Rhumbline Advisers Takes $9.82 Million Position in United Community Banks, Inc. $UCB

Key Points

• Rhumbline Advisers has made a significant investment of $9.82 million in United Community Banks, purchasing 348,967 shares, representing a 0.29% stake in the company.
• United Community Banks recently reported a quarterly EPS of $0.66, surpassing expectations, and has announced an increase in its quarterly dividend to $0.25 per share, reflecting a yield of 3.1%.
• Analysts have generally maintained a 'Hold' rating on UCB stock, with a consensus target price of $34.57, while some have also upgraded their ratings, indicating positive sentiment about the company’s future performance.

Rhumbline Advisers purchased a new stake in shares of United Community Banks, Inc. (NASDAQ:UCB - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 348,967 shares of the company's stock, valued at approximately $9,816,000. Rhumbline Advisers owned 0.29% of United Community Banks at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of UCB. Jane Street Group LLC bought a new position in shares of United Community Banks during the 4th quarter valued at $1,772,000. Ameriprise Financial Inc. bought a new position in shares of United Community Banks during the 4th quarter valued at $10,658,000. BNP Paribas Financial Markets bought a new position in shares of United Community Banks during the 4th quarter valued at $794,000. Bank of America Corp DE bought a new position in shares of United Community Banks during the 4th quarter valued at $16,468,000. Finally, Cetera Investment Advisers bought a new position in shares of United Community Banks during the 4th quarter valued at $329,000. 82.29% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

UCB has been the subject of several analyst reports. Raymond James Financial restated a "market perform" rating on shares of United Community Banks in a research note on Tuesday, July 8th. Hovde Group upped 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. Keefe, Bruyette & Woods upped 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, July 28th. Finally, DA Davidson upped 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. Three investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $34.57.

United Community Banks Price Performance

UCB stock traded down $0.55 during trading on Tuesday, reaching $31.15. The company's stock had a trading volume of 118,522 shares, compared to its average volume of 692,546. United Community Banks, Inc. has a 1 year low of $22.93 and a 1 year high of $35.38. 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 company has a market capitalization of $3.78 billion, a P/E ratio of 15.28 and a beta of 0.86. The company's fifty day moving average is $31.67 and its 200-day moving average is $29.36.

United Community Banks (NASDAQ:UCB - Get Free Report) last issued its quarterly 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%.The firm's revenue was up 6.1% on a year-over-year basis. On average, research analysts expect that United Community Banks, Inc. will post 2.52 earnings per share for the current fiscal year.

United Community Banks Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 3rd. Shareholders of record on Monday, September 15th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date is Monday, September 15th. This is a boost from United Community Banks's previous quarterly dividend of $0.24. United Community Banks's dividend payout ratio (DPR) is currently 45.45%.

Insider Transactions at United Community Banks

In other United Community Banks news, EVP Richard Bradshaw sold 1,616 shares of the 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 owned 78,395 shares in the company, valued at approximately $2,425,541.30. This represents a 2.02% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.43% of the company's stock.

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.