Atlantic Union Bankshares (NASDAQ:AUB) Shares Gap Down After Earnings Miss

Atlantic Union Bankshares Co. (NASDAQ:AUB)’s stock price gapped down prior to trading on Tuesday following a dissappointing earnings announcement. The stock had previously closed at $33.57, but opened at $32.05. Atlantic Union Bankshares shares last traded at $32.71, with a volume of 33,622 shares trading hands.

The company reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.69 by ($0.04). The firm had revenue of $288.47 million for the quarter, compared to the consensus estimate of $178.82 million. Atlantic Union Bankshares had a return on equity of 9.47% and a net margin of 19.51%. During the same period in the prior year, the company posted $0.63 earnings per share.

Atlantic Union Bankshares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 23rd. Shareholders of record on Friday, February 9th were given a $0.32 dividend. The ex-dividend date was Thursday, February 8th. This represents a $1.28 annualized dividend and a yield of 3.86%. Atlantic Union Bankshares’s dividend payout ratio is 47.06%.

Analysts Set New Price Targets

Several analysts have issued reports on AUB shares. Raymond James raised their price target on shares of Atlantic Union Bankshares from $34.00 to $39.00 and gave the stock an “outperform” rating in a research report on Friday, January 5th. Keefe, Bruyette & Woods lowered their price target on Atlantic Union Bankshares from $36.00 to $35.00 and set a “market perform” rating on the stock in a research note on Wednesday. Finally, Stephens lowered their price target on Atlantic Union Bankshares from $43.00 to $40.00 and set an “overweight” rating on the stock in a research note on Wednesday.

Insider Activity at Atlantic Union Bankshares

In other news, Director Donald R. Kimble purchased 7,000 shares of the stock in a transaction that occurred on Friday, March 8th. The shares were purchased at an average cost of $35.13 per share, for a total transaction of $245,910.00. Following the completion of the purchase, the director now directly owns 7,582 shares of the company’s stock, valued at approximately $266,355.66. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.87% of the company’s stock.

Institutional Investors Weigh In On Atlantic Union Bankshares

Several large investors have recently modified their holdings of AUB. Norges Bank bought a new stake in shares of Atlantic Union Bankshares in the 4th quarter valued at approximately $18,902,000. Fort Washington Investment Advisors Inc. OH bought a new stake in shares of Atlantic Union Bankshares in the 3rd quarter valued at approximately $14,416,000. Ceredex Value Advisors LLC bought a new stake in shares of Atlantic Union Bankshares in the 3rd quarter valued at approximately $10,995,000. Franklin Resources Inc. grew its stake in shares of Atlantic Union Bankshares by 41.5% in the 4th quarter. Franklin Resources Inc. now owns 892,883 shares of the company’s stock valued at $32,626,000 after purchasing an additional 261,825 shares during the period. Finally, Hsbc Holdings PLC grew its stake in shares of Atlantic Union Bankshares by 112.0% in the 4th quarter. Hsbc Holdings PLC now owns 464,349 shares of the company’s stock valued at $17,068,000 after purchasing an additional 245,357 shares during the period. 78.58% of the stock is currently owned by institutional investors.

Atlantic Union Bankshares Stock Up 0.9 %

The firm has a market capitalization of $2.50 billion, a price-to-earnings ratio of 11.07 and a beta of 0.94. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.15. The firm has a fifty day moving average price of $33.63 and a 200 day moving average price of $33.14.

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.