JPMorgan Chase & Co. decreased its position in United Community Banks, Inc. (NASDAQ:UCBI – Get Rating) by 68.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 548,185 shares of the financial services provider's stock after selling 1,202,266 shares during the quarter. JPMorgan Chase & Co.'s holdings in United Community Banks were worth $19,076,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Advisor Group Holdings Inc. grew its holdings in shares of United Community Banks by 7.6% during the fourth quarter. Advisor Group Holdings Inc. now owns 5,147 shares of the financial services provider's stock valued at $186,000 after buying an additional 364 shares in the last quarter. Envestnet Asset Management Inc. increased its position in shares of United Community Banks by 14.9% in the 4th quarter. Envestnet Asset Management Inc. now owns 84,657 shares of the financial services provider's stock valued at $3,043,000 after buying an additional 10,984 shares in the last quarter. Swiss National Bank increased its holdings in United Community Banks by 21.2% during the 4th quarter. Swiss National Bank now owns 232,400 shares of the financial services provider's stock worth $8,352,000 after purchasing an additional 40,600 shares in the last quarter. Raymond James & Associates lifted its stake in United Community Banks by 15.1% in the 4th quarter. Raymond James & Associates now owns 7,122 shares of the financial services provider's stock valued at $256,000 after purchasing an additional 936 shares during the last quarter. Finally, Bank of America Corp DE lifted its position in United Community Banks by 13.0% during the fourth quarter. Bank of America Corp DE now owns 998,342 shares of the financial services provider's stock worth $35,881,000 after acquiring an additional 115,010 shares during the last quarter. Institutional investors own 84.78% of the company's stock.
Get United Community Banks alerts:Wall Street Analyst Weigh In
A number of equities analysts have recently commented on the stock. StockNews.com lowered shares of United Community Banks from a "hold" rating to a "sell" rating in a report on Thursday, September 1st. Truist Financial reduced their target price on shares of United Community Banks from $34.00 to $32.00 in a report on Wednesday, June 15th. Finally, Piper Sandler cut their price target on shares of United Community Banks to $36.00 in a report on Friday, July 22nd.
United Community Banks Price Performance
United Community Banks stock opened at $32.31 on Tuesday. United Community Banks, Inc. has a 1 year low of $27.62 and a 1 year high of $39.32. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.74 and a current ratio of 0.74. The company's fifty day moving average price is $32.90 and its 200 day moving average price is $33.01. The stock has a market capitalization of $3.42 billion, a P/E ratio of 13.41 and a beta of 1.04.United Community Banks (NASDAQ:UCBI – Get Rating) last announced its quarterly earnings data on Tuesday, July 19th. The financial services provider reported $0.66 EPS for the quarter, missing analysts' consensus estimates of $0.69 by ($0.03). United Community Banks had a return on equity of 11.27% and a net margin of 30.10%. The company had revenue of $212.36 million for the quarter, compared to analyst estimates of $213.19 million. During the same period in the prior year, the firm posted $0.79 earnings per share. The business's quarterly revenue was up 21.9% compared to the same quarter last year. As a group, equities research analysts anticipate that United Community Banks, Inc. will post 2.65 earnings per share for the current fiscal year.
United Community Banks Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 5th. Shareholders of record on Thursday, September 15th will be paid a $0.22 dividend. The ex-dividend date is Wednesday, September 14th. This represents a $0.88 dividend on an annualized basis and a yield of 2.72%. This is a boost from United Community Banks's previous quarterly dividend of $0.21. United Community Banks's payout ratio is currently 34.85%.
About United Community Banks
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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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