Comerica Bank trimmed its holdings in shares of United Community Banks, Inc. (NASDAQ:UCBI) by 4.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 74,827 shares of the financial services provider’s stock after selling 3,879 shares during the period. Comerica Bank owned 0.11% of United Community Banks worth $2,129,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in the stock. Meadow Creek Investment Management LLC bought a new position in United Community Banks in the 1st quarter valued at $101,000. Glen Harbor Capital Management LLC bought a new position in United Community Banks in the 1st quarter valued at $122,000. LS Investment Advisors LLC boosted its position in United Community Banks by 89.3% in the 1st quarter. LS Investment Advisors LLC now owns 4,993 shares of the financial services provider’s stock valued at $138,000 after buying an additional 2,355 shares during the last quarter. Ameritas Investment Partners Inc. bought a new position in United Community Banks in the 1st quarter valued at $168,000. Finally, PNC Financial Services Group Inc. boosted its position in United Community Banks by 4.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 7,604 shares of the financial services provider’s stock valued at $210,000 after buying an additional 295 shares during the last quarter. 89.67% of the stock is owned by hedge funds and other institutional investors.
United Community Banks, Inc. (NASDAQ:UCBI) traded down 0.34% on Friday, reaching $26.75. The company’s stock had a trading volume of 613,827 shares. United Community Banks, Inc. has a 12 month low of $20.12 and a 12 month high of $30.47. The stock’s 50 day moving average price is $26.27 and its 200 day moving average price is $27.13. The company has a market cap of $1.90 billion, a P/E ratio of 18.32 and a beta of 0.87.
United Community Banks (NASDAQ:UCBI) last issued its earnings results on Wednesday, July 26th. The financial services provider reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.01. United Community Banks had a net margin of 23.07% and a return on equity of 10.42%. The company had revenue of $108.00 million for the quarter, compared to analysts’ expectations of $110.49 million. During the same quarter last year, the company earned $0.36 EPS. The firm’s revenue was up 9.4% compared to the same quarter last year. Equities research analysts forecast that United Community Banks, Inc. will post $1.64 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 5th. Shareholders of record on Friday, September 15th will be given a $0.10 dividend. This is a boost from United Community Banks’s previous quarterly dividend of $0.09. The ex-dividend date is Thursday, September 14th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.50%. United Community Banks’s payout ratio is presently 27.40%.
UCBI has been the topic of a number of recent research reports. Zacks Investment Research upgraded United Community Banks from a “hold” rating to a “buy” rating and set a $31.00 price objective on the stock in a research report on Friday, June 30th. Stephens reiterated a “hold” rating and issued a $30.00 price objective on shares of United Community Banks in a research report on Tuesday, June 27th. ValuEngine upgraded United Community Banks from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Raymond James Financial, Inc. reduced their price target on United Community Banks from $32.00 to $31.00 and set a “strong-buy” rating on the stock in a research report on Thursday, July 27th. Finally, BidaskClub lowered United Community Banks from a “buy” rating to a “hold” rating in a research report on Thursday, July 13th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $30.86.
In other United Community Banks news, EVP Robert A. Edwards sold 11,550 shares of the business’s stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $26.06, for a total value of $300,993.00. Following the transaction, the executive vice president now owns 16,858 shares in the company, valued at $439,319.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.18% of the stock is currently owned by insiders.
United Community Banks Company Profile
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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