Atlantic Un Bankshares Corp Stock Price, News & Analysis

Atlantic Union Bankshares Corporation (AUB) will announce its fourth quarter and fiscal year 2022 financial results before market opening on January 24, 2023. Following the announcement, a conference call and webcast for investors is scheduled for 9:00 a.m. Eastern Time on the same day. The webcast will be accessible online, and analysts must register in advance to participate. A replay of the session will be available on the company’s website for 90 days post-event.

The Board of Directors of Atlantic Union Bankshares Corporation (AUB) has declared a quarterly dividend of $0.30 per share, maintaining the same dividend as the previous quarter and reflecting a 7.1% increase from the same quarter last year. With a closing stock price of $33.71 on October 26, 2022, this results in a dividend yield of approximately 3.6%. The dividend is payable on November 25, 2022, to shareholders on record as of November 11, 2022. Additionally, a dividend of $171.88 per share for the Series A preferred stock will be paid on December 1, 2022.

Atlantic Union Bankshares Corporation (AUB) reported a net income of $55.1 million for Q3 2022, with an EPS of $0.74. Adjusted operating earnings matched the net income. Key growth metrics include upper single-digit loan growth and double-digit deposit growth. Net interest income rose to $150.7 million, driven by increased loan yields and average loan growth. However, noninterest income decreased significantly by $12.7 million due to the sale of DHFB. Overall, asset quality remained strong with nonperforming assets at 0.21% of loans.

Atlantic Union Bank Wealth Management has appointed Mitch York as Chief Investment Officer, effective immediately. York, with over two decades of experience, previously served as CIO for Concord Asset Management and led Edelman Financial Services’ $24 billion investment division. His leadership is expected to enhance the wealth management services offered by Atlantic Union Bank. The bank, headquartered in Richmond, Virginia, operates 114 branches and provides a range of financial services including equipment financing and brokerage.

Atlantic Union Bankshares Corporation will release its third quarter 2022 financial results on October 20, 2022, before market opening. A conference call for investors is scheduled for the same day at 9:00 a.m. Eastern Time, which will be available for online listening. Analysts can participate by registering for an audio dial-in number. A replay of the webcast will be accessible on the company’s website for 90 days following the event. Atlantic Union Bank operates 114 branches and offers various financial services throughout Virginia, Maryland, and North Carolina.

Atlantic Union Bank has appointed Sherry Williams as its new Chief Risk Officer, effective October 2022. Williams brings extensive experience from her previous role at Amalgamated Bank and has held various positions in risk management and auditing at major firms like PricewaterhouseCoopers and SunTrust Bank. Her role will focus on enhancing risk management functions to protect the bank’s stakeholders. She succeeds David Bilko, who retired earlier this year. Atlantic Union Bank operates 114 branches primarily in Virginia, Maryland, and North Carolina.

Atlantic Union Bankshares Corporation announced the appointment of Heather Cox to its Board of Directors, effective immediately. With a robust background in technology and banking, her expertise is anticipated to enhance the board's capabilities. Cox previously held senior roles at Humana, USAA, and Citi, showcasing her leadership in digital strategy and customer experience. Recognized as a top innovator in banking, her addition aligns with Atlantic Union's vision to transform into a premier mid-Atlantic regional bank, further solidifying its operational strength.

Atlantic Union Bank is launching a new specialty finance division called Atlantic Union Business Credit, focusing on asset-based lending solutions. This division aims to meet the financing needs of working capital-intensive companies with loan commitments ranging from $5 million to $30 million. The initiative is supported by a seasoned team with over 150 years of combined experience. This division will cater to various financial needs such as management buyouts and acquisitions, using assets like receivables and inventory for securing funding.

The Board of Directors of Atlantic Union Bankshares Corporation has declared a quarterly dividend of $0.30 per share for common stock, marking a 7% increase from the previous year. Based on the closing price of $33.80 on July 27, 2022, the dividend yield is approximately 3.6%. This dividend will be payable on August 26, 2022 to shareholders of record as of August 12, 2022. Additionally, a dividend of $171.88 per share on the 6.875% Perpetual Non-Cumulative Preferred Stock will be paid on September 1, 2022 to holders of record as of August 17, 2022.