Bank of New York Mellon Corp Makes New $34.78 Million Investment in United Community Banks, Inc. (NASDAQ:UCB)

Bank of New York Mellon Corp purchased a new stake in shares of United Community Banks, Inc. (NASDAQ:UCB - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 1,236,397 shares of the company's stock, valued at approximately $34,780,000. Bank of New York Mellon Corp owned about 1.04% of United Community Banks at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of UCB. Amalgamated Bank purchased a new stake in shares of United Community Banks in the 1st quarter worth approximately $957,000. Principal Financial Group Inc. purchased a new stake in shares of United Community Banks in the 1st quarter worth approximately $16,721,000. GAMMA Investing LLC purchased a new stake in shares of United Community Banks in the 1st quarter worth approximately $132,000. New York State Teachers Retirement System purchased a new stake in United Community Banks during the 1st quarter valued at $2,897,000. Finally, Bank of Montreal Can purchased a new stake in United Community Banks during the 4th quarter valued at $508,000. Institutional investors own 82.29% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Stephens reiterated an "overweight" rating and set a $36.00 target price on shares of United Community Banks in a research note on Wednesday, April 23rd. DA Davidson dropped their price target on United Community Banks from $38.00 to $33.00 and set a "buy" rating on the stock in a research note on Wednesday, April 23rd. Keefe, Bruyette & Woods dropped their price target on United Community Banks from $35.00 to $32.00 and set a "market perform" rating on the stock in a research note on Wednesday, April 30th. Raymond James Financial restated a "market perform" rating on shares of United Community Banks in a research note on Tuesday, July 8th. Finally, Hovde Group upgraded United Community Banks from a "market perform" rating to an "outperform" rating and dropped their price target for the stock from $32.00 to $31.00 in a research note on Monday, April 7th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $33.14.

United Community Banks Price Performance

Shares of UCB stock traded down $0.02 during trading hours on Friday, hitting $31.70. The stock had a trading volume of 756,713 shares, compared to its average volume of 663,374. United Community Banks, Inc. has a one year low of $22.93 and a one year high of $35.38. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.78 and a quick ratio of 0.78. The stock's 50-day moving average price is $29.63 and its two-hundred day moving average price is $29.64. The stock has a market capitalization of $3.85 billion, a price-to-earnings ratio of 15.54 and a beta of 0.78.

United Community Banks Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 3rd. Shareholders of record on Sunday, June 15th were paid a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $0.96 annualized dividend and a yield of 3.03%. United Community Banks's payout ratio is currently 45.50%.

About United Community Banks

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. It accepts various deposit products, including checking, savings, money market, and other deposit accounts.