Illinois Municipal Retirement Fund Acquires New Stake in United Community Banks, Inc. (NASDAQ:UCB)

Illinois Municipal Retirement Fund acquired a new position in shares of United Community Banks, Inc. (NASDAQ:UCB - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 68,004 shares of the company's stock, valued at approximately $1,913,000. Illinois Municipal Retirement Fund owned about 0.06% of United Community Banks at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of UCB. Nomura Asset Management Co. Ltd. bought a new stake in United Community Banks during the 4th quarter worth about $31,000. Public Employees Retirement System of Ohio acquired a new stake in United Community Banks in the fourth quarter worth about $42,000. Versant Capital Management Inc acquired a new stake in United Community Banks in the first quarter worth about $37,000. Quadrant Capital Group LLC bought a new stake in United Community Banks during the 4th quarter worth about $45,000. Finally, MassMutual Private Wealth & Trust FSB acquired a new position in United Community Banks during the 1st quarter valued at about $45,000. Institutional investors and hedge funds own 82.29% of the company's stock.

United Community Banks Trading Up 1.2%

Shares of UCB traded up $0.39 during trading hours on Thursday, reaching $31.79. The stock had a trading volume of 327,462 shares, compared to its average volume of 666,923. United Community Banks, Inc. has a 52 week low of $22.93 and a 52 week high of $35.38. The firm has a 50-day moving average of $28.79 and a 200 day moving average of $29.70. The company has a market cap of $3.86 billion, a P/E ratio of 15.58 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.

United Community Banks Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 3rd. Investors of record on Sunday, June 15th will be paid a dividend of $0.24 per share. The ex-dividend date is Friday, June 13th. This represents a $0.96 dividend on an annualized basis and a yield of 3.02%. United Community Banks's payout ratio is 45.50%.

Analyst Ratings Changes

Several brokerages recently weighed in on UCB. Stephens restated an "overweight" rating and issued a $36.00 price objective on shares of United Community Banks in a report on Wednesday, April 23rd. DA Davidson dropped their target price on shares of United Community Banks from $38.00 to $33.00 and set a "buy" rating for the company in a research report on Wednesday, April 23rd. Keefe, Bruyette & Woods reduced their price target 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. Finally, Hovde Group upgraded United Community Banks from a "market perform" rating to an "outperform" rating and dropped their price objective for the company from $32.00 to $31.00 in a report on Monday, April 7th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, United Community Banks currently has an average rating of "Moderate Buy" and an average price target 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.