United Community Banks (NYSE:UCB) Stock Rating Raised to Strong-Buy at Zacks Research

Key Points

• Zacks Research upgraded United Community Banks to “strong buy” from “hold.” The broader analyst consensus is “Buy,” with an average price target of $40.00.
• UCB shares rose 3.7% to $37.18, near their 52-week high of $37.24. The bank’s latest quarterly results matched expectations, with EPS of $0.77 and revenue of $291.9 million.
• Institutional investors own 82.29% of the company and several major firms increased their stakes, while two executives recently sold shares; insiders own 0.45% of UCB.

United Community Banks (NYSE:UCB - Get Free Report) was upgraded by Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued to clients and investors on Wednesday, Zacks reports.

Several other analysts have also recently weighed in on UCB. Stephens lifted their price target on United Community Banks from $41.00 to $42.00 and gave the stock an "overweight" rating in a report on Wednesday. Wall Street Zen raised United Community Banks from a "sell" rating to a "hold" rating in a report on Saturday, September 12th. TD Cowen raised United Community Banks to a "strong-buy" rating in a report on Thursday, July 16th. Piper Sandler increased their price objective on United Community Banks from $37.00 to $38.00 and gave the stock a "neutral" rating in a research report on Wednesday, September 9th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of United Community Banks in a research report on Friday, September 25th. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, United Community Banks currently has a consensus rating of "Buy" and an average price target of $40.00.

United Community Banks Stock Up 3.7%

Shares of UCB opened at $37.18 on Wednesday. United Community Banks has a 52 week low of $28.65 and a 52 week high of $37.24. The firm has a market cap of $4.48 billion, a P/E ratio of 31.51 and a beta of 0.88. The firm's 50-day simple moving average is $34.74 and its 200 day simple moving average is $34.40. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.83 and a current ratio of 0.78.

United Community Banks (NYSE:UCB - Get Free Report) last issued its quarterly earnings data on Tuesday, October 20th. The company reported $0.77 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.77. United Community Banks had a net margin of 9.06% and a return on equity of 9.66%. The firm had revenue of $291.90 million during the quarter. On average, analysts forecast that United Community Banks will post 3.00 earnings per share for the current year.

Insider Activity at United Community Banks

In other news, EVP Jefferson Harralson sold 25,000 shares of the firm'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 transaction, the executive vice president directly owned 37,433 shares of the company's stock, valued at approximately $1,325,502.53. This trade represents a 40.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Richard Bradshaw sold 1,424 shares of United Community Banks stock in a transaction on Monday, July 27th. The shares were sold at an average price of $35.09, for a total value of $49,968.16. Following the completion of the transaction, the executive vice president directly owned 83,228 shares of the company's stock, valued at $2,920,470.52. This represents a 1.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.45% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On United Community Banks

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp bought a new stake in shares of United Community Banks during the 2nd quarter valued at about $55,195,000. Principal Financial Group Inc. lifted its stake in United Community Banks by 32.3% in the first quarter. Principal Financial Group Inc. now owns 766,598 shares of the company's stock valued at $24,140,000 after buying an additional 187,210 shares during the period. Dimensional Fund Advisors LP lifted its stake in United Community Banks by 2.9% in the first quarter. Dimensional Fund Advisors LP now owns 6,520,132 shares of the company's stock valued at $205,315,000 after buying an additional 182,397 shares during the period. Bank of America Corp DE lifted its stake in United Community Banks by 27.6% in the first quarter. Bank of America Corp DE now owns 747,576 shares of the company's stock valued at $23,541,000 after buying an additional 161,848 shares during the period. Finally, Great Lakes Advisors LLC bought a new position in shares of United Community Banks during the 2nd quarter worth approximately $3,698,000. 82.29% of the stock is currently owned by institutional investors and hedge funds.

United Community Banks Company Profile

United Community Banks, Inc is a bank holding company headquartered in Blairsville, Georgia. Through its principal subsidiary, United Community Bank, the company provides banking and financial services to consumers, businesses and communities primarily across the Southeastern United States.

United Community Bank offers deposit accounts, consumer and commercial lending, residential mortgages, credit cards, online and mobile banking, treasury management and other financial services. Its lending activities include commercial real estate, business, construction, residential and consumer loans.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.