The Manufacturers Life Insurance Company Reduces Stock Position in Atlantic Union Bankshares Co. (NASDAQ:AUB)

The Manufacturers Life Insurance Company trimmed its stake in shares of Atlantic Union Bankshares Co. (NASDAQ:AUB) by 1.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,620,519 shares of the company’s stock after selling 16,193 shares during the quarter. The Manufacturers Life Insurance Company owned 1.80% of Atlantic Union Bankshares worth $61,045,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. CANADA LIFE ASSURANCE Co increased its position in shares of Atlantic Union Bankshares by 4.3% during the first quarter. CANADA LIFE ASSURANCE Co now owns 80,536 shares of the company’s stock valued at $2,845,000 after buying an additional 3,346 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in Atlantic Union Bankshares by 5.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 50,209 shares of the company’s stock worth $1,773,000 after purchasing an additional 2,741 shares in the last quarter. EMC Capital Management purchased a new stake in Atlantic Union Bankshares in the 1st quarter worth approximately $199,000. First Hawaiian Bank boosted its holdings in Atlantic Union Bankshares by 17.6% in the 2nd quarter. First Hawaiian Bank now owns 19,648 shares of the company’s stock valued at $645,000 after purchasing an additional 2,938 shares during the period. Finally, SG Americas Securities LLC grew its position in shares of Atlantic Union Bankshares by 69.9% during the 2nd quarter. SG Americas Securities LLC now owns 19,122 shares of the company’s stock valued at $628,000 after purchasing an additional 7,868 shares in the last quarter. Hedge funds and other institutional investors own 78.58% of the company’s stock.

Atlantic Union Bankshares Price Performance

AUB opened at $42.24 on Thursday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $3.79 billion, a P/E ratio of 17.51 and a beta of 0.89. The stock has a 50-day moving average price of $39.02 and a 200-day moving average price of $36.74. Atlantic Union Bankshares Co. has a 12-month low of $30.22 and a 12-month high of $44.54.

Atlantic Union Bankshares (NASDAQ:AUB) last released its earnings results on Monday, October 21st. The company reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.82 by $0.01. Atlantic Union Bankshares had a return on equity of 8.85% and a net margin of 16.25%. The company had revenue of $358.81 million during the quarter, compared to the consensus estimate of $226.70 million. During the same quarter in the previous year, the company posted $0.80 EPS. Equities analysts predict that Atlantic Union Bankshares Co. will post 2.93 earnings per share for the current fiscal year.

Atlantic Union Bankshares Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Friday, November 8th were issued a dividend of $0.34 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $1.36 annualized dividend and a dividend yield of 3.22%. This is a positive change from Atlantic Union Bankshares’s previous quarterly dividend of $0.32. Atlantic Union Bankshares’s dividend payout ratio (DPR) is currently 56.43%.

Analysts Set New Price Targets

AUB has been the subject of several research analyst reports. Hovde Group dropped their price objective on Atlantic Union Bankshares from $46.00 to $45.00 and set an “outperform” rating for the company in a research note on Friday, September 13th. Raymond James cut their price objective on 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 raised their target price on shares of Atlantic Union Bankshares from $42.00 to $46.00 and gave the company a “market perform” rating in a research note on Friday, November 22nd. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $42.00.

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.