Atlantic Union Bankshares Co. (NASDAQ:AUB) Announces Quarterly Dividend of $0.32

Atlantic Union Bankshares Co. (NASDAQ:AUB) announced a quarterly dividend on Thursday, July 25th, Wall Street Journal reports. Stockholders of record on Friday, August 9th will be given a dividend of 0.32 per share on Friday, August 23rd. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.06%. The ex-dividend date of this dividend is Friday, August 9th.

Atlantic Union Bankshares has raised its dividend by an average of 6.9% per year over the last three years and has increased its dividend every year for the last 13 years. Atlantic Union Bankshares has a payout ratio of 39.4% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Atlantic Union Bankshares to earn $3.40 per share next year, which means the company should continue to be able to cover its $1.28 annual dividend with an expected future payout ratio of 37.6%.

Atlantic Union Bankshares Price Performance

Atlantic Union Bankshares stock traded up $0.72 during midday trading on Friday, reaching $41.89. The company had a trading volume of 547,000 shares, compared to its average volume of 417,992. Atlantic Union Bankshares has a 12-month low of $26.91 and a 12-month high of $42.50. The firm’s fifty day simple moving average is $33.63 and its 200-day simple moving average is $33.79. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.90 and a quick ratio of 0.90. The company has a market capitalization of $3.76 billion, a P/E ratio of 15.26 and a beta of 0.90.

Atlantic Union Bankshares (NASDAQ:AUB) last released its earnings results on Thursday, July 25th. The company reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.68 by ($0.05). Atlantic Union Bankshares had a net margin of 19.51% and a return on equity of 9.47%. The firm had revenue of $212.20 million during the quarter, compared to analysts’ expectations of $216.03 million. During the same quarter last year, the business earned $0.74 EPS. The business’s revenue was up 17.9% compared to the same quarter last year. As a group, equities analysts anticipate that Atlantic Union Bankshares will post 2.92 EPS for the current year.

Insiders Place Their Bets

In related news, Director Frank Russell Ellett purchased 4,467 shares of the company’s stock in a transaction on Monday, June 10th. The shares were bought at an average cost of $30.85 per share, for a total transaction of $137,806.95. Following the completion of the purchase, the director now directly owns 56,801 shares of the company’s stock, valued at approximately $1,752,310.85. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.87% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on AUB. Stephens dropped 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 report on Wednesday, April 24th. Piper Sandler lowered their price objective on Atlantic Union Bankshares from $40.00 to $38.00 and set an “overweight” rating for the company in a research report on Monday, April 29th. Keefe, Bruyette & Woods dropped their price target on shares of Atlantic Union Bankshares from $36.00 to $35.00 and set a “market perform” rating for the company in a research report on Wednesday, April 24th. Finally, Hovde Group raised their price target on Atlantic Union Bankshares from $40.00 to $46.00 and gave the stock an “outperform” rating in a research report on Friday. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $39.60.

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.