Bank of New York Mellon Corp raised its stake in shares of United Community Banks, Inc. (NASDAQ:UCBI – Get Rating) by 4.4% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,775,719 shares of the financial services provider's stock after buying an additional 74,681 shares during the quarter. Bank of New York Mellon Corp owned about 1.68% of United Community Banks worth $61,795,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of the business. State Street Corp lifted its position in United Community Banks by 9.3% in the fourth quarter. State Street Corp now owns 4,646,495 shares of the financial services provider's stock valued at $167,848,000 after purchasing an additional 395,719 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of United Community Banks by 1.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,004,651 shares of the financial services provider's stock valued at $107,985,000 after purchasing an additional 47,621 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in shares of United Community Banks by 13.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,777,724 shares of the financial services provider's stock worth $99,831,000 after purchasing an additional 333,009 shares during the period. Principal Financial Group Inc. boosted its position in shares of United Community Banks by 4.3% during the first quarter. Principal Financial Group Inc. now owns 2,756,682 shares of the financial services provider's stock worth $95,933,000 after acquiring an additional 114,151 shares during the last quarter. Finally, Schroder Investment Management Group boosted its position in shares of United Community Banks by 13.2% during the fourth quarter. Schroder Investment Management Group now owns 2,391,301 shares of the financial services provider's stock worth $85,943,000 after acquiring an additional 279,544 shares during the last quarter. Hedge funds and other institutional investors own 84.78% of the company's stock.
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Wall Street Analysts Forecast Growth
UCBI has been the topic of several recent analyst reports. StockNews.com downgraded shares of United Community Banks from a "hold" rating to a "sell" rating in a research note on Thursday. Truist Financial lowered their price target on shares of United Community Banks from $34.00 to $32.00 in a report on Wednesday, June 15th. Finally, Piper Sandler reduced their price target on shares of United Community Banks to $36.00 in a research report on Friday, July 22nd.
United Community Banks Stock Down 0.9 %
Shares of UCBI opened at $32.31 on Friday. The firm has a market cap of $3.42 billion, a P/E ratio of 13.53 and a beta of 1.05. United Community Banks, Inc. has a 12-month low of $27.62 and a 12-month high of $39.32. The company's 50-day moving average price is $32.90 and its 200 day moving average price is $33.01. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.13.
United Community Banks (NASDAQ:UCBI – Get Rating) last announced its quarterly earnings results on Tuesday, July 19th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.69 by ($0.03). The business had revenue of $212.36 million during the quarter, compared to analyst estimates of $213.19 million. United Community Banks had a net margin of 30.10% and a return on equity of 11.27%. The business's revenue for the quarter was up 21.9% compared to the same quarter last year. During the same period last year, the company earned $0.79 earnings per share. On average, sell-side analysts forecast that United Community Banks, Inc. will post 2.65 earnings per share for the current year.
United Community Banks Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 5th. Investors of record on Thursday, September 15th will be paid a dividend of $0.22 per share. The ex-dividend date is Wednesday, September 14th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.72%. This is a positive change from United Community Banks's previous quarterly dividend of $0.21. United Community Banks's dividend payout ratio (DPR) is presently 34.85%.
United Community Banks Profile
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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. The company accepts various deposit products, including checking, savings, money market, and other deposit accounts.
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