United Community Banks (NYSE:UCB) Downgraded to “Market Perform” Rating by Hovde Group

United Community Banks (NYSE:UCB) was downgraded by equities researchers at Hovde Group from an “outperform” rating to a “market perform” rating in a research note issued to investors on Monday. They currently have a $38.00 target price on the stock. Hovde Group’s price objective would suggest a potential upside of 3.88% from the company’s current price.

A number of other research firms have also weighed in on UCB. DA Davidson increased their price objective on shares of United Community Banks from $38.00 to $39.00 and gave the stock a “buy” rating in a research note on Thursday, January 15th. Zacks Research upgraded United Community Banks from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 15th. Weiss Ratings reiterated a “hold (c+)” rating on shares of United Community Banks in a report on Wednesday, January 21st. Keefe, Bruyette & Woods boosted their price target on shares of United Community Banks from $34.00 to $36.00 and gave the stock a “market perform” rating in a report on Thursday, January 15th. Finally, Stephens boosted their price target on shares of United Community Banks from $37.00 to $39.00 and gave the company an “overweight” rating in a research report on Thursday, January 15th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $38.00.

United Community Banks Trading Up 1.4%

Shares of UCB stock opened at $36.58 on Monday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.03. United Community Banks has a 12-month low of $22.93 and a 12-month high of $36.77. The stock’s 50-day moving average price is $32.94 and its 200-day moving average price is $31.74. The stock has a market capitalization of $4.45 billion, a price-to-earnings ratio of 14.02 and a beta of 0.84.

United Community Banks (NYSE:UCB) last posted its quarterly earnings data on Wednesday, January 14th. The company reported $0.71 earnings per share for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.02). The firm had revenue of $278.39 million during the quarter, compared to analysts’ expectations of $273.80 million. United Community Banks had a return on equity of 9.49% and a net margin of 21.35%.The business’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same period last year, the company earned $0.61 earnings per share.

United Community Banks declared that its board has approved a share repurchase program on Monday, December 8th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to buy up to 2.6% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at United Community Banks

In other news, CAO Alan H. Kumler sold 12,043 shares of the company’s stock in a transaction dated Friday, January 23rd. The shares were sold at an average price of $35.36, for a total transaction of $425,840.48. Following the completion of the transaction, the chief accounting officer owned 21,096 shares in the company, valued at approximately $745,954.56. This represents a 36.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.54% of the company’s stock.

Institutional Investors Weigh In On United Community Banks

Institutional investors and hedge funds have recently modified their holdings of the stock. Twin Peaks Wealth Advisors LLC purchased a new position in United Community Banks in the 2nd quarter worth about $25,000. First Horizon Corp acquired a new position in shares of United Community Banks in the third quarter worth about $27,000. Hantz Financial Services Inc. increased its position in shares of United Community Banks by 213.8% in the second quarter. Hantz Financial Services Inc. now owns 1,048 shares of the company’s stock worth $31,000 after acquiring an additional 714 shares in the last quarter. Covestor Ltd raised its holdings in shares of United Community Banks by 196.1% during the fourth quarter. Covestor Ltd now owns 992 shares of the company’s stock valued at $31,000 after acquiring an additional 657 shares during the period. Finally, Salomon & Ludwin LLC acquired a new stake in shares of United Community Banks during the third quarter valued at approximately $37,000. 82.29% of the stock is owned by institutional investors and hedge funds.

United Community Banks Company Profile

United Community Banks, Inc (NYSE: UCB) is a bank holding company headquartered in Blairsville, Georgia. It operates primarily through its subsidiary, United Community Bank, providing a broad range of banking and financial services to individual, business and governmental customers. The company’s core offerings include deposit accounts, commercial and consumer lending, mortgage origination, treasury and cash management services, and wealth management.

In addition to traditional banking products such as checking, savings and money market accounts, United Community Bank specializes in commercial real estate financing, small business administration (SBA) loans, equipment financing and agricultural lending.