Atlantic Union Bankshares Co. (NASDAQ:AUB) Raises Dividend to $0.34 Per Share

Atlantic Union Bankshares Co. (NASDAQ:AUB) declared a quarterly dividend on Friday, October 25th, Wall Street Journal reports. Investors of record on Friday, November 8th will be paid a dividend of 0.34 per share on Friday, November 22nd. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.69%. The ex-dividend date of this dividend is Friday, November 8th. This is a boost from Atlantic Union Bankshares’s previous quarterly dividend of $0.32.

Atlantic Union Bankshares has raised its dividend by an average of 6.9% per year over the last three years and has raised its dividend every year for the last 13 years. Atlantic Union Bankshares has a dividend payout ratio of 39.3% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Atlantic Union Bankshares to earn $3.33 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 38.4%.

Atlantic Union Bankshares Trading Down 0.6 %

NASDAQ AUB traded down $0.24 during trading on Friday, hitting $36.86. The stock had a trading volume of 891,823 shares, compared to its average volume of 485,826. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a market capitalization of $3.31 billion, a price-to-earnings ratio of 15.39 and a beta of 0.89. Atlantic Union Bankshares has a one year low of $27.63 and a one year high of $42.50. The stock has a 50 day simple moving average of $37.83 and a 200 day simple moving average of $35.43.

Atlantic Union Bankshares (NASDAQ:AUB) last announced its quarterly earnings data on Monday, October 21st. The company reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.01. The business had revenue of $358.81 million during the quarter, compared to the consensus estimate of $226.70 million. Atlantic Union Bankshares had a net margin of 16.25% and a return on equity of 8.85%. During the same quarter last year, the firm earned $0.80 earnings per share. Sell-side analysts predict that Atlantic Union Bankshares will post 3.01 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Hovde Group reduced 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 research report on Friday, September 13th. Keefe, Bruyette & Woods lifted their target price on Atlantic Union Bankshares from $35.00 to $38.00 and gave the company a “market perform” rating in a research note on Monday, July 29th. Finally, Raymond James decreased their price target on shares of Atlantic Union Bankshares from $45.00 to $41.00 and set an “outperform” rating for the company in a research report on Wednesday, October 2nd. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $40.40.

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.