RICHMOND, Va. - Atlantic Union Bankshares Corporation (NYSE: NYSE:AUB), the holding company for Atlantic Union Bank, announced that its Board of Directors has declared a quarterly dividend of $0.32 per share of common stock. This dividend is consistent with the previous quarter and marks a roughly 7% increase from the dividend in the third quarter of 2023. With the common stock closing at $40.36 on July 25, 2024, the dividend yield stands at about 3.2%. Shareholders of record as of August 9, 2024, will receive the dividend on August 23, 2024.
In addition, the company has declared a quarterly dividend for its 6.875% Perpetual Non-Cumulative Preferred Stock, Series A. Shareholders of the Series A preferred stock will receive a dividend of $171.88 per share, which equates to $0.43 per depositary share, each representing a 1/400th interest in a share of Series A preferred stock. This dividend is payable on September 3, 2024, to holders of record as of August 19, 2024.
Atlantic Union Bankshares Corporation, based in Richmond, Virginia, operates through Atlantic Union Bank with a network of 129 branches and around 150 ATMs across Virginia, Maryland, and North Carolina as of June 30, 2024. The company also offers a range of non-bank financial services through its affiliates, including equipment financing, brokerage services, and insurance products.
This announcement of dividends is based on a press release statement from Atlantic Union Bankshares Corporation and reflects the company's financial distributions to its shareholders for the upcoming payment periods.
InvestingPro Insights
Atlantic Union Bankshares Corporation (NYSE: AUB) has been a beacon of consistency when it comes to rewarding its shareholders. An important highlight from InvestingPro is that the company has raised its dividend for 13 consecutive years, signifying a strong commitment to returning value to investors. This steady increase is backed by a solid financial performance, with the company being profitable over the last twelve months as of Q1 2024.
Looking at the real-time metrics from InvestingPro, Atlantic Union Bankshares Corporation boasts a Price/Earnings (P/E) ratio of 17.98, reflecting a valuation that investors may find attractive given the company's earnings track record. Additionally, the stock is trading near its 52-week high, with a price that's 99.76% of this peak, indicating a positive market sentiment towards the company's financial health and future prospects.
InvestingPro Tips also suggest that the company's stock is currently in overbought territory, as indicated by the Relative Strength Index (RSI). This could imply that caution is advisable for potential investors looking to initiate a position at current levels. Nevertheless, the company's strong return over the last month, which stands at an impressive 30.07%, alongside a 3.17% dividend yield as of the latest data, continues to make it an attractive option for dividend investors.
For those interested in a deeper dive into the financials and future outlook of Atlantic Union Bankshares Corporation, InvestingPro offers additional analysis and tips. There are currently 6 more InvestingPro Tips available, which can be accessed by visiting https://www.investing.com/pro/AUB. Remember to use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, unlocking further insights that can help make informed investment decisions.
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