Rafferty Asset Management LLC Makes New $3.59 Million Investment in United Community Banks, Inc. (NASDAQ:UCB)

Rafferty Asset Management LLC bought a new position in United Community Banks, Inc. (NASDAQ:UCB - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 111,039 shares of the company's stock, valued at approximately $3,588,000. Rafferty Asset Management LLC owned approximately 0.09% of United Community Banks as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of UCB. Vanguard Group Inc. acquired a new position in United Community Banks in the 4th quarter worth about $450,141,000. FMR LLC acquired a new position in United Community Banks in the 4th quarter worth about $310,166,000. Dimensional Fund Advisors LP acquired a new position in United Community Banks in the 4th quarter worth about $195,766,000. Capital Research Global Investors acquired a new position in United Community Banks in the 4th quarter worth about $148,763,000. Finally, Earnest Partners LLC acquired a new position in United Community Banks in the 4th quarter worth about $113,536,000. Institutional investors and hedge funds own 82.29% of the company's stock.

United Community Banks Trading Down 0.3%

NASDAQ UCB opened at $29.69 on Monday. The business has a 50 day simple moving average of $27.14 and a 200 day simple moving average of $30.54. United Community Banks, Inc. has a one year low of $22.93 and a one year high of $35.38. The stock has a market capitalization of $3.55 billion, a P/E ratio of 14.55 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.

United Community Banks Announces Dividend

The firm 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 dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.96 annualized dividend and a yield of 3.23%. United Community Banks's dividend payout ratio is currently 45.50%.

Insider Buying and Selling

In other news, Director Sally Pope Davis acquired 1,800 shares of United Community Banks stock in a transaction on Tuesday, March 11th. The stock was purchased at an average price of $28.19 per share, with a total value of $50,742.00. Following the completion of the purchase, the director now owns 3,264 shares of the company's stock, valued at approximately $92,012.16. The trade was a 122.95% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.43% of the stock is currently owned by insiders.

Analyst Ratings Changes

UCB has been the subject of a number of analyst reports. 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. Stephens restated an "overweight" rating and set a $36.00 price objective on shares of United Community Banks in a research report on Wednesday, April 23rd. DA Davidson lowered 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. Hovde Group upgraded 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 report on Monday, April 7th. Finally, Keefe, Bruyette & Woods lowered 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. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, United Community Banks has a consensus rating of "Moderate Buy" and a consensus target price of $33.14.

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.

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