Atlantic Union Bankshares (NASDAQ:AUB) Sees Unusually-High Trading Volume on 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 changed hands during mid-day 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 earnings per share for the quarter, beating the consensus estimate of $0.82 by $0.01. The firm had revenue of $358.81 million during the quarter, compared to the consensus estimate of $226.70 million. Atlantic Union Bankshares had a return on equity of 8.95% and a net margin of 15.53%. During the same period in the previous year, the company posted $0.80 earnings per share.

Atlantic Union Bankshares Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Friday, August 9th were issued a $0.32 dividend. The ex-dividend date of this dividend was Friday, August 9th. This represents a $1.28 dividend on an annualized basis and a yield of 3.51%. Atlantic Union Bankshares’s dividend payout ratio is presently 47.06%.

Wall Street Analyst Weigh In

A number of brokerages have commented on AUB. Hovde Group reduced their target price on shares of Atlantic Union Bankshares from $46.00 to $45.00 and set an “outperform” rating for the company in a report on Friday, September 13th. Raymond James reduced their target price on shares of Atlantic Union Bankshares from $45.00 to $41.00 and set an “outperform” rating for the company in a report on Wednesday, October 2nd. Finally, Keefe, Bruyette & Woods boosted their target price 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. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Atlantic Union Bankshares has an average rating of “Moderate Buy” and an average target price of $40.40.

Hedge Funds Weigh In On Atlantic Union Bankshares

Several hedge funds have recently modified their holdings of the stock. Park Avenue Securities LLC increased its holdings in shares of Atlantic Union Bankshares by 4.6% during the first quarter. Park Avenue Securities LLC now owns 10,178 shares of the company’s stock valued at $359,000 after acquiring an additional 444 shares in the last quarter. UMB Bank n.a. increased its holdings in Atlantic Union Bankshares by 77.7% in the 3rd quarter. UMB Bank n.a. now owns 1,105 shares of the company’s stock worth $42,000 after buying an additional 483 shares during the period. GAMMA Investing LLC increased its holdings in Atlantic Union Bankshares by 88.6% in the 3rd quarter. GAMMA Investing LLC now owns 1,041 shares of the company’s stock worth $39,000 after buying an additional 489 shares during the period. Moors & Cabot Inc. increased its holdings in Atlantic Union Bankshares by 5.5% in the 2nd quarter. Moors & Cabot Inc. now owns 9,532 shares of the company’s stock worth $313,000 after buying an additional 500 shares during the period. Finally, Trust Point Inc. increased its holdings in Atlantic Union Bankshares by 2.0% in the 3rd quarter. Trust Point Inc. now owns 25,998 shares of the company’s stock worth $979,000 after buying an additional 513 shares during the period. Institutional investors and hedge funds own 78.58% of the company’s stock.

Atlantic Union Bankshares Trading Up 0.7 %

The company’s fifty day moving average is $37.81 and its two-hundred day moving average is $35.39. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.90 and a current ratio of 0.90. The company has a market cap of $3.27 billion, a price-to-earnings ratio of 13.40 and a beta of 0.89.

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.