Banking Stress Dragged Atlantic Union Bankshares Corporation (AUB) in Q2 - InvestingChannel

Banking Stress Dragged Atlantic Union Bankshares Corporation (AUB) in Q2

The London Company, an investment management company, released “The London Company Small Cap Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. US stocks performed well in Q2, with the majority of the gain generated in the month of June. In the second quarter, the fund returned 2.5% gross (2.3% net) during the quarter compared to a 5.2% return for the Russell 2000 Index. Both sector exposure & stock selection were headwinds in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

The London Company Small Cap Strategy highlighted stocks like Atlantic Union Bankshares Corporation (NYSE:AUB) in the second quarter 2023 investor letter. Headquartered in Richmond, Virginia, Atlantic Union Bankshares Corporation (NYSE:AUB) is a holding company for Atlantic Union Bank. On August 2, 2023, Atlantic Union Bankshares Corporation (NYSE:AUB) stock closed at $31.71 per share. One-month return of Atlantic Union Bankshares Corporation (NYSE:AUB) was 23.85%, and its shares lost 3.04% of their value over the last 52 weeks. Atlantic Union Bankshares Corporation (NYSE:AUB) has a market capitalization of $2.415 billion.

The London Company Small Cap Strategy made the following comment about Atlantic Union Bankshares Corporation (NYSE:AUB) in its second quarter 2023 investor letter:

“Atlantic Union Bankshares Corporation (NYSE:AUB) – Shares of AUB underperformed the broader market in Q2 and YTD reflecting banking stress earlier in the year that saw several large banks shut down or sold. We continue to believe that AUB’s footprint in a strong Virginia market will allow them to outperform over the long term. The stock also offers an attractive and growing dividend.

Increased: Atlantic Union Bankshares (AUB) – Addition reflects confidence in the long-term outlook of the bank and its attractive valuation.”

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Atlantic Union Bankshares Corporation (NYSE:AUB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 8 hedge fund portfolios held Atlantic Union Bankshares Corporation (NYSE:AUB) at the end of first quarter which was 15 in the previous quarter. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.

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