Jennison Associates LLC Buys 93,664 Shares of Atlantic Union Bankshares Co. (NASDAQ:AUB)

Jennison Associates LLC grew its stake in Atlantic Union Bankshares Co. (NASDAQ:AUB) by 21.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 536,814 shares of the company’s stock after acquiring an additional 93,664 shares during the period. Jennison Associates LLC owned 0.60% of Atlantic Union Bankshares worth $20,222,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of AUB. GAMMA Investing LLC grew its stake in Atlantic Union Bankshares by 88.6% in the third quarter. GAMMA Investing LLC now owns 1,041 shares of the company’s stock worth $39,000 after purchasing an additional 489 shares in the last quarter. UMB Bank n.a. lifted its holdings in shares of Atlantic Union Bankshares by 77.7% in the 3rd quarter. UMB Bank n.a. now owns 1,105 shares of the company’s stock worth $42,000 after buying an additional 483 shares during the period. Quest Partners LLC bought a new position in shares of Atlantic Union Bankshares during the 3rd quarter worth $56,000. Blue Trust Inc. increased its stake in shares of Atlantic Union Bankshares by 110.2% during the third quarter. Blue Trust Inc. now owns 2,089 shares of the company’s stock valued at $79,000 after buying an additional 1,095 shares during the period. Finally, Family Firm Inc. bought a new stake in shares of Atlantic Union Bankshares in the second quarter valued at about $85,000. 78.58% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on AUB. Hovde Group dropped their target price on shares of Atlantic Union Bankshares from $46.00 to $45.00 and set an “outperform” rating on the stock in a report on Friday, September 13th. Keefe, Bruyette & Woods increased their price objective 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. Finally, Raymond James reduced their price objective on shares of Atlantic Union Bankshares from $45.00 to $41.00 and set an “outperform” rating for the company in a research note on Wednesday, October 2nd. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Atlantic Union Bankshares has an average rating of “Moderate Buy” and a consensus price target of $42.00.

Atlantic Union Bankshares Stock Performance

Shares of AUB stock opened at $42.63 on Friday. Atlantic Union Bankshares Co. has a 12-month low of $30.22 and a 12-month high of $43.57. The business’s fifty day simple moving average is $38.82 and its 200-day simple moving average is $36.57. 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 company has a market cap of $3.83 billion, a PE ratio of 17.69 and a beta of 0.89.

Atlantic Union Bankshares (NASDAQ:AUB) last released its earnings results on Monday, October 21st. The company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.82 by $0.01. Atlantic Union Bankshares had a net margin of 16.25% and a return on equity of 8.85%. The company had revenue of $358.81 million during the quarter, compared to analysts’ expectations of $226.70 million. During the same period last year, the business earned $0.80 EPS. Analysts expect 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 disclosed a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Friday, November 8th were paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 3.19%. This is a boost from Atlantic Union Bankshares’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend was Friday, November 8th. Atlantic Union Bankshares’s payout ratio is presently 56.43%.

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.