Amalgamated Bank Invests $957,000 in United Community Banks, Inc. (NASDAQ:UCB)

Amalgamated Bank purchased a new stake in shares of United Community Banks, Inc. (NASDAQ:UCB - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 34,016 shares of the company's stock, valued at approximately $957,000.

Several other hedge funds have also recently added to or reduced their stakes in UCB. KBC Group NV purchased a new position in shares of United Community Banks during the 1st quarter valued at about $179,000. Oakworth Capital Inc. bought a new stake in shares of United Community Banks in the 1st quarter worth approximately $156,000. Illinois Municipal Retirement Fund purchased a new stake in shares of United Community Banks in the 1st quarter valued at $1,913,000. Oppenheimer Asset Management Inc. bought a new position in shares of United Community Banks during the 1st quarter valued at $1,598,000. Finally, Moisand Fitzgerald Tamayo LLC purchased a new position in United Community Banks in the 1st quarter worth $114,000. Institutional investors own 82.29% of the company's stock.

United Community Banks Stock Up 0.7%

Shares of NASDAQ:UCB traded up $0.21 on Thursday, hitting $31.69. 506,059 shares of the company traded hands, compared to its average volume of 664,569. The company has a market cap of $3.85 billion, a PE ratio of 15.53 and a beta of 0.78. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.08. The stock has a 50 day simple moving average of $29.27 and a 200-day simple moving average of $29.68. United Community Banks, Inc. has a 52 week low of $22.93 and a 52 week high of $35.38.

United Community Banks Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 3rd. Investors of record on Sunday, June 15th were issued a $0.24 dividend. 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 45.50%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on UCB shares. DA Davidson reduced their price objective 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. Raymond James Financial reaffirmed a "market perform" rating on shares of United Community Banks in a research note on Tuesday. Stephens reissued an "overweight" rating and set a $36.00 price objective on shares of United Community Banks in a research note on Wednesday, April 23rd. Hovde Group raised shares of United Community Banks from a "market perform" rating to an "outperform" rating and decreased their target price for the stock from $32.00 to $31.00 in a research note on Monday, April 7th. Finally, Keefe, Bruyette & Woods cut their price target on shares of United Community Banks from $35.00 to $32.00 and set a "market perform" rating on the stock in a report on Wednesday, April 30th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat, United Community Banks currently has an average rating of "Hold" and an average target price of $33.14.

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.