Is Atlantic Union Bankshares Corp. overvalued or undervalued?

As of 23 January 2024, Atlantic Union Bankshares Corp. has moved from a fair to an expensive valuation grade. The company appears to be overvalued based on its current metrics, with a P/E ratio of 18, a Price to Book Value of 1.37, and an EV to EBIT of 15.66. In comparison to its peers, Ameris Bancorp has a P/E ratio of 13.35, while BancFirst Corp. has a P/E of 19.27, indicating that Atlantic Union is priced higher than some of its competitors.
Despite a strong recent performance with a 1-week return of 3.34% compared to the S&P 500's 1.05%, the longer-term outlook shows a decline, with a year-to-date return of -3.48% against the S&P 500's 12.22%. This suggests that while short-term gains may be present, the overall valuation does not justify the current price level.