5 Best Passive Income Stocks to Buy Now

2. Atlantic Union Bankshares Corporation (NASDAQ:AUB)

Atlantic Union Bankshares Corporation (NASDAQ:AUB) is a Virginia-based bank holding company that also provides financial services to its consumers. On July 28, the company declared a 7% hike in its quarterly dividend to $0.30 per share. This marked the company’s 11th consecutive year of dividend growth. As of October 10, the stock’s dividend yield came in at 3.83%.

In Q2 2022, Atlantic Union Bankshares Corporation (NASDAQ:AUB) reported an operating cash flow of $87.7 million and its free cash flow came in at $86 million. The company ended the quarter with $156 million available in cash and cash equivalents. Its revenue of $180.6 million showed a 5% growth from the same period last year. The company’s strong cash generation takes its payout ratio to a healthy 38.10%.

At the end of the second quarter of 2022, 10 hedge funds tracked by Insider Monkey owned stakes in Atlantic Union Bankshares Corporation (NASDAQ:AUB), compared with 15 in the previous quarter. These stakes hold a combined value of $45.6 million. Fisher Asset Management was one of the company’s leading stakeholders in Q2.