Atlantic Union Bankshares (NASDAQ:AUB) Shares Gap Down on Disappointing Earnings

Shares of Atlantic Union Bankshares Co. (NASDAQ:AUB) gapped down before the market opened on Tuesday following a weaker than expected 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.

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

Atlantic Union Bankshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 23rd. Investors of record on Friday, February 9th were issued a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 3.86%. The ex-dividend date was Thursday, February 8th. Atlantic Union Bankshares’s dividend payout ratio (DPR) is presently 47.06%.

Wall Street Analyst Weigh In

AUB has been the subject of a number of analyst reports. Raymond James raised their price target on Atlantic Union Bankshares from $34.00 to $39.00 and gave the stock an “outperform” rating in a report on Friday, January 5th. Keefe, Bruyette & Woods reduced their target price on Atlantic Union Bankshares from $36.00 to $35.00 and set a “market perform” rating for the company in a report on Wednesday. Finally, Stephens lowered their price target on shares of Atlantic Union Bankshares from $43.00 to $40.00 and set an “overweight” rating on the stock in a report on Wednesday.

Insider Buying and Selling

In related news, Director Donald R. Kimble acquired 7,000 shares of the firm’s stock in a transaction that occurred on Friday, March 8th. The shares were bought at an average cost of $35.13 per share, for a total transaction of $245,910.00. Following the completion of the transaction, the director now owns 7,582 shares in the company, valued at $266,355.66. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.87% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Mather Group LLC. purchased a new position in shares of Atlantic Union Bankshares in the 1st quarter worth about $27,000. Strs Ohio purchased a new stake in Atlantic Union Bankshares in the fourth quarter worth approximately $29,000. Covestor Ltd grew its position in Atlantic Union Bankshares by 95.0% during the third quarter. Covestor Ltd now owns 1,053 shares of the company’s stock valued at $30,000 after acquiring an additional 513 shares during the last quarter. Ronald Blue Trust Inc. raised its stake in shares of Atlantic Union Bankshares by 556.9% during the third quarter. Ronald Blue Trust Inc. now owns 1,373 shares of the company’s stock worth $36,000 after acquiring an additional 1,164 shares in the last quarter. Finally, TFO Wealth Partners LLC raised its stake in shares of Atlantic Union Bankshares by 386,100.0% during the fourth quarter. TFO Wealth Partners LLC now owns 3,862 shares of the company’s stock worth $141,000 after acquiring an additional 3,861 shares in the last quarter. 78.58% of the stock is currently owned by hedge funds and other institutional investors.

Atlantic Union Bankshares Price Performance

The stock has a market capitalization of $2.50 billion, a PE ratio of 11.07 and a beta of 0.94. The firm’s 50 day simple moving average is $33.63 and its 200 day simple moving average is $33.14. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.90 and a quick ratio of 0.90.

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.