Vestcor Inc Buys Shares of 8,470 United Community Banks, Inc. (NASDAQ:UCB)

Key Points

• Vestcor Inc acquired 8,470 shares of United Community Banks, Inc. for approximately $238,000 in the first quarter of the year.
• Analysts have recently upgraded their target prices for United Community Banks, with several firms setting a new target of $36.00 and a consensus rating of "Hold."
• The company reported a $0.66 EPS in its latest quarterly earnings, exceeding the consensus estimate of $0.61, along with a 6.1% year-over-year revenue increase.

Vestcor Inc purchased a new position in United Community Banks, Inc. (NASDAQ:UCB - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 8,470 shares of the company's stock, valued at approximately $238,000.

Other large investors have also recently made changes to their positions in the company. Xponance Inc. raised its position in shares of United Community Banks by 5.8% in the first quarter. Xponance Inc. now owns 9,094 shares of the company's stock worth $256,000 after buying an additional 500 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new stake in shares of United Community Banks in the fourth quarter worth $42,000. Versant Capital Management Inc purchased a new stake in shares of United Community Banks in the first quarter worth $37,000. Quadrant Capital Group LLC purchased a new stake in shares of United Community Banks in the fourth quarter worth $45,000. Finally, MassMutual Private Wealth & Trust FSB purchased a new stake in shares of United Community Banks in the first quarter worth $45,000. 82.29% of the stock is owned by institutional investors.

Insider Activity

In other news, EVP Richard Bradshaw sold 1,616 shares of United Community Banks stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $30.94, for a total transaction of $49,999.04. Following the completion of the transaction, the executive vice president directly owned 78,395 shares in the company, valued at approximately $2,425,541.30. This trade represents a 2.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.43% of the company's stock.

United Community Banks Stock Down 0.8%

United Community Banks stock traded down $0.25 during trading hours on Wednesday, hitting $29.89. 547,388 shares of the stock traded hands, compared to its average volume of 731,392. The firm's 50-day moving average price is $30.05 and its two-hundred day moving average price is $29.58. 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 $3.63 billion, a PE ratio of 14.65 and a beta of 0.83. United Community Banks, Inc. has a one year low of $22.93 and a one year high of $35.38.

United Community Banks (NASDAQ:UCB - Get Free Report) last released its earnings results on Wednesday, July 23rd. The company reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.05. United Community Banks had a net margin of 16.48% and a return on equity of 8.64%. The company's revenue was up 6.1% on a year-over-year basis. On average, research analysts forecast that United Community Banks, Inc. will post 2.52 EPS for the current year.

United Community Banks Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 3rd. Stockholders of record on Sunday, June 15th were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 3.2%. The ex-dividend date was Friday, June 13th. United Community Banks's dividend payout ratio (DPR) is presently 43.64%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on UCB. Keefe, Bruyette & Woods raised their price target on United Community Banks from $32.00 to $34.00 and gave the company a "market perform" rating in a research report on Monday, July 28th. DA Davidson raised their price objective on United Community Banks from $34.00 to $36.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Stephens reaffirmed an "overweight" rating and set a $36.00 price objective on shares of United Community Banks in a research note on Wednesday, April 23rd. Raymond James Financial reaffirmed a "market perform" rating on shares of United Community Banks in a research note on Tuesday, July 8th. Finally, Hovde Group raised their price objective on United Community Banks from $35.00 to $36.00 and gave the company an "outperform" rating in a research note on Thursday, July 24th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, United Community Banks presently has an average rating of "Hold" and a consensus price target of $34.57.

United Community Banks Company 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.