Cubist Systematic Strategies LLC Purchases Shares of 77,930 United Community Banks, Inc. $UCB

Key Points

• Cubist Systematic Strategies LLC recently acquired 77,930 shares of United Community Banks, Inc. (NASDAQ: UCB), valued at approximately $2.19 million, increasing their ownership to 0.07% of the company.
• Several analysts have recently raised their price targets for UCB, with DA Davidson and Hovde Group setting new price targets of $36.00 while maintaining a "buy" or "outperform" rating.
• United Community Banks announced an increase in its quarterly dividend from $0.24 to $0.25, representing a 3.0% dividend yield, with the dividend payment scheduled for October 3rd.

Cubist Systematic Strategies LLC bought a new stake in United Community Banks, Inc. (NASDAQ:UCB - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 77,930 shares of the company's stock, valued at approximately $2,192,000. Cubist Systematic Strategies LLC owned approximately 0.07% of United Community Banks at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. M&T Bank Corp purchased a new position in United Community Banks in the first quarter valued at about $926,000. Amalgamated Bank purchased a new position in shares of United Community Banks during the 1st quarter worth approximately $957,000. Principal Financial Group Inc. purchased a new position in shares of United Community Banks during the 1st quarter worth approximately $16,721,000. GAMMA Investing LLC purchased a new position in shares of United Community Banks during the 1st quarter worth approximately $132,000. Finally, PNC Financial Services Group Inc. purchased a new position in shares of United Community Banks during the 1st quarter worth approximately $460,000. 82.29% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at United Community Banks

In related news, EVP Richard Bradshaw sold 1,616 shares of the firm's 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 sale, the executive vice president 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.54% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on UCB shares. DA Davidson raised their price objective on shares of United Community Banks from $34.00 to $36.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Keefe, Bruyette & Woods raised their price objective on shares of United Community Banks from $32.00 to $34.00 and gave the stock a "market perform" rating in a research note on Monday, July 28th. Raymond James Financial reissued 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 shares of United Community Banks from $35.00 to $36.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. Three analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $34.57.

United Community Banks Trading Down 0.3%

NASDAQ UCB traded down $0.09 during mid-day trading on Wednesday, reaching $32.53. 446,546 shares of the stock were exchanged, compared to its average volume of 698,300. United Community Banks, Inc. has a 1-year low of $22.93 and a 1-year high of $35.38. The business's fifty day simple moving average is $31.61 and its 200 day simple moving average is $29.36. The stock has a market capitalization of $3.95 billion, a PE ratio of 15.94 and a beta of 0.86. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.78 and a current ratio of 0.78.

United Community Banks (NASDAQ:UCB - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The company reported $0.66 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 business's revenue for the quarter was up 6.1% on a year-over-year basis. On average, research analysts anticipate that United Community Banks, Inc. will post 2.52 earnings per share for the current fiscal year.

United Community Banks Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 3rd. Investors of record on Monday, September 15th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 3.1%. This is an increase from United Community Banks's previous quarterly dividend of $0.24. The ex-dividend date is Monday, September 15th. United Community Banks's dividend payout ratio (DPR) is 45.45%.

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.