Atlantic Union Bankshares (NASDAQ:AUB) saw its price target reduced by TD Cowen from $46.00 to $44.00, according to a research report published on October 23, 2023. Despite this adjustment, TD Cowen maintains a “buy” rating on the stock, reflecting continued confidence in the company’s potential.
Several other financial analysts have also recently assessed Atlantic Union Bankshares. On October 24, Raymond James Financial reiterated a “strong-buy” rating for the bank’s shares. In a report dated August 4, Keefe, Bruyette & Woods raised their price target from $33.00 to $34.00, assigning a “market perform” rating. Additionally, National Bankshares set a price target of $46.00 on September 24, while Janney Montgomery Scott began coverage on October 8 with a “buy” rating and a target price of $42.00. Morgan Stanley, conversely, downgraded their forecast, increasing their target from $35.00 to $41.00 but assigning an “underperform” rating.
As it stands, one analyst has rated the stock as a “strong buy,” six analysts have given a “buy” rating, one has issued a “hold” rating, and one has provided a “sell” rating. Data from MarketBeat indicates that Atlantic Union Bankshares currently holds an average rating of “moderate buy” with a consensus price target of $40.61.
Recent Financial Performance
Atlantic Union Bankshares released its quarterly earnings results on October 23, reporting earnings of $0.84 per share. This figure fell short of the consensus estimate of $0.86 by a margin of $0.02. The company achieved a return on equity of 8.50% and a net margin of 15.53%. Revenue for the quarter amounted to $319.21 million, significantly lower than the analyst expectations of $377.92 million. In comparison to the same period last year, Atlantic Union Bankshares’ revenue increased by 69.8%, while earnings per share rose from $0.83.
Analysts forecast that Atlantic Union Bankshares will record earnings of $3.26 per share for the current year, reflecting ongoing growth in the financial sector.
Insider Transactions and Institutional Trading
In related news, Director Frank Russell Ellett purchased 1,441 shares of the company on August 8 at an average price of $31.49 per share, totaling approximately $45,377.09. Following this transaction, Ellett now holds 78,047 shares valued at approximately $2,457,700.03. This purchase was disclosed in a filing with the Securities and Exchange Commission.
In the last three months, insiders have acquired 11,441 shares worth $359,677. Company insiders now hold 1.16% of Atlantic Union Bankshares’ stock.
Several institutional investors have also adjusted their stakes in Atlantic Union Bankshares. Tred Avon Family Wealth LLC acquired a new stake valued at about $519,000 in the third quarter. First National Advisers LLC increased its holdings by 4.8%, now owning 15,436 shares valued at $545,000. Deroy & Devereaux Private Investment Counsel Inc. raised its stake by 31.4%, acquiring an additional 29,010 shares, bringing their total to 121,425 shares valued at $4,285,000.
Oliver Luxxe Assets LLC and Nisa Investment Advisors LLC also expanded their holdings in the same quarter. Collectively, institutional investors now own 78.58% of Atlantic Union Bankshares’ stock.
Atlantic Union Bankshares Corporation operates as the bank holding company for Atlantic Union Bank, offering a range of banking and financial services to consumers and businesses across the United States. The company operates through two primary segments: Wholesale Banking and Consumer Banking, providing various deposit products and financial services.
