United Community Banks (NASDAQ:UCBI) Earns Hold Rating from Analysts at StockNews.com

StockNews.com initiated coverage on shares of United Community Banks (NASDAQ:UCBI) in a research note released on Thursday morning. The firm issued a hold rating on the financial services provider’s stock.

Other equities research analysts also recently issued research reports about the company. Piper Sandler cut their price objective on United Community Banks from $30.00 to $28.00 and set a neutral rating for the company in a report on Thursday, April 25th. Truist Financial increased their price objective on United Community Banks from $26.00 to $31.00 and gave the stock a hold rating in a research report on Thursday, July 25th. Keefe, Bruyette & Woods increased their price objective on United Community Banks from $28.00 to $32.00 and gave the stock a market perform rating in a research report on Thursday, July 25th. Finally, DA Davidson raised their price target on United Community Banks from $32.00 to $35.00 and gave the stock a buy rating in a research report on Thursday, July 25th. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of Hold and a consensus target price of $31.50.

United Community Banks Trading Down 3.2 %

United Community Banks stock opened at $27.83 on Thursday. The company has a market cap of $3.32 billion, a P/E ratio of 18.07 and a beta of 0.90. United Community Banks has a 1 year low of $21.63 and a 1 year high of $31.96. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.79 and a current ratio of 0.80. The firm’s 50-day moving average is $27.07 and its 200-day moving average is $26.32.

United Community Banks (NASDAQ:UCBI) last announced its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.07. United Community Banks had a return on equity of 8.04% and a net margin of 13.36%. The company had revenue of $347.00 million during the quarter, compared to analysts’ expectations of $238.95 million. During the same period in the prior year, the business posted $0.55 EPS. United Community Banks’s revenue was up 17.3% on a year-over-year basis. On average, equities analysts expect that United Community Banks will post 2.24 earnings per share for the current year.

Institutional Investors Weigh In On United Community Banks

A number of hedge funds have recently added to or reduced their stakes in the business. Algert Global LLC purchased a new position in shares of United Community Banks during the second quarter valued at approximately $305,000. Smith Thornton Advisors LLC purchased a new position in United Community Banks in the second quarter worth $429,000. The Manufacturers Life Insurance Company boosted its position in United Community Banks by 4.9% in the second quarter. The Manufacturers Life Insurance Company now owns 65,276 shares of the financial services provider’s stock worth $1,662,000 after purchasing an additional 3,021 shares during the last quarter. Millennium Management LLC lifted its position in shares of United Community Banks by 148.2% during the 2nd quarter. Millennium Management LLC now owns 221,337 shares of the financial services provider’s stock valued at $5,635,000 after buying an additional 132,144 shares during the last quarter. Finally, Earnest Partners LLC lifted its position in shares of United Community Banks by 3.8% during the 2nd quarter. Earnest Partners LLC now owns 3,650,479 shares of the financial services provider’s stock valued at $92,941,000 after buying an additional 132,043 shares during the last quarter. 82.29% of the stock is currently owned by institutional investors.

About United Community Banks

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.