Pinnacle Associates Ltd. has increased its stake in Atlantic Union Bankshares Co. (NASDAQ: AUB) by 3.9% during the second quarter. This information is detailed in the company’s latest 13F filing with the Securities and Exchange Commission (SEC). Following this acquisition, Pinnacle Associates now holds a total of 271,916 shares, valued at approximately $8,506,000.
Several other institutional investors have also adjusted their positions in Atlantic Union Bankshares. Curio Wealth LLC acquired a new stake worth around $28,000 during the same quarter. CWM LLC significantly boosted its holdings by 99.4% in the first quarter, now owning 1,049 shares valued at $33,000 after purchasing an additional 523 shares. Similarly, Fifth Third Bancorp increased its holdings by 50.2% in the second quarter, bringing its total to 2,052 shares worth $64,000.
In addition, Spire Wealth Management and Concord Wealth Partners made notable investments in the bank. Spire Wealth acquired a new position valued at approximately $79,000, while Concord Wealth Partners raised its stake by an impressive 304.1%, now holding 2,728 shares worth $85,000. Institutional investors collectively own about 78.58% of Atlantic Union Bankshares stock.
Stock Performance and Dividend Increase
On Friday, Atlantic Union Bankshares shares opened at $32.53. The bank maintains a quick ratio of 0.91 and a current ratio of 0.91, alongside a low debt-to-equity ratio of 0.13. Over the past year, the company’s stock has fluctuated between a low of $22.85 and a high of $44.54. The current market capitalization stands at $4.64 billion, with a price-to-earnings ratio of 14.20, and a beta of 0.87.
Recently, Atlantic Union Bankshares declared a quarterly dividend of $0.37, scheduled for payment on November 28, 2023. Investors who are on record as of November 14, 2023 will receive this payment. This dividend represents an increase from the previous quarterly rate of $0.34, bringing the annualized dividend to $1.48 and yielding 4.5%. The company’s payout ratio currently sits at 72.73%.
Analyst Opinions and Insider Activity
Market analysts are optimistic about the future of Atlantic Union Bankshares. Janney Montgomery Scott initiated coverage on the stock on October 8, 2023, assigning a “buy” rating and a price target of $42.00. Raymond James Financial reaffirmed a “strong-buy” rating on October 24, 2023. Meanwhile, Piper Sandler adjusted its price target downward from $45.00 to $41.50 while maintaining an “overweight” rating. Keefe, Bruyette & Woods also slightly increased their price target from $33.00 to $34.00, giving a “market perform” rating.
Overall, the stock has received a mix of ratings, with one analyst issuing a “strong buy,” six giving a “buy,” one rating it as “hold,” and another assigning a “sell.” According to MarketBeat.com, Atlantic Union Bankshares currently holds an average rating of “Moderate Buy,” with a projected average price target of $40.61.
In related news, Director Frank Russell Ellett purchased 1,441 shares at an average price of $31.49 per share on August 8, 2023, totaling approximately $45,377.09. Following this transaction, Ellett’s ownership increased to 78,047 shares, valued at about $2,457,700.03. Over the last three months, insiders have acquired a total of 11,441 shares valued at $359,677, with insider ownership currently at 0.87%.
Atlantic Union Bankshares Corporation functions as the holding company for Atlantic Union Bank, providing a range of banking and financial services to consumers and businesses across the United States. It operates in two main segments: Wholesale Banking and Consumer Banking, offering various deposit products including checking, savings, and money market accounts.
