Oppenheimer Asset Management Inc. Invests $1.60 Million in United Community Banks, Inc. (NASDAQ:UCB)

Oppenheimer Asset Management Inc. acquired a new stake in shares of United Community Banks, Inc. (NASDAQ:UCB - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor acquired 56,816 shares of the company's stock, valued at approximately $1,598,000.

A number of other large investors also recently added to or reduced their stakes in the business. Moisand Fitzgerald Tamayo LLC bought a new stake in shares of United Community Banks in the first quarter worth about $114,000. Praxis Investment Management Inc. bought a new position in shares of United Community Banks during the first quarter valued at $204,000. O Dell Group LLC bought a new position in shares of United Community Banks in the first quarter worth approximately $345,000. Blue Trust Inc. bought a new stake in shares of United Community Banks in the 1st quarter worth $135,000. Finally, State of Alaska Department of Revenue bought a new stake in United Community Banks in the 1st quarter worth about $1,860,000. Hedge funds and other institutional investors own 82.29% of the company's stock.

United Community Banks Trading Up 3.5%

Shares of NASDAQ UCB traded up $1.03 during mid-day trading on Tuesday, reaching $30.82. The company had a trading volume of 608,956 shares, compared to its average volume of 668,608. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.08. The stock has a market cap of $3.74 billion, a price-to-earnings ratio of 15.11 and a beta of 0.78. The business's 50-day moving average is $28.70 and its 200-day moving average is $29.68. United Community Banks, Inc. has a 52 week low of $22.93 and a 52 week high of $35.38.

United Community Banks Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 3rd. Stockholders of record on Sunday, June 15th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date is Friday, June 13th. United Community Banks's payout ratio is 45.50%.

Wall Street Analyst Weigh In

UCB has been the subject of several research reports. Keefe, Bruyette & Woods reduced their price target on shares of 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. Stephens reissued an "overweight" rating and issued a $36.00 target price on shares of United Community Banks in a report on Wednesday, April 23rd. DA Davidson dropped their price target on United Community Banks from $38.00 to $33.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Finally, Hovde Group upgraded shares of United Community Banks from a "market perform" rating to an "outperform" rating and decreased their target price for the company from $32.00 to $31.00 in a research report on Monday, April 7th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $33.14.

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.