UPDATE: Seaport Global Securities Starts Atlantic Union Bankshares (AUB) at Buy
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Seaport Global Securities analyst David Bishop initiates coverage on Atlantic Union Bankshares (NASDAQ: AUB) with a Buy rating.
The analyst comments "While valuation on both an earnings basis and P/TBV are at modest discounts to longer-term norms (i.e., this is not a value call), we believe that AUB's positioning as the regional bank of choice for Virginia small and middle-market commercial and consumer clients allows for strong growth prospects as the bank expands into the greater DC metro area. The region's economy continues to show resilience from an employment perspective with AUB's home state of VA offering several regions that are diverse economically and provide a core backbone to the growth north towards MD/DC. A material overlap with several super-regional peers lines up perfectly with management's operating philosophy of out-servicing these larger competitors while offering a plethora of talent lift-out opportunities that have informed growth of relationship managers in the past several years."
Shares of Atlantic Union Bankshares closed at $35.63 yesterday.
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