Wells Fargo & Company MN reduced its position in United Community Banks, Inc. (NASDAQ:UCBI) by 6.0% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 598,931 shares of the financial services provider’s stock after selling 38,294 shares during the period. Wells Fargo & Company MN owned 0.84% of United Community Banks worth $16,584,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Cypress Capital Management LLC WY bought a new position in shares of United Community Banks during the first quarter worth approximately $122,000. Glen Harbor Capital Management LLC bought a new position in shares of United Community Banks during the first quarter worth approximately $122,000. State of Alaska Department of Revenue boosted its position in shares of United Community Banks by 2.1% in the first quarter. State of Alaska Department of Revenue now owns 7,830 shares of the financial services provider’s stock worth $216,000 after buying an additional 160 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of United Community Banks during the third quarter worth approximately $220,000. Finally, Envestnet Asset Management Inc. boosted its position in shares of United Community Banks by 25.1% in the fourth quarter. Envestnet Asset Management Inc. now owns 7,834 shares of the financial services provider’s stock worth $231,000 after buying an additional 1,571 shares during the last quarter. Institutional investors own 92.26% of the company’s stock.
United Community Banks, Inc. (UCBI) traded up 0.61% during mid-day trading on Friday, reaching $28.19. The company had a trading volume of 1,777,135 shares. The stock has a market capitalization of $2.00 billion, a P/E ratio of 19.87 and a beta of 0.88. United Community Banks, Inc. has a 12-month low of $17.07 and a 12-month high of $30.47. The stock has a 50 day moving average price of $27.06 and a 200-day moving average price of $27.98.
United Community Banks (NASDAQ:UCBI) last announced its earnings results on Wednesday, April 26th. The financial services provider reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. The business had revenue of $104.83 million for the quarter, compared to analyst estimates of $104.30 million. United Community Banks had a return on equity of 10.28% and a net margin of 23.03%. The company’s quarterly revenue was up 11.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.33 EPS. Equities analysts anticipate that United Community Banks, Inc. will post $1.62 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 5th. Shareholders of record on Thursday, June 15th will be paid a $0.09 dividend. This is a positive change from United Community Banks’s previous quarterly dividend of $0.08. This represents a $0.36 dividend on an annualized basis and a yield of 1.28%. The ex-dividend date is Tuesday, June 13th. United Community Banks’s dividend payout ratio is currently 25.35%.
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A number of research analysts recently commented on the company. ValuEngine upgraded United Community Banks from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Zacks Investment Research cut United Community Banks from a “buy” rating to a “hold” rating in a research report on Wednesday, May 3rd. Hovde Group upgraded United Community Banks from a “market perform” rating to an “outperform” rating and set a $31.00 price target on the stock in a research report on Wednesday, May 3rd. Finally, Keefe, Bruyette & Woods set a $30.00 price objective on United Community Banks and gave the company a “hold” rating in a research note on Monday, April 10th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $31.00.
About United Community Banks
United Community Banks, Inc (United) is a bank holding company. United conducts its operations through a community-focused operating model of separate community banks, which, as of December 31, 2016, operated at 139 locations throughout the Atlanta-Sandy Springs-Roswell, Georgia, and Gainesville, Georgia metropolitan statistical areas, upstate and coastal South Carolina, north and coastal Georgia, western North Carolina, and east Tennessee.
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