Atlantic Union Bankshares (NASDAQ:AUB) Shares Gap Up – Here’s What Happened

Atlantic Union Bankshares Co. (NASDAQ:AUB)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $31.30, but opened at $32.20. Atlantic Union Bankshares shares last traded at $32.28, with a volume of 332,513 shares trading hands.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Raymond James upgraded Atlantic Union Bankshares from an “outperform” rating to a “strong-buy” rating and upped their price objective for the company from $37.00 to $41.00 in a report on Tuesday. Hovde Group cut their price objective on Atlantic Union Bankshares from $46.00 to $40.00 and set an “outperform” rating for the company in a report on Monday, March 17th. Jefferies Financial Group set a $37.00 target price on Atlantic Union Bankshares and gave the company a “buy” rating in a report on Wednesday, May 21st. Morgan Stanley assumed coverage on Atlantic Union Bankshares in a report on Wednesday, April 9th. They set an “equal weight” rating and a $32.00 target price for the company. Finally, Keefe, Bruyette & Woods reduced their target price on Atlantic Union Bankshares from $40.00 to $33.00 and set a “market perform” rating for the company in a report on Monday, April 28th. Two equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $39.00.

Atlantic Union Bankshares Stock Performance

The firm has a fifty day moving average price of $28.21 and a 200 day moving average price of $33.79. The firm has a market capitalization of $4.52 billion, a PE ratio of 13.85 and a beta of 0.86. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.91 and a quick ratio of 0.91.

Atlantic Union Bankshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 23rd were paid a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 4.29%. The ex-dividend date was Friday, May 23rd. Atlantic Union Bankshares’s dividend payout ratio is currently 62.10%.

Institutional Investors Weigh In On Atlantic Union Bankshares

Hedge funds have recently bought and sold shares of the business. NBC Securities Inc. purchased a new stake in Atlantic Union Bankshares in the 1st quarter worth about $25,000. CWM LLC lifted its stake in Atlantic Union Bankshares by 99.4% in the 1st quarter. CWM LLC now owns 1,049 shares of the company’s stock worth $33,000 after acquiring an additional 523 shares in the last quarter. Smartleaf Asset Management LLC lifted its stake in Atlantic Union Bankshares by 186.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,074 shares of the company’s stock worth $41,000 after acquiring an additional 699 shares in the last quarter. Investment Management Corp VA ADV acquired a new position in Atlantic Union Bankshares in the 4th quarter worth about $72,000. Finally, Concord Wealth Partners increased its position in Atlantic Union Bankshares by 304.1% in the 1st quarter. Concord Wealth Partners now owns 2,728 shares of the company’s stock worth $85,000 after purchasing an additional 2,053 shares during the last quarter. 78.58% of the stock is owned by hedge funds and other institutional investors.

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.