MetLife Investment Management LLC Grows Stock Position in United Community Banks, Inc. $UCB

Key Points

• MetLife Investment Management LLC significantly increased its stake in United Community Banks, Inc. by 671.1%, now owning approximately 0.47% of the company, valued at about $15.6 million.
• United Community Banks recently announced a quarterly dividend of $0.25 per share, reflecting an increase from the previous dividend, resulting in an annualized yield of 3.0%.
• Analysts have set new price targets for United Community Banks, with a consensus price target of $34.57 and several firms issuing "buy" ratings following their performance in earnings reports.

MetLife Investment Management LLC boosted its position in United Community Banks, Inc. (NASDAQ:UCB - Free Report) by 671.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 556,231 shares of the company's stock after buying an additional 484,094 shares during the period. MetLife Investment Management LLC owned approximately 0.47% of United Community Banks worth $15,647,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Public Employees Retirement System of Ohio purchased a new stake in shares of United Community Banks during the 4th quarter worth $42,000. Versant Capital Management Inc purchased a new stake in shares of United Community Banks during the 1st quarter worth $37,000. MassMutual Private Wealth & Trust FSB acquired a new position in United Community Banks during the first quarter worth about $45,000. Tower Research Capital LLC TRC acquired a new position in United Community Banks during the fourth quarter worth about $59,000. Finally, CWM LLC acquired a new position in United Community Banks during the first quarter worth about $62,000. 82.29% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on UCB. DA Davidson upped their target price on shares of United Community Banks from $34.00 to $36.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Raymond James Financial restated a "market perform" rating on shares of United Community Banks in a research report on Tuesday, July 8th. Keefe, Bruyette & Woods upped 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, Hovde Group lifted 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. Three investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $34.57.

Insider Activity

In other 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 completion of the sale, the executive vice president owned 78,395 shares in the company, valued at approximately $2,425,541.30. The trade was a 2.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.43% of the company's stock.

United Community Banks Trading Up 1.8%

Shares of NASDAQ:UCB traded up $0.58 during trading on Wednesday, reaching $33.70. 619,822 shares of the stock were exchanged, compared to its average volume of 711,792. 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 12-month low of $22.93 and a 12-month high of $35.38. The firm has a market cap of $4.09 billion, a price-to-earnings ratio of 16.52 and a beta of 0.83. The firm's 50-day moving average price is $30.89 and its 200 day moving average price is $29.39.

United Community Banks (NASDAQ:UCB - Get Free Report) last issued 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 return on equity of 8.64% and a net margin of 16.48%.The company's revenue was up 6.1% on a year-over-year basis. On average, sell-side 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. Stockholders of record on Monday, September 15th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Monday, September 15th. This is an increase from United Community Banks's previous quarterly dividend of $0.24. United Community Banks's dividend payout ratio (DPR) is presently 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.