Principal Financial Group Inc. Acquires Shares of 594,407 United Community Banks, Inc. (NASDAQ:UCB)

Principal Financial Group Inc. purchased a new stake in shares of United Community Banks, Inc. (NASDAQ:UCB - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 594,407 shares of the company's stock, valued at approximately $16,721,000. Principal Financial Group Inc. owned about 0.50% of United Community Banks at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Nomura Asset Management Co. Ltd. bought a new stake in shares of United Community Banks during the fourth quarter worth $31,000. Public Employees Retirement System of Ohio bought a new position in shares of United Community Banks in the 4th quarter worth $42,000. Versant Capital Management Inc bought a new position in shares of United Community Banks during the 1st quarter valued at approximately $37,000. Quadrant Capital Group LLC bought a new position in shares of United Community Banks during the 4th quarter valued at approximately $45,000. Finally, MassMutual Private Wealth & Trust FSB bought a new position in shares of United Community Banks during the 1st quarter valued at approximately $45,000. 82.29% of the stock is owned by institutional investors.

United Community Banks Price Performance

Shares of NASDAQ:UCB traded down $1.03 during midday trading on Tuesday, reaching $30.71. 418,937 shares of the company were exchanged, compared to its average volume of 662,856. The stock has a market cap of $3.73 billion, a PE ratio of 15.05 and a beta of 0.78. The business's fifty day moving average is $29.32 and its two-hundred day moving average is $29.64. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.08. United Community Banks, Inc. has a one year low of $22.93 and a one year high of $35.38.

United Community Banks Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 3rd. Investors of record on Sunday, June 15th were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 3.13%. The ex-dividend date of this dividend was Friday, June 13th. United Community Banks's dividend payout ratio is presently 45.50%.

Analyst Ratings Changes

UCB has been the topic of several recent analyst reports. Keefe, Bruyette & Woods lowered their target price 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. DA Davidson decreased their target price on shares of United Community Banks from $38.00 to $33.00 and set a "buy" rating on the stock in a research report on Wednesday, April 23rd. Stephens reissued an "overweight" rating and issued a $36.00 price target on shares of United Community Banks in a report on Wednesday, April 23rd. Raymond James Financial reaffirmed a "market perform" rating on shares of United Community Banks in a research note on Tuesday, July 8th. Finally, Hovde Group raised shares of United Community Banks from a "market perform" rating to an "outperform" rating and dropped their price objective for the stock from $32.00 to $31.00 in a research note on Monday, April 7th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, United Community Banks has an average rating of "Hold" and an average price target of $33.14.

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.