Pinnacle Associates Ltd. Grows Position in Atlantic Union Bankshares Co. (NASDAQ:AUB)

Pinnacle Associates Ltd. lifted its stake in Atlantic Union Bankshares Co. (NASDAQ:AUB) by 8.6% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 290,468 shares of the company’s stock after buying an additional 23,087 shares during the quarter. Pinnacle Associates Ltd. owned approximately 0.32% of Atlantic Union Bankshares worth $10,614,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. UMB Bank n.a. raised its stake in Atlantic Union Bankshares by 77.7% during the third quarter. UMB Bank n.a. now owns 1,105 shares of the company’s stock valued at $42,000 after purchasing an additional 483 shares in the last quarter. GAMMA Investing LLC increased its position in Atlantic Union Bankshares by 88.6% during the third quarter. GAMMA Investing LLC now owns 1,041 shares of the company’s stock valued at $39,000 after acquiring an additional 489 shares during the last quarter. Moors & Cabot Inc. increased its position in Atlantic Union Bankshares by 5.5% during the second quarter. Moors & Cabot Inc. now owns 9,532 shares of the company’s stock valued at $313,000 after acquiring an additional 500 shares during the last quarter. Trust Point Inc. increased its position in Atlantic Union Bankshares by 2.0% during the third quarter. Trust Point Inc. now owns 25,998 shares of the company’s stock valued at $979,000 after acquiring an additional 513 shares during the last quarter. Finally, US Bancorp DE increased its position in Atlantic Union Bankshares by 6.8% during the first quarter. US Bancorp DE now owns 12,098 shares of the company’s stock valued at $427,000 after acquiring an additional 769 shares during the last quarter. Hedge funds and other institutional investors own 78.58% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on AUB. Hovde Group cut 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 report on Friday, September 13th. Keefe, Bruyette & Woods upped their price target 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, Raymond James cut their price target on shares of Atlantic Union Bankshares from $45.00 to $41.00 and set an “outperform” rating on the stock in a report on Wednesday, October 2nd. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $40.40.

Atlantic Union Bankshares Stock Performance

AUB stock opened at $38.36 on Thursday. The firm has a market cap of $3.44 billion, a price-to-earnings ratio of 15.92 and a beta of 0.89. The firm has a 50-day simple moving average of $37.87 and a two-hundred day simple moving average of $35.58. Atlantic Union Bankshares Co. has a one year low of $28.24 and a one year high of $42.50. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.90 and a current ratio of 0.90.

Atlantic Union Bankshares (NASDAQ:AUB) last released its quarterly earnings results on Monday, October 21st. The company reported $0.83 EPS for the quarter, beating the consensus estimate of $0.82 by $0.01. The business had revenue of $358.81 million during the quarter, compared to analyst estimates of $226.70 million. Atlantic Union Bankshares had a net margin of 16.25% and a return on equity of 8.85%. During the same period in the prior year, the firm posted $0.80 earnings per share. On average, equities analysts forecast that Atlantic Union Bankshares Co. will post 3.05 EPS 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 22nd. Investors of record on Friday, November 8th will be given a $0.34 dividend. This is a positive change from Atlantic Union Bankshares’s previous quarterly dividend of $0.32. This represents a $1.36 annualized dividend and a dividend yield of 3.55%. The ex-dividend date of this dividend is Friday, November 8th. Atlantic Union Bankshares’s dividend payout ratio (DPR) is presently 56.43%.

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.