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 changing hands.

The company reported $0.65 EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $288.47 million for the quarter, compared to analyst estimates of $178.82 million. During the same quarter in the prior year, the company earned $0.63 earnings per share.

Atlantic Union Bankshares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 23rd. Investors of record on Friday, February 9th were paid 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 (DPR) is currently 47.06%.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other Atlantic Union Bankshares news, Director Donald R. Kimble bought 7,000 shares of the stock in a transaction dated Friday, March 8th. The shares were bought at an average cost of $35.13 per share, with a total value of $245,910.00. Following the completion of the acquisition, the director now owns 7,582 shares of the company’s stock, valued at $266,355.66. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.87% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in AUB. Norges Bank bought a new position in shares of Atlantic Union Bankshares during the fourth quarter worth approximately $18,902,000. Fort Washington Investment Advisors Inc. OH bought a new position in shares of Atlantic Union Bankshares during the third quarter worth approximately $14,416,000. Ceredex Value Advisors LLC bought a new position in shares of Atlantic Union Bankshares during the third quarter worth approximately $10,995,000. Franklin Resources Inc. increased its holdings in shares of Atlantic Union Bankshares by 41.5% during the fourth quarter. Franklin Resources Inc. now owns 892,883 shares of the company’s stock worth $32,626,000 after purchasing an additional 261,825 shares during the period. Finally, Hsbc Holdings PLC increased its holdings in shares of Atlantic Union Bankshares by 112.0% during the fourth quarter. Hsbc Holdings PLC now owns 464,349 shares of the company’s stock worth $17,068,000 after purchasing an additional 245,357 shares during the period. 78.58% of the stock is owned by institutional investors.

Atlantic Union Bankshares Price Performance

The company’s fifty day moving average price is $33.63 and its 200 day moving average price is $33.14. The company has a market capitalization of $2.50 billion, a P/E ratio of 11.07 and a beta of 0.94. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.15.

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.