The Manufacturers Life Insurance Company has increased its stake in Atlantic Union Bankshares Co. (NASDAQ:AUB) by 6.4% during the fourth quarter, as disclosed in its recent Securities and Exchange Commission filing. The institutional investor now owns 1,723,794 shares of the company’s stock, valued at approximately $65,297,000, representing about 1.92% of Atlantic Union Bankshares.
Other institutional investors have also adjusted their holdings of AUB. R Squared Ltd acquired a new position worth around $28,000, while Smartleaf Asset Management LLC increased its position by 186.4% to own 1,074 shares worth $41,000. GAMMA Investing LLC boosted its holdings by 27.3% to 1,325 shares valued at $50,000, and Venturi Wealth Management LLC established a new stake worth $91,000. Sterling Capital Management LLC significantly increased its stake by 838.1% to 2,880 shares worth $109,000.
Atlantic Union Bankshares’s stock performance has been notable, with shares opening at $27.87 on Wednesday. The company has a current ratio of 0.91 and a debt-to-equity ratio of 0.13. The stock’s 50-day simple moving average is $29.81, and its 200-day simple moving average is $35.86. The company has a market capitalization of $2.51 billion and a price-to-earnings ratio of 12.17.
The company recently announced a quarterly dividend of $0.34, paid on February 28th to shareholders of record on February 14th. This represents an annualized dividend of $1.36 and a yield of 4.88%. Atlantic Union Bankshares’s dividend payout ratio stands at 62.10%.
Analysts have set new price targets for the stock. Hovde Group lowered its price objective from $46.00 to $40.00 with an ‘outperform’ rating, while Keefe, Bruyette & Woods reduced their target from $40.00 to $33.00 with a ‘market perform’ rating. Piper Sandler initiated coverage with an ‘overweight’ rating and a $51.00 target price, and Morgan Stanley started coverage with an ‘equal weight’ rating and a $32.00 price target. The consensus rating among analysts is ‘Moderate Buy’ with a target price of $39.40.
