UPDATE: Raymond James Downgrades Atlantic Union Bankshares (AUB) to Outperform

(updated to add comment)

Raymond James analyst William Wallace IV downgraded Atlantic Union Bankshares (NASDAQ: AUB) from Strong Buy to Outperform with a price target of $40.00.

The analyst comments "We are downgrading AUB shares to Outperform from Strong Buy, but maintaining our $40 target price following 3Q19 results that were generally as expected as higher fee income was offset by lower spread revenue and higher expenses (operating and provision) relative to our estimate. To wit, margin was the focal point coming into the quarter, and we expect investor focus moving forward will be on management's core margin guidance, which calls for 3-4 bp of compression in 4Q19 followed by 4-5 bp of quarterly compression in 2020 (management's forecast assumes 25 bp rate cuts in October and December of 2019, and in 3Q20)."

For an analyst ratings summary and ratings history on Atlantic Union Bankshares click here. For more ratings news on Atlantic Union Bankshares click here.

Shares of Atlantic Union Bankshares closed at $37.68 yesterday.

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