Mendon Capital Advisors Corp Takes $703,000 Position in United Community Banks, Inc. $UCB

Key Points

• Mendon Capital Advisors Corp acquired 25,000 shares of United Community Banks, Inc., valued at approximately $703,000, during the first quarter.
• United Community Banks has announced an increase in its quarterly dividend to $0.25, effective for investors of record on September 15th, reflecting a 3.1% yield.
• As of the latest data, institutional investors own 82.29% of United Community Banks' stock, highlighting significant institutional interest in the company.

Mendon Capital Advisors Corp 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 filing with the Securities and Exchange Commission (SEC). The fund purchased 25,000 shares of the company's stock, valued at approximately $703,000.

Several other hedge funds have also recently bought and sold shares of the business. Quarry LP acquired a new position in shares of United Community Banks in the 1st quarter valued at about $26,000. Versant Capital Management Inc purchased a new stake in United Community Banks in the 1st quarter worth approximately $37,000. Public Employees Retirement System of Ohio acquired a new stake in shares of United Community Banks during the 4th quarter valued at $42,000. MassMutual Private Wealth & Trust FSB acquired a new position in shares of United Community Banks in the first quarter worth $45,000. Finally, CWM LLC purchased a new stake in shares of United Community Banks during the first quarter worth $62,000. 82.29% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

UCB has been the topic of a number of research reports. DA Davidson increased their price objective on United Community Banks from $34.00 to $36.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Keefe, Bruyette & Woods raised their target price on United Community Banks from $32.00 to $34.00 and gave the company a "market perform" rating in a report on Monday, July 28th. Hovde Group upped their price target on United Community Banks from $35.00 to $36.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. Finally, Raymond James Financial reissued a "market perform" rating on shares of United Community Banks in a report on Tuesday, July 8th. Three research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, United Community Banks currently has an average rating of "Hold" and an average price target of $34.57.

Insiders Place Their Bets

In related news, EVP Richard Bradshaw sold 1,616 shares of the business's stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $30.94, for a total transaction of $49,999.04. Following the transaction, the executive vice president directly owned 78,395 shares in the company, valued at $2,425,541.30. The trade was a 2.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.43% of the stock is currently owned by company insiders.

United Community Banks Stock Performance

NASDAQ:UCB traded down $0.48 during mid-day trading on Monday, hitting $31.68. 188,326 shares of the company's stock traded hands, compared to its average volume of 693,574. The firm has a market capitalization of $3.85 billion, a price-to-earnings ratio of 15.52 and a beta of 0.86. The firm has a 50 day moving average of $31.66 and a two-hundred day moving average of $29.37. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.08. United Community Banks, Inc. has a 12 month low of $22.93 and a 12 month high of $35.38.

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

United Community Banks Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 3rd. Stockholders of record on Monday, September 15th will be given a dividend of $0.25 per share. This is an increase from United Community Banks's previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend is Monday, September 15th. United Community Banks's dividend payout ratio (DPR) is currently 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.