Hovde Group Adjusts Price Target for Atlantic Union Bankshares Stock

Atlantic Union Bankshares (NASDAQ:AUB) has seen a revision in its price target, as analysts at Hovde Group have lowered their expectations from $46.00 to $40.00. This adjustment was detailed in a research note released on Monday, according to reports.

Despite the downgrade in the price objective, the brokerage maintains an “outperform” rating on the stock, suggesting that there is still potential for growth. Hovde Group's new target implies a possible upside of 22.41% from the current trading price of Atlantic Union Bankshares.

Recent Analysts' Coverage

Atlantic Union Bankshares has recently been the focus of multiple research reports. For instance, Piper Sandler initiated coverage on January 13, providing an “overweight” rating and setting a target price of $51.00 for the bank's stock.

In another analysis, Keefe, Bruyette & Woods downgraded their target price for Atlantic Union Bankshares, lowering it from $46.00 to $44.00 while maintaining a “market perform” rating. Presently, one analyst sees the stock as a hold while four others rate it as a buy. MarketBeat.com data indicates that the consensus rating for the stock is now “Moderate Buy,” with an average target price of $43.20.

Current Stock Performance

On Monday, Atlantic Union Bankshares shares opened at $32.68. The stock has a 50-day moving average of $36.17 and a 200-day moving average of $38.09. Over the past year, AUB has experienced a lows of $30.43 and highs of $44.54. The company’s current market cap stands at $2.94 billion, with a price-to-earnings ratio of 14.27 and a beta of 0.91. Its liquidity ratios include a quick ratio of 0.91 and a current ratio also at 0.91, alongside a low debt-to-equity ratio of 0.13.

Institutional Investor Activity

Recent trading activity reflects a shift among institutional investors regarding Atlantic Union Bankshares. Hedge fund R Squared Ltd recently invested in the bank, acquiring a stake valued at approximately $28,000. Nomura Asset Management Co. Ltd. increased its stake by 78.8% in the third quarter, now holding 930 shares worth $35,000 after buying an additional 410 shares.

Smartleaf Asset Management LLC showed significant growth as well, increasing its stake by 186.4% during the fourth quarter to a total of 1,074 shares, valued at $41,000. Additionally, GAMMA Investing LLC expanded its holdings by 27.3%, owning 1,325 shares worth $50,000 after purchasing 284 additional shares. In total, around 78.58% of Atlantic Union Bankshares stock is now held by hedge funds and other institutional investors.

About Atlantic Union Bankshares

Atlantic Union Bankshares Corporation serves as the holding company for Atlantic Union Bank. This institution offers a wide array of banking and financial services to both consumers and businesses across the United States. The company operates through two main segments: Wholesale Banking and Consumer Banking, and provides various deposit products including checking, savings, time deposits, and money market accounts.

Atlantic, Union, Banks