State of Alaska Department of Revenue Acquires Shares of 66,139 United Community Banks, Inc. (NASDAQ:UCB)

State of Alaska Department of Revenue bought a new stake in shares of United Community Banks, Inc. (NASDAQ:UCB - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 66,139 shares of the company's stock, valued at approximately $1,860,000. State of Alaska Department of Revenue owned approximately 0.06% of United Community Banks at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Nomura Asset Management Co. Ltd. purchased a new position in United Community Banks in the fourth quarter worth approximately $31,000. Public Employees Retirement System of Ohio acquired a new position in shares of United Community Banks in the 4th quarter valued at $42,000. Versant Capital Management Inc purchased a new position in shares of United Community Banks in the 1st quarter valued at approximately $37,000. Quadrant Capital Group LLC acquired a new stake in United Community Banks in the fourth quarter valued at about $45,000. Finally, MassMutual Private Wealth & Trust FSB purchased a new position in shares of United Community Banks in the 1st quarter valued at about $45,000. 82.29% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have weighed in on UCB. Stephens reissued an "overweight" rating and set a $36.00 price target on shares of United Community Banks in a research note on Wednesday, April 23rd. Keefe, Bruyette & Woods cut 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 dropped their target price on 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. Finally, Hovde Group upgraded shares of United Community Banks from a "market perform" rating to an "outperform" rating and reduced their target price for the stock from $32.00 to $31.00 in a report on Monday, April 7th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat, United Community Banks presently has an average rating of "Moderate Buy" and an average target price of $33.14.

United Community Banks Stock Up 0.3%

Shares of NASDAQ:UCB traded up $0.08 during trading on Wednesday, hitting $29.12. 291,775 shares of the company's stock traded hands, compared to its average volume of 663,406. The company has a 50-day moving average price of $28.20 and a 200-day moving average price of $29.81. United Community Banks, Inc. has a 52 week low of $22.93 and a 52 week high of $35.38. The company has a market cap of $3.54 billion, a price-to-earnings ratio of 14.27 and a beta of 0.78. 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 Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 3rd. Investors of record on Sunday, June 15th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.30%. The ex-dividend date is Friday, June 13th. United Community Banks's dividend payout ratio is currently 45.50%.

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.