Jennison Associates LLC Purchases 73,880 Shares of Atlantic Union Bankshares Co. (NASDAQ:AUB)

Jennison Associates LLC lifted its stake in shares of Atlantic Union Bankshares Co. (NASDAQ:AUB - Free Report) by 13.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 610,694 shares of the company's stock after purchasing an additional 73,880 shares during the period. Jennison Associates LLC owned 0.68% of Atlantic Union Bankshares worth $23,133,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in AUB. DAVENPORT & Co LLC lifted its stake in Atlantic Union Bankshares by 526.5% in the 4th quarter. DAVENPORT & Co LLC now owns 444,691 shares of the company's stock valued at $16,834,000 after purchasing an additional 373,709 shares during the last quarter. Deroy & Devereaux Private Investment Counsel Inc. raised its stake in Atlantic Union Bankshares by 0.7% in the fourth quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 132,665 shares of the company's stock valued at $5,025,000 after buying an additional 890 shares during the period. R Squared Ltd acquired a new stake in shares of Atlantic Union Bankshares in the fourth quarter valued at approximately $28,000. KBC Group NV boosted its stake in shares of Atlantic Union Bankshares by 55.9% during the 4th quarter. KBC Group NV now owns 4,475 shares of the company's stock worth $170,000 after acquiring an additional 1,605 shares during the period. Finally, Tributary Capital Management LLC increased its holdings in shares of Atlantic Union Bankshares by 17.8% during the 4th quarter. Tributary Capital Management LLC now owns 705,842 shares of the company's stock worth $26,737,000 after acquiring an additional 106,543 shares during the last quarter. Institutional investors and hedge funds own 78.58% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on AUB. Hovde Group cut their price target on Atlantic Union Bankshares from $47.00 to $46.00 and set an "outperform" rating for the company in a report on Monday, January 27th. Piper Sandler initiated coverage on shares of Atlantic Union Bankshares in a research note on Monday, January 13th. They set an "overweight" rating and a $51.00 target price for the company. Finally, Keefe, Bruyette & Woods decreased their price target on shares of Atlantic Union Bankshares from $46.00 to $44.00 and set a "market perform" rating on the stock in a research note on Thursday, January 30th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $44.40.

Atlantic Union Bankshares Stock Performance

Shares of AUB traded down $0.67 during midday trading on Friday, reaching $38.40. 947,223 shares of the stock were exchanged, compared to its average volume of 909,459. The stock's 50 day simple moving average is $38.55 and its 200 day simple moving average is $38.71. The company has a market cap of $3.45 billion, a P/E ratio of 14.05 and a beta of 0.92. Atlantic Union Bankshares Co. has a twelve month low of $30.43 and a twelve month high of $44.54. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.13.

Atlantic Union Bankshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 14th will be issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 3.54%. The ex-dividend date of this dividend is Friday, February 14th. Atlantic Union Bankshares's dividend payout ratio is currently 59.39%.

Atlantic Union Bankshares 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.