United Community Banks (NYSE:UCB) Price Target Raised to $38.00

United Community Banks (NYSE:UCB) had its price target increased by Piper Sandler from $37.00 to $38.00 in a research note released on Wednesday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

Several other brokerages have also recently commented on UCB. DA Davidson raised their price target on shares of United Community Banks from $40.00 to $42.00 and gave the company a “buy” rating in a research report on Wednesday. Wall Street Zen lowered United Community Banks from a “hold” rating to a “sell” rating in a research report on Saturday, June 27th. Weiss Ratings upgraded United Community Banks from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, June 30th. Finally, TD Cowen upgraded United Community Banks to a “strong-buy” rating in a report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, United Community Banks presently has a consensus rating of “Moderate Buy” and a consensus price target of $39.40.

United Community Banks Stock Up 0.4%

Shares of UCB opened at $35.30 on Wednesday. The company’s 50-day simple moving average is $35.58 and its 200-day simple moving average is $33.81. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.83 and a current ratio of 0.83. United Community Banks has a 1 year low of $28.65 and a 1 year high of $37.18. The stock has a market capitalization of $4.26 billion, a PE ratio of 11.61 and a beta of 0.81.

United Community Banks (NYSE:UCB) last announced its quarterly earnings data on Tuesday, July 21st. The company reported $0.71 earnings per share for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.09). United Community Banks had a net margin of 24.43% and a return on equity of 9.61%. The business had revenue of $279.28 million during the quarter. Analysts forecast that United Community Banks will post 2.98 earnings per share for the current fiscal year.

United Community Banks Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, October 5th. Investors of record on Tuesday, September 15th will be paid a $0.26 dividend. This is an increase from United Community Banks’s previous quarterly dividend of $0.25. This represents a $1.04 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date is Tuesday, September 15th. United Community Banks’s payout ratio is presently 32.89%.

Insider Buying and Selling

In other United Community Banks news, EVP Jefferson Harralson sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $35.41, for a total transaction of $885,250.00. Following the completion of the transaction, the executive vice president owned 37,433 shares in the company, valued at $1,325,502.53. The trade was a 40.04% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Richard Bradshaw sold 1,424 shares of the stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $35.09, for a total transaction of $49,968.16. Following the completion of the sale, the executive vice president directly owned 83,228 shares in the company, valued at approximately $2,920,470.52. This represents a 1.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.45% of the stock is owned by insiders.

Hedge Funds Weigh In On United Community Banks

Large investors have recently bought and sold shares of the business. Cerity Partners LLC raised its stake in United Community Banks by 3.1% in the fourth quarter. Cerity Partners LLC now owns 9,955 shares of the company’s stock valued at $311,000 after buying an additional 298 shares in the last quarter. Allworth Financial LP boosted its position in shares of United Community Banks by 10.1% during the 2nd quarter. Allworth Financial LP now owns 3,256 shares of the company’s stock worth $114,000 after acquiring an additional 300 shares in the last quarter. Versant Capital Management Inc boosted its position in shares of United Community Banks by 13.2% during the 2nd quarter. Versant Capital Management Inc now owns 2,894 shares of the company’s stock worth $102,000 after acquiring an additional 338 shares in the last quarter. Maryland State Retirement & Pension System increased its holdings in shares of United Community Banks by 2.0% in the 4th quarter. Maryland State Retirement & Pension System now owns 17,808 shares of the company’s stock valued at $556,000 after acquiring an additional 345 shares during the last quarter. Finally, CIBC Asset Management Inc increased its holdings in shares of United Community Banks by 3.2% in the 4th quarter. CIBC Asset Management Inc now owns 11,761 shares of the company’s stock valued at $367,000 after acquiring an additional 365 shares during the last quarter. Hedge funds and other institutional investors own 82.29% of the company’s stock.

About United Community Banks

United Community Banks, Inc is the bank holding company for United Community Bank, a regional financial institution headquartered in Blairsville, Georgia. Founded in 1950, the company provides banking and financial services to individuals, businesses and institutions across the Southeastern United States.

United Community Bank offers consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, mortgages, treasury management and other financial services.