Atlantic Union Bankshares (NASDAQ:AUB) Sees Strong Trading Volume After Earnings Beat

Shares of Atlantic Union Bankshares Co. (NASDAQ:AUB) saw unusually-high trading volume on Tuesday following a stronger than expected earnings report. Approximately 467,414 shares traded 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, beating the consensus estimate of $0.82 by $0.01. Atlantic Union Bankshares had a net margin of 15.53% and a return on equity of 8.95%. The firm had revenue of $358.81 million for the quarter, compared to the consensus estimate of $226.70 million. During the same period in the previous year, the company earned $0.80 earnings per share.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Hovde Group decreased their price target 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. Keefe, Bruyette & Woods upped their price target on shares of Atlantic Union Bankshares from $35.00 to $38.00 and gave the company a “market perform” rating in a research note on Monday, July 29th. Finally, Raymond James decreased 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 research note on Wednesday, October 2nd. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Atlantic Union Bankshares has an average rating of “Moderate Buy” and a consensus price target of $40.40.

Institutional Investors Weigh In On Atlantic Union Bankshares

A number of large investors have recently bought and sold shares of the company. International Assets Investment Management LLC acquired a new stake in Atlantic Union Bankshares during the third quarter worth about $7,660,000. Raymond James & Associates grew its stake in Atlantic Union Bankshares by 3.9% during the third quarter. Raymond James & Associates now owns 126,157 shares of the company’s stock worth $4,752,000 after buying an additional 4,763 shares in the last quarter. Blue Trust Inc. grew its stake in Atlantic Union Bankshares by 110.2% during the third quarter. Blue Trust Inc. now owns 2,089 shares of the company’s stock worth $79,000 after buying an additional 1,095 shares in the last quarter. Trust Point Inc. grew its stake in Atlantic Union Bankshares by 2.0% during the third quarter. Trust Point Inc. now owns 25,998 shares of the company’s stock worth $979,000 after buying an additional 513 shares in the last quarter. Finally, ZWJ Investment Counsel Inc. acquired a new stake in Atlantic Union Bankshares during the third quarter worth about $202,000. 78.58% of the stock is currently owned by institutional investors and hedge funds.

Atlantic Union Bankshares Price Performance

The stock has a market cap of $3.30 billion, a P/E ratio of 13.53 and a beta of 0.89. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.90 and a quick ratio of 0.90. The business’s fifty day moving average price is $37.81 and its 200 day moving average price is $35.41.

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.