Mendon Capital Advisors Corp Takes 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 bought a new position 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 & Exchange Commission. The firm bought 25,000 shares of the company's stock, valued at approximately $703,000.

Other hedge funds have also recently added to or reduced their stakes in the company. M&T Bank Corp acquired a new stake in shares of United Community Banks during the 1st quarter valued at $926,000. Amalgamated Bank bought a new stake in 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 in the 1st quarter worth approximately $16,721,000. GAMMA Investing LLC purchased a new position in shares of United Community Banks in the 1st quarter worth approximately $132,000. Finally, PNC Financial Services Group Inc. purchased a new position in United Community Banks in the first quarter valued at approximately $460,000. Institutional investors own 82.29% of the company's stock.

United Community Banks Stock Down 1.5%

UCB opened at $32.57 on Wednesday. The stock has a market capitalization of $3.96 billion, a price-to-earnings ratio of 15.97 and a beta of 0.86. The company has a fifty day moving average of $31.61 and a two-hundred day moving average of $29.36. 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, Inc. has a fifty-two week low of $22.93 and a fifty-two week high of $35.38.

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

United Community Banks Increases Dividend

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

Insider Transactions at United Community Banks

In related news, EVP Richard Bradshaw sold 1,616 shares of United Community Banks stock in a transaction 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 of the company's stock, valued at $2,425,541.30. The trade was a 2.02% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.54% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts recently commented on UCB shares. DA Davidson increased their target price on United Community Banks from $34.00 to $36.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Hovde Group lifted their target price on shares of United Community Banks from $35.00 to $36.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. Keefe, Bruyette & Woods lifted their target price on shares of United Community Banks from $32.00 to $34.00 and gave the stock a "market perform" rating in a research report on Monday, July 28th. Finally, Raymond James Financial reiterated a "market perform" rating on shares of United Community Banks in a research note on Tuesday, July 8th. Three equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, United Community Banks presently has a consensus rating of "Hold" and an average price target of $34.57.

United Community Banks 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.

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