Welch Group LLC Purchases New Position in United Community Banks, Inc. (NASDAQ:UCB)

Welch Group LLC purchased a new position in United Community Banks, Inc. (NASDAQ:UCB - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 34,558 shares of the company's stock, valued at approximately $961,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Nomura Asset Management Co. Ltd. purchased a new position in United Community Banks during the fourth quarter valued at $31,000. Versant Capital Management Inc purchased a new position in United Community Banks during the first quarter valued at $37,000. Public Employees Retirement System of Ohio purchased a new position in United Community Banks during the fourth quarter valued at $42,000. Quadrant Capital Group LLC purchased a new position in United Community Banks during the fourth quarter valued at $45,000. Finally, MassMutual Private Wealth & Trust FSB purchased a new position in United Community Banks during the first quarter valued at $45,000. 82.29% of the stock is currently owned by hedge funds and other institutional investors.

United Community Banks Price Performance

Shares of NASDAQ:UCB traded down $0.17 during mid-day trading on Friday, reaching $28.77. The stock had a trading volume of 586,519 shares, compared to its average volume of 661,484. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.08. The company has a market cap of $3.50 billion, a P/E ratio of 14.10 and a beta of 0.75. United Community Banks, Inc. has a 1 year low of $22.93 and a 1 year high of $35.38. The business's 50 day moving average price is $27.20 and its 200 day moving average price is $30.40.

United Community Banks Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 3rd. Investors of record on Sunday, June 15th will be given a $0.24 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.34%. United Community Banks's dividend payout ratio is currently 45.50%.

Insider Buying and Selling

In related news, Director Sally Pope Davis acquired 1,800 shares of United Community Banks stock in a transaction on Tuesday, March 11th. The shares were bought at an average cost of $28.19 per share, with a total value of $50,742.00. Following the completion of the purchase, the director now directly owns 3,264 shares of the company's stock, valued at $92,012.16. The trade was a 122.95% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.43% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. DA Davidson lowered their price objective on United Community Banks from $38.00 to $33.00 and set a "buy" rating on the stock in a research report on Wednesday, April 23rd. Stephens restated an "overweight" rating and issued a $36.00 price objective on shares of United Community Banks in a research report on Wednesday, April 23rd. Hovde Group upgraded United Community Banks from a "market perform" rating to an "outperform" rating and lowered their price objective for the company from $32.00 to $31.00 in a research report on Monday, April 7th. Finally, Keefe, Bruyette & Woods lowered their price objective on United Community Banks from $35.00 to $32.00 and set a "market perform" rating on the stock in a research report on Wednesday, April 30th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $33.14.

United Community Banks Profile

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.