Synovus Financial Corp Buys New Position in United Community Banks, Inc. (NASDAQ:UCBI)

Synovus Financial Corp bought a new stake in shares of United Community Banks, Inc. (NASDAQ:UCBI) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 20,531 shares of the financial services provider’s stock, valued at approximately $701,000.

Other hedge funds have also recently modified their holdings of the company. BlackRock Inc. grew its stake in shares of United Community Banks by 3.0% in the fourth quarter. BlackRock Inc. now owns 12,809,688 shares of the financial services provider’s stock worth $364,309,000 after acquiring an additional 374,232 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of United Community Banks by 2.2% in the fourth quarter. Bank of New York Mellon Corp now owns 2,268,929 shares of the financial services provider’s stock worth $64,528,000 after acquiring an additional 49,117 shares during the last quarter. Schroder Investment Management Group grew its stake in shares of United Community Banks by 9.3% in the fourth quarter. Schroder Investment Management Group now owns 2,264,125 shares of the financial services provider’s stock worth $64,392,000 after acquiring an additional 192,702 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of United Community Banks by 12.2% in the first quarter. Principal Financial Group Inc. now owns 2,177,753 shares of the financial services provider’s stock worth $74,305,000 after acquiring an additional 237,275 shares during the last quarter. Finally, Rothschild & Co. Asset Management US Inc. grew its stake in shares of United Community Banks by 142.4% in the fourth quarter. Rothschild & Co. Asset Management US Inc. now owns 1,123,761 shares of the financial services provider’s stock worth $31,960,000 after acquiring an additional 660,143 shares during the last quarter. 88.32% of the stock is currently owned by institutional investors.

UCBI stock opened at $33.63 on Friday. The firm has a 50-day moving average price of $33.95. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.80 and a current ratio of 0.81. United Community Banks, Inc. has a fifty-two week low of $15.73 and a fifty-two week high of $36.67. The company has a market capitalization of $2.92 billion, a P/E ratio of 14.50 and a beta of 1.28.

United Community Banks (NASDAQ:UCBI) last released its earnings results on Monday, April 19th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.18. The firm had revenue of $176.77 million during the quarter, compared to analysts’ expectations of $178.33 million. United Community Banks had a return on equity of 11.38% and a net margin of 27.81%. During the same quarter last year, the business posted $0.41 earnings per share. On average, sell-side analysts anticipate that United Community Banks, Inc. will post 2.63 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, July 5th. Stockholders of record on Tuesday, June 15th will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date is Monday, June 14th. United Community Banks’s dividend payout ratio (DPR) is 38.38%.

Separately, Zacks Investment Research cut United Community Banks from a “buy” rating to a “hold” rating in a research report on Tuesday, April 27th. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $25.38.

In related news, CEO H Lynn Harton sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 1st. The stock was sold at an average price of $33.91, for a total transaction of $339,100.00. Following the completion of the sale, the chief executive officer now directly owns 242,518 shares of the company’s stock, valued at approximately $8,223,785.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Jefferson L. Harralson sold 6,000 shares of the firm’s stock in a transaction that occurred on Friday, April 23rd. The stock was sold at an average price of $32.00, for a total value of $192,000.00. Following the sale, the chief financial officer now directly owns 26,142 shares of the company’s stock, valued at $836,544. The disclosure for this sale can be found here. 0.62% of the stock is currently owned by insiders.

United Community Banks Profile

United Community Banks, Inc operates as a bank holding company for the United Community Bank, a state-chartered bank that provides various banking products and services. The company accepts checking, savings, money market, negotiable order of withdrawal, time, and other deposit accounts, as well as certificates of deposit.

Recommended Story: Why do company’s buyback their stock?

Institutional Ownership by Quarter for United Community Banks (NASDAQ:UCBI)

Receive News & Ratings for United Community Banks Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for United Community Banks and related companies with MarketBeat.com's FREE daily email newsletter.