Rhumbline Advisers Makes New $9.82 Million Investment 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) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 348,967 shares of the company's stock, valued at approximately $9,816,000. Rhumbline Advisers owned 0.29% of United Community Banks as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of the company. State of Wyoming boosted its holdings in shares of United Community Banks by 9.4% during the first quarter. State of Wyoming now owns 4,010 shares of the company's stock valued at $113,000 after acquiring an additional 344 shares during the period. Xponance Inc. boosted its holdings in shares of United Community Banks by 5.8% during the first quarter. Xponance Inc. now owns 9,094 shares of the company's stock valued at $256,000 after acquiring an additional 500 shares during the period. Great Lakes Advisors LLC boosted its holdings in shares of United Community Banks by 0.6% during the first quarter. Great Lakes Advisors LLC now owns 94,983 shares of the company's stock valued at $2,672,000 after acquiring an additional 584 shares during the period. Quarry LP acquired a new position in shares of United Community Banks during the first quarter valued at $26,000. Finally, Public Employees Retirement System of Ohio acquired a new stake in United Community Banks in the fourth quarter worth about $42,000. Institutional investors and hedge funds own 82.29% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on UCB shares. Raymond James Financial reaffirmed a "market perform" rating on shares of United Community Banks in a report on Tuesday, July 8th. DA Davidson upped their price objective on shares of United Community Banks from $34.00 to $36.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Hovde Group upped their price objective on shares of United Community Banks from $35.00 to $36.00 and gave the stock an "outperform" rating in a report on Thursday, July 24th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of United Community Banks from $32.00 to $34.00 and gave the stock a "market perform" rating in a report on Monday, July 28th. Three analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $34.57.

United Community Banks Trading Down 1.0%

NASDAQ UCB traded down $0.32 on Friday, hitting $32.34. 624,720 shares of the company were exchanged, compared to its average volume of 696,556. The company's 50 day moving average price is $31.66 and its 200-day moving average price is $29.38. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a market capitalization of $3.93 billion, a P/E ratio of 15.85 and a beta of 0.86. United Community Banks, Inc. has a twelve month low of $22.93 and a twelve month high of $35.38.

United Community Banks (NASDAQ:UCB - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The company reported $0.66 earnings per share for the quarter, beating 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 for the quarter was up 6.1% on a year-over-year basis. Analysts predict 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 announced a quarterly dividend, which will be paid on Friday, October 3rd. Stockholders of record on Monday, September 15th will be issued a $0.25 dividend. The ex-dividend date is Monday, September 15th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.1%. This is a positive change from United Community Banks's previous quarterly dividend of $0.24. United Community Banks's dividend payout ratio is currently 45.45%.

Insider Buying and Selling at United Community Banks

In other news, EVP Richard Bradshaw sold 1,616 shares of the company's stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $30.94, for a total value of $49,999.04. Following the transaction, the executive vice president owned 78,395 shares in the company, valued at $2,425,541.30. This represents a 2.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.43% of the stock is owned by corporate insiders.

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.