Millennium Management LLC Acquires New Position in United Community Banks, Inc. (NASDAQ:UCB)

Millennium Management LLC acquired a new stake in United Community Banks, Inc. (NASDAQ:UCB - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 485,580 shares of the company's stock, valued at approximately $15,689,000. Millennium Management LLC owned 0.41% of United Community Banks at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Nomura Asset Management Co. Ltd. purchased a new stake in shares of United Community Banks in the fourth quarter valued at about $31,000. Quadrant Capital Group LLC purchased a new stake in shares of United Community Banks in the fourth quarter valued at about $45,000. Tower Research Capital LLC TRC acquired a new stake in shares of United Community Banks during the 4th quarter worth about $59,000. Farther Finance Advisors LLC acquired a new stake in shares of United Community Banks during the 4th quarter worth about $80,000. Finally, Sterling Capital Management LLC acquired a new stake in shares of United Community Banks during the 4th quarter worth about $124,000. Hedge funds and other institutional investors own 82.29% of the company's stock.

Insider Transactions at United Community Banks

In related news, Director Sally Pope Davis acquired 1,800 shares of the stock in a transaction dated Tuesday, March 11th. The stock was acquired at an average cost of $28.19 per share, with a total value of $50,742.00. Following the completion of the transaction, the director now owns 3,264 shares in the company, valued at $92,012.16. This represents a 122.95% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.43% of the company's stock.

Analysts Set New Price Targets

UCB has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods cut their price objective on United Community Banks from $35.00 to $32.00 and set a "market perform" rating for the company in a research report on Wednesday, April 30th. Piper Sandler raised their price objective on United Community Banks from $32.00 to $35.00 and gave the stock a "neutral" rating in a research report on Thursday, January 23rd. DA Davidson cut their price objective on 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. Stephens reissued an "overweight" rating and set a $36.00 price objective on shares of United Community Banks in a research report on Wednesday, April 23rd. Finally, Hovde Group raised United Community Banks from a "market perform" rating to an "outperform" rating and cut their price objective for the stock from $32.00 to $31.00 in a research report on Monday, April 7th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, United Community Banks has a consensus rating of "Moderate Buy" and a consensus target price of $33.14.

United Community Banks Stock Performance

NASDAQ UCB opened at $28.61 on Friday. The company has a market cap of $3.42 billion, a P/E ratio of 14.02 and a beta of 0.75. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.78 and a quick ratio of 0.78. The stock has a 50-day moving average of $27.19 and a two-hundred day moving average of $30.53. United Community Banks, Inc. has a 1-year low of $22.93 and a 1-year high of $35.38.

United Community Banks Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 3rd. Shareholders of record on Sunday, June 15th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 3.36%. The ex-dividend date of this dividend is Friday, June 13th. United Community Banks's dividend payout ratio is currently 45.50%.

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.

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