California Public Employees Retirement System Purchases 29,332 Shares of United Community Banks, Inc. $UCB

Key Points

• CalPERS increased its United Community Banks stake by 13.6% in the first quarter, purchasing 29,332 shares and bringing its total holdings to 244,690 shares valued at approximately $7.7 million. Institutional investors collectively own 82.29% of the company.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and an average price target of $38.80, although targets range from $37 to $40 and one rating was downgraded to sell.
• United Community Banks reported quarterly earnings of $0.71 per share, below the $0.80 consensus estimate, on revenue of $279.28 million. The company maintains a quarterly dividend of $0.25 per share, equivalent to a 2.8% yield.

California Public Employees Retirement System lifted its position in shares of United Community Banks, Inc. (NYSE:UCB - Free Report) by 13.6% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 244,690 shares of the company's stock after purchasing an additional 29,332 shares during the quarter. California Public Employees Retirement System owned 0.20% of United Community Banks worth $7,705,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. Caitong International Asset Management Co. Ltd acquired a new position in United Community Banks during the fourth quarter worth $29,000. Covestor Ltd grew its holdings in shares of United Community Banks by 196.1% during the fourth quarter. Covestor Ltd now owns 992 shares of the company's stock valued at $31,000 after buying an additional 657 shares during the last quarter. Torren Management LLC bought a new stake in shares of United Community Banks during the fourth quarter worth about $39,000. First Horizon Corp increased its holdings in United Community Banks by 51.7% during the 4th quarter. First Horizon Corp now owns 1,315 shares of the company's stock worth $41,000 after purchasing an additional 448 shares in the last quarter. Finally, Kestra Advisory Services LLC bought a new stake in United Community Banks during the fourth quarter worth $42,000. Institutional investors and hedge funds own 82.29% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently commented on UCB. Stephens increased their price target on United Community Banks from $39.00 to $40.00 and gave the company an "overweight" rating in a research report on Tuesday, April 28th. DA Davidson reissued a "buy" rating and issued a $40.00 price target on shares of United Community Banks in a research report on Wednesday, July 22nd. Wall Street Zen cut shares of United Community Banks from a "hold" rating to a "sell" rating in a report on Saturday, June 27th. Keefe, Bruyette & Woods upgraded United Community Banks from a "market perform" rating to an "outperform" rating and increased their target price for the stock from $36.00 to $40.00 in a research report on Thursday, April 9th. Finally, Hovde Group cut their price target on United Community Banks from $38.00 to $37.00 and set a "market perform" rating for the company in a report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, United Community Banks currently has a consensus rating of "Moderate Buy" and an average price target of $38.80.

United Community Banks Price Performance

United Community Banks stock opened at $35.19 on Monday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.22. The business has a 50-day simple moving average of $34.26 and a 200 day simple moving average of $33.50. The stock has a market cap of $4.21 billion, a price-to-earnings ratio of 11.58 and a beta of 0.81. United Community Banks, Inc. has a 52 week low of $28.65 and a 52 week high of $37.18.

United Community Banks (NYSE:UCB - Get Free Report) last announced its earnings results on Tuesday, July 21st. The company reported $0.71 earnings per share for the quarter, missing analysts' consensus estimates of $0.80 by ($0.09). The company had revenue of $279.28 million during the quarter. United Community Banks had a net margin of 24.43% and a return on equity of 9.61%. On average, research analysts forecast that United Community Banks, Inc. will post 2.93 earnings per share for the current fiscal year.

United Community Banks Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 3rd. Stockholders of record on Monday, June 15th were given a dividend of $0.25 per share. The ex-dividend date was Monday, June 15th. This represents a $1.00 annualized dividend and a dividend yield of 2.8%. United Community Banks's dividend payout ratio is 32.89%.

About United Community Banks

United Community Banks, Inc NYSE: UCB is a bank holding company headquartered in Blairsville, Georgia. It operates primarily through its subsidiary, United Community Bank, providing a broad range of banking and financial services to individual, business and governmental customers. The company's core offerings include deposit accounts, commercial and consumer lending, mortgage origination, treasury and cash management services, and wealth management.

In addition to traditional banking products such as checking, savings and money market accounts, United Community Bank specializes in commercial real estate financing, small business administration (SBA) loans, equipment financing and agricultural lending.

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