Cornerstone Wealth Group LLC Takes Position in United Community Banks, Inc. (NASDAQ:UCBI)

Cornerstone Wealth Group LLC purchased a new stake in United Community Banks, Inc. (NASDAQ:UCBI) during the 1st quarter, Holdings Channel reports. The firm purchased 8,405 shares of the financial services provider’s stock, valued at approximately $221,000.

Several other large investors have also modified their holdings of the business. Wealthcare Advisory Partners LLC grew its position in shares of United Community Banks by 9.2% in the first quarter. Wealthcare Advisory Partners LLC now owns 8,359 shares of the financial services provider’s stock valued at $220,000 after purchasing an additional 704 shares during the last quarter. Vanguard Group Inc. grew its position in shares of United Community Banks by 2.1% in the fourth quarter. Vanguard Group Inc. now owns 13,552,982 shares of the financial services provider’s stock valued at $396,560,000 after purchasing an additional 274,275 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of United Community Banks by 4.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,549,690 shares of the financial services provider’s stock valued at $45,344,000 after purchasing an additional 67,399 shares during the last quarter. Mendon Capital Advisors Corp acquired a new stake in shares of United Community Banks in the fourth quarter valued at approximately $878,000. Finally, CIBC Private Wealth Group LLC acquired a new stake in shares of United Community Banks in the fourth quarter valued at approximately $960,000. 82.29% of the stock is currently owned by institutional investors and hedge funds.

United Community Banks Trading Up 1.0 %

NASDAQ:UCBI traded up $0.26 during trading hours on Friday, reaching $25.46. 1,713,752 shares of the company were exchanged, compared to its average volume of 461,560. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.81 and a quick ratio of 0.81. The firm has a market cap of $3.03 billion, a price-to-earnings ratio of 16.53 and a beta of 0.92. United Community Banks, Inc. has a 52-week low of $21.63 and a 52-week high of $30.75. The stock has a 50 day simple moving average of $25.64 and a 200 day simple moving average of $26.59.

United Community Banks (NASDAQ:UCBI) last posted its quarterly earnings results on Wednesday, April 24th. The financial services provider reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.02. The company had revenue of $225.80 million for the quarter, compared to the consensus estimate of $232.00 million. United Community Banks had a net margin of 13.62% and a return on equity of 8.02%. United Community Banks’s revenue was down 6.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.58 earnings per share. As a group, analysts predict that United Community Banks, Inc. will post 2.12 EPS for the current year.

United Community Banks Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 5th. Shareholders of record on Saturday, June 15th will be paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 3.61%. The ex-dividend date is Friday, June 14th. United Community Banks’s dividend payout ratio is currently 59.74%.

Analysts Set New Price Targets

A number of analysts recently issued reports on UCBI shares. Truist Financial decreased their target price on shares of United Community Banks from $31.00 to $28.00 and set a “hold” rating on the stock in a research report on Monday, April 1st. Piper Sandler decreased their target price on shares of United Community Banks from $30.00 to $28.00 and set a “neutral” rating on the stock in a research report on Thursday, April 25th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $30.60.

United Community Banks Profile

United Community Banks, Inc operates as the financial holding company for United Community Bank that provides financial products and services to commercial, retail, government, education, energy, health care, and real estate sectors. It accepts various deposit products, including checking, savings, money market, and other deposit accounts.