Atlantic Union Bankshares initiated with an Overweight at Stephens

Stephens initiated coverage of Atlantic Union Bankshares with an Overweight rating and $36 price target. The firm sees “increased scarcity value” in Atlantic Union’s attractive Virginia footprint, where it is the fourth largest bank with 8% market share overall. The bank’s ROAA, PPNR ROAA, and ROTCE area all above peers, yet it is trading at a modest discount on related multiples, the analyst tells investors.