Atlantic Union Bankshares Corporation has announced its quarterly dividend for common stock and preferred stock. The Board of Directors declared a dividend of $0.32 per share of common stock, representing a 7% increase from the first quarter of 2023. This dividend is payable on February 23, 2024, to common shareholders of record as of February 9, 2024. Based on the closing price of the common stock on January 25, 2024, the dividend yield is approximately 3.6%. Additionally, a quarterly dividend of $171.88 per share (equivalent to $0.43 per outstanding depositary share) was declared for the Company's 6.875% Perpetual Non-Cumulative Preferred Stock, Series A, payable on March 1, 2024, to holders of record as of February 15, 2024.
Commenting on the dividend declaration, Bill Cimino, Senior Vice President and Director of Investor Relations, stated, "We are pleased to continue providing value to our shareholders through a consistent and increased dividend payout."
Headquartered in Richmond, Virginia, Atlantic Union Bankshares Corporation (NYSE: AUB) is the holding company for Atlantic Union Bank, with 109 branches and 123 ATMs located throughout Virginia, as well as in portions of Maryland and North Carolina as of December 31, 2023. The company also includes non-bank financial services affiliates such as Atlantic Union Equipment Finance, Inc., Atlantic Union Financial Consultants, LLC, and Union Insurance Group, LLC.
The company's full 8-K submission is available here.
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|
| Revenue (k) | $528,788 | $699,332 | $653,454 | $592,359 | $660,435 | $897,020 |
| Revenue Growth | n/a | 32.25% | -6.56% | -9.35% | 11.49% | 35.82% |
| Interest Income (k) | $426,691 | $537,872 | $555,298 | $551,260 | $584,261 | $621,316 |
| Operating Margins | 34% | 33% | 28% | 54% | 42% | 28% |
| Net Margins | 28% | 28% | 24% | 45% | 36% | 24% |
| Net Income (k) | $146,248 | $193,528 | $158,228 | $263,917 | $234,510 | $215,435 |
| Depreciation & Amort. (k) | $13,725 | $15,032 | $15,218 | $15,885 | $14,157 | $13,402 |
| Earnings Per Share | $2.22 | $2.41 | $1.93 | $3.26 | $2.97 | $2.72 |
| EPS Growth | n/a | 8.56% | -19.92% | 68.91% | -8.9% | -8.42% |
| Diluted Shares (k) | 65,909 | 80,264 | 78,876 | 77,418 | 74,953 | 74,999 |
| Free Cash Flow (k) | $215,067 | $178,907 | $202,349 | $328,392 | $401,110 | $289,000 |
| Capital Expenditures | $1,698 | $15,892 | $29,573 | $9,399 | $2,855 | $3,636 |
| Total Debt (k) | $668,481 | $1,077,495 | $489,829 | $388,724 | $389,863 | $390,733 |
| Net Debt / EBITDA | 2.11 | 2.6 | -0.02 | -1.24 | 0.24 | -0.03 |
