Welcome to our dedicated page for Atlantic Union Bankshares Corporation news (Ticker: AUB), a resource for investors and traders seeking the latest updates and insights on Atlantic Union Bankshares Corporation stock.
Atlantic Union Bankshares Corporation (NASDAQ: AUB), headquartered in Richmond, Virginia, is a financial holding company that operates through its main subsidiary, Atlantic Union Bank. The bank offers a comprehensive range of financial services to both commercial and retail clients, making it a full-service community bank.
Atlantic Union Bank is the largest community banking institution in the Commonwealth of Virginia, extending its presence through 114 branches and approximately 130 ATMs located throughout Virginia, and parts of Maryland and North Carolina. The bank's non-bank affiliates include Atlantic Union Equipment Finance, Inc., which provides equipment financing; Atlantic Union Financial Consultants, LLC, which offers brokerage services; and Union Insurance Group, LLC, providing various insurance products.
The company's core business segments include Wholesale Banking and Consumer Banking. Services offered range from traditional banking products like checking, savings, and certificates of deposit to more specialized services such as loans for commercial, industrial, residential mortgage, and consumer purposes. Additionally, Atlantic Union Bank provides trust and wealth management services, enhancing its portfolio of financial offerings.
Recently, Atlantic Union Bank enhanced its commitment to the clean energy sector by partnering with SolaREIT™, a renewable energy real estate investment company. The bank closed a $30 million revolving credit facility with SolaREIT™, marking their second partnership aimed at providing financing solutions to solar and battery energy storage developers. This initiative underscores Atlantic Union Bank's dedication to supporting sustainable projects and providing flexible financial solutions to meet evolving industry needs.
Financially, Atlantic Union Bankshares Corporation is well-positioned with strong liquidity and a solid capital base. The company's strategic initiatives and partnerships reflect its ongoing commitment to growth and service excellence in the financial sector.
Atlantic Union Bankshares Corporation (AUB) has scheduled its first quarter 2022 financial results release for April 21, 2022, before market opening. The release will be followed by a conference call and webcast at 9:00 a.m. Eastern Time on the same day. Analysts can participate via a toll-free number or through international dialing options. A replay of the webcast and slides will be accessible on the company’s website for 90 days after the event.
KBRA has published its Fourth-Quarter 2021 U.S. Bank Compendium, offering insights into the U.S. banking sector's performance and credit metrics for the quarter. The report includes analyses of actions by larger banks regarding overdraft fees and features a quarterly ESG Bulletin. Notable highlights include summaries of publicly traded U.S. banks, key performance metrics, and data on top deposit franchises. Atlantic Union Bankshares Corporation (NASDAQ: AUB) is rated BBB+ with a positive outlook. For detailed insights, the full report is accessible online.
The Board of Directors of Atlantic Union Bankshares Corporation (AUB) has declared a quarterly dividend of $0.28 per share, maintaining the previous quarter's amount and reflecting a 12% increase from the same quarter in 2021. With a closing stock price of $39.61 on January 27, 2022, the dividend yield stands at approximately 2.8%. The dividend is payable on February 25, 2022 to shareholders on record by February 11, 2022. Additionally, a dividend for the Series A preferred stock of $171.88 per share is set for distribution on March 1, 2022.
Atlantic Union Bankshares reported a net income of $44.8 million for Q4 2021, with earnings per share of $0.59. For the full year, net income reached $252.0 million and earnings per share totaled $3.26. Adjusted operating earnings for Q4 were $53.8 million, with diluted earnings per share at $0.71. The firm expects continued loan growth and low credit losses in 2022 due to favorable economic conditions. A restructuring plan involves closing 16 branches, incurring $16.5 million in related expenses. A $100 million share repurchase program was also authorized.
Atlantic Union Bank announces Maria Tedesco as the new Chief Operating Officer (COO), effective immediately. Tedesco will maintain her position as President while leading various customer-centric business units, including consumer and business banking, wealth management, and technology operations. CEO John C. Asbury praised her contributions since 2018, emphasizing her customer-first approach. The unification of these units aims to enhance customer experiences and improve internal coordination amidst a changing environment.
Atlantic Union Bankshares Corporation (AUB) will release its fourth quarter and fiscal year 2021 results before market open on January 25, 2022. Following the release, a conference call and webcast for analysts will be held at 9:00 a.m. Eastern Time on the same day. Interested participants can join via the provided toll-free and international dial-in numbers, using conference ID 3699316. The event will also be available for replay on the Company’s website for 90 days.
The Board of Directors of Atlantic Union Bankshares Corporation has authorized a $100 million stock repurchase program lasting until December 9, 2022. The program allows the Company to buy back shares periodically in open market or private transactions. This decision aims to enhance shareholder value, but the timing and execution will depend on various factors, including market conditions and pricing. There is no guarantee that the Company will repurchase any shares during this period.
Atlantic Union Bankshares Corporation (Nasdaq: AUB) has priced a public offering of $250 million in 2.875% Fixed-to-Floating Rate Subordinated Notes due 2031. The offering will close on December 8, 2021, with interest accruing at 2.875% until December 15, 2026, after which it will float based on a benchmark rate plus a spread. The proceeds will be used to repay existing subordinated notes and for general corporate purposes. The offering is expected to enhance the Bank's Tier 2 capital.
The Board of Directors of Atlantic Union Bankshares has declared a quarterly dividend of $0.28 per share, maintaining the previous quarter's rate and representing a 12% increase from the fourth quarter of 2020. With a closing stock price of $35.39 on October 28, 2021, this results in a dividend yield of approximately 3.2%. The dividend is payable on November 26, 2021 to shareholders of record as of November 12, 2021. Additionally, a dividend of $171.88 per share for the 6.875% Perpetual Non-Cumulative Preferred Stock, Series A will be paid on December 1, 2021.
Atlantic Union Bankshares Corporation (AUB) reported a strong third-quarter net income of $71.6 million, translating to earnings per share of $0.94. For the nine months ending September 30, 2021, net income totaled $207.2 million, with earnings per share reaching $2.66. Despite a decrease in net interest income to $137.5 million, largely due to lower Paycheck Protection Program (PPP) loan accretion, the company's credit quality remains strong. Nonperforming assets were stable at 0.28% of total loans. The company declared a dividend of $0.28 per share, maintaining its prior rate.
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