Peregrine Capital Management LLC Invests $5.63 Million in United Community Banks, Inc. (NASDAQ:UCB)

Peregrine Capital Management LLC bought a new stake in shares of United Community Banks, Inc. (NASDAQ:UCB - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 200,278 shares of the company's stock, valued at approximately $5,634,000. Peregrine Capital Management LLC owned 0.17% of United Community Banks at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in UCB. Bank of Montreal Can purchased a new position in shares of United Community Banks in the 4th quarter worth approximately $508,000. SG Americas Securities LLC bought a new position in shares of United Community Banks during the first quarter valued at approximately $665,000. Mayfair Advisory Group LLC purchased a new stake in shares of United Community Banks in the first quarter worth approximately $931,000. Oppenheimer Asset Management Inc. purchased a new position in United Community Banks during the 1st quarter valued at $1,598,000. Finally, Patriot Investment Management Group Inc. bought a new position in United Community Banks in the 1st quarter valued at $502,000. 82.29% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on UCB shares. 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 on the stock in a research note on Wednesday, April 30th. Stephens restated an "overweight" rating and set a $36.00 price target on shares of United Community Banks in a research note on Wednesday, April 23rd. Hovde Group raised shares of United Community Banks from a "market perform" rating to an "outperform" rating and lowered their price objective for the stock from $32.00 to $31.00 in a research note on Monday, April 7th. Finally, DA Davidson reduced their price target on shares of United Community Banks from $38.00 to $33.00 and set a "buy" rating for the company in a report on Wednesday, April 23rd. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $33.14.

United Community Banks Stock Up 3.5%

NASDAQ:UCB traded up $1.03 during mid-day trading on Tuesday, hitting $30.82. 608,956 shares of the company's stock traded hands, compared to its average volume of 668,608. The company has a fifty day moving average of $28.60 and a 200 day moving average of $29.68. 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 twelve month low of $22.93 and a twelve month high of $35.38. The company has a market capitalization of $3.74 billion, a P/E ratio of 15.11 and a beta of 0.78.

United Community Banks Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 3rd. Investors of record on Sunday, June 15th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 3.11%. The ex-dividend date of this dividend is Friday, June 13th. United Community Banks's dividend payout ratio (DPR) is presently 45.50%.

About United Community Banks

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.