additional 4,763 shares during the period. Blue Trust Inc. raised its holdings in shares of Atlantic Union Bankshares by 110.2% during the 3rd quarter. Blue Trust Inc. now owns 2,089 shares of the company’s stock worth $79,000 after acquiring an additional 1,095 shares during the period. Trust Point Inc. raised its holdings in shares of Atlantic Union Bankshares by 2.0% during the 3rd quarter. Trust Point Inc. now owns 25,998 shares of the company’s stock worth $979,000 after acquiring an additional 513 shares during the period. Finally, ZWJ Investment Counsel Inc. purchased a new position in shares of Atlantic Union Bankshares during the 3rd quarter worth $202,000. Hedge funds and other institutional investors own 78.58% of the company’s stock.

Atlantic Union Bankshares Stock Performance

The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.14. The firm has a fifty day moving average price of $37.81 and a 200 day moving average price of $35.39. The firm has a market cap of $3.27 billion, a PE ratio of 13.40 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.