Resolute Wealth Strategies LLC Invests $288,000 in United Community Banks, Inc. (NASDAQ:UCB)

Key Points

• Resolute Wealth Strategies LLC has acquired a new stake in United Community Banks, purchasing 10,234 shares valued at approximately $288,000 in the first quarter of 2023.
• Analysts remain optimistic about United Community Banks' performance, with several brokerages reiterating "buy" ratings and price targets ranging from $32.00 to $36.00.
• The company recently announced a quarterly dividend of $0.24, translating to an annual yield of 3.04%, with a dividend payout ratio of 43.64%.

Resolute Wealth Strategies LLC purchased a new position in shares of United Community Banks, Inc. (NASDAQ:UCB - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 10,234 shares of the company's stock, valued at approximately $288,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Nomura Asset Management Co. Ltd. bought a new position in United Community Banks in the fourth quarter worth approximately $31,000. Public Employees Retirement System of Ohio bought a new position in United Community Banks in the fourth quarter worth approximately $42,000. Versant Capital Management Inc bought a new position in United Community Banks in the first quarter worth approximately $37,000. Quadrant Capital Group LLC bought a new position in United Community Banks in the fourth quarter worth approximately $45,000. Finally, MassMutual Private Wealth & Trust FSB bought a new position in United Community Banks in the first quarter worth approximately $45,000. Institutional investors own 82.29% of the company's stock.

Insider Transactions at United Community Banks

In other United Community Banks news, EVP Richard Bradshaw sold 1,616 shares of the firm's stock in a transaction on Monday, July 28th. The stock was sold at an average price of $30.94, for a total value of $49,999.04. Following the completion of the sale, the executive vice president directly owned 78,395 shares of the company's stock, valued at $2,425,541.30. This trade represents a 2.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.43% of the stock is owned by corporate insiders.

United Community Banks Stock Performance

United Community Banks stock traded down $0.07 during mid-day trading on Wednesday, reaching $31.17. 120,470 shares of the company's stock were exchanged, compared to its average volume of 727,010. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.08. The business's fifty day simple moving average is $29.88 and its 200 day simple moving average is $29.63. United Community Banks, Inc. has a one year low of $22.93 and a one year high of $35.38. The firm has a market capitalization of $3.79 billion, a PE ratio of 15.27 and a beta of 0.78.

United Community Banks (NASDAQ:UCB - Get Free Report) last released its earnings results on Wednesday, July 23rd. The company reported $0.66 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.61 by $0.05. United Community Banks had a return on equity of 8.64% and a net margin of 16.48%. United Community Banks's revenue was up 6.1% compared to the same quarter last year. On average, sell-side analysts expect that United Community Banks, Inc. will post 2.52 earnings per share for the current year.

United Community Banks Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, July 3rd. Shareholders of record on Sunday, June 15th were given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date was Friday, June 13th. United Community Banks's dividend payout ratio is currently 43.64%.

Analyst Ratings Changes

Several analysts have recently commented on UCB shares. Raymond James Financial reissued a "market perform" rating on shares of United Community Banks in a research note on Tuesday, July 8th. DA Davidson increased their price objective on United Community Banks from $34.00 to $36.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Keefe, Bruyette & Woods increased their price objective on United Community Banks from $32.00 to $34.00 and gave the stock a "market perform" rating in a research note on Monday. Hovde Group increased their price objective on United Community Banks from $35.00 to $36.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. Finally, Stephens reiterated an "overweight" rating and set a $36.00 price target on shares of United Community Banks in a report on Wednesday, April 23rd. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, United Community Banks presently has a consensus rating of "Hold" and a consensus target price of $34.57.

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.