Maryland State Retirement & Pension System Purchases 7,962 Shares of Atlantic Union Bankshares Co. (NASDAQ:AUB)

Maryland State Retirement & Pension System grew its position in Atlantic Union Bankshares Co. (NASDAQ:AUB) by 26.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 38,051 shares of the company’s stock after acquiring an additional 7,962 shares during the period. Maryland State Retirement & Pension System’s holdings in Atlantic Union Bankshares were worth $1,185,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Bank of New York Mellon Corp grew its position in shares of Atlantic Union Bankshares by 8.8% in the 1st quarter. Bank of New York Mellon Corp now owns 1,171,836 shares of the company’s stock valued at $36,491,000 after acquiring an additional 94,883 shares during the period. OneDigital Investment Advisors LLC grew its position in shares of Atlantic Union Bankshares by 8.7% in the 1st quarter. OneDigital Investment Advisors LLC now owns 6,619 shares of the company’s stock valued at $206,000 after acquiring an additional 527 shares during the period. Amalgamated Bank grew its position in shares of Atlantic Union Bankshares by 30.7% in the 1st quarter. Amalgamated Bank now owns 34,400 shares of the company’s stock valued at $1,071,000 after acquiring an additional 8,073 shares during the period. DAVENPORT & Co LLC grew its stake in Atlantic Union Bankshares by 25.6% in the 1st quarter. DAVENPORT & Co LLC now owns 558,451 shares of the company’s stock valued at $17,390,000 after buying an additional 113,760 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new position in Atlantic Union Bankshares in the 1st quarter valued at about $310,000. Institutional investors own 78.58% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Keefe, Bruyette & Woods raised their price objective on shares of Atlantic Union Bankshares from $33.00 to $34.00 and gave the stock a “market perform” rating in a research report on Monday, August 4th. Raymond James Financial restated a “strong-buy” rating on shares of Atlantic Union Bankshares in a report on Wednesday, July 30th. Jefferies Financial Group set a $37.00 price objective on Atlantic Union Bankshares and gave the stock a “buy” rating in a report on Wednesday, May 21st. Finally, Piper Sandler reduced their price objective on Atlantic Union Bankshares from $46.00 to $45.00 and set an “overweight” rating for the company in a report on Friday, July 25th. Two equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $38.33.

Atlantic Union Bankshares Stock Performance

NASDAQ AUB opened at $32.02 on Monday. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $4.56 billion, a P/E ratio of 13.98 and a beta of 0.88. Atlantic Union Bankshares Co. has a 12-month low of $22.85 and a 12-month high of $44.54. The firm has a 50-day moving average price of $31.88 and a two-hundred day moving average price of $31.63.

Atlantic Union Bankshares (NASDAQ:AUB) last posted its quarterly earnings data on Thursday, July 24th. The company reported $0.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.15. The firm had revenue of $377.22 million during the quarter, compared to the consensus estimate of $369.70 million. Atlantic Union Bankshares had a net margin of 15.53% and a return on equity of 8.50%. The business’s revenue for the quarter was up 92.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.63 EPS. Analysts anticipate that Atlantic Union Bankshares Co. will post 3.26 earnings per share for the current year.

Atlantic Union Bankshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 18th. Shareholders of record on Monday, August 4th will be issued a $0.34 dividend. The ex-dividend date of this dividend is Monday, August 4th. This represents a $1.36 dividend on an annualized basis and a yield of 4.2%. Atlantic Union Bankshares’s payout ratio is currently 66.02%.

Insider Transactions at Atlantic Union Bankshares

In other news, CEO John C. Asbury bought 7,500 shares of the company’s stock in a transaction dated Monday, July 28th. The stock was bought at an average cost of $32.91 per share, for a total transaction of $246,825.00. Following the transaction, the chief executive officer owned 270,532 shares of the company’s stock, valued at $8,903,208.12. This represents a 2.85% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Frank Russell Ellett bought 1,441 shares of the company’s stock in a transaction dated Friday, August 8th. The stock was purchased at an average price of $31.49 per share, with a total value of $45,377.09. Following the completion of the transaction, the director directly owned 78,047 shares in the company, valued at approximately $2,457,700.03. This represents a 1.88% increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 18,941 shares of company stock valued at $606,502 in the last three months. Insiders own 0.87% of the company’s stock.

Atlantic Union Bankshares 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.