Zurcher Kantonalbank Zurich Cantonalbank Makes New Investment in United Community Banks, Inc. (NASDAQ:UCB)

Key Points

• Zurcher Kantonalbank acquired a new position in United Community Banks, purchasing 21,238 shares valued at approximately $597,000 in the first quarter.
• Analysts have raised their target prices for United Community Banks, with firms like Keefe, Bruyette & Woods setting a new target of $34.00 and six analysts issuing either hold or buy ratings.
• The company recently declared a quarterly dividend of $0.24, resulting in an annualized dividend yield of 3.2%.

Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of United Community Banks, Inc. (NASDAQ:UCB - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 21,238 shares of the company's stock, valued at approximately $597,000.

Several other hedge funds also recently modified their holdings of UCB. Xponance Inc. raised 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 purchasing an additional 500 shares during the period. Public Employees Retirement System of Ohio acquired a new position in United Community Banks during the 4th 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 acquired a new stake in United Community Banks in the fourth quarter valued at approximately $45,000. Finally, MassMutual Private Wealth & Trust FSB bought a new stake in shares of United Community Banks during the first quarter valued at approximately $45,000. Institutional investors own 82.29% of the company's stock.

Insider Activity

In related news, EVP Richard Bradshaw sold 1,616 shares of the firm's stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $30.94, for a total value of $49,999.04. Following the completion of the transaction, the executive vice president directly owned 78,395 shares of the company's stock, valued at approximately $2,425,541.30. This trade represents a 2.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.43% of the stock is currently owned by company insiders.

United Community Banks Stock Performance

United Community Banks stock traded up $0.20 during trading on Friday, hitting $29.67. The stock had a trading volume of 481,604 shares, compared to its average volume of 728,247. The stock's 50 day moving average is $30.08 and its two-hundred day moving average is $29.56. United Community Banks, Inc. has a 1 year low of $22.93 and a 1 year high of $35.38. The stock has a market cap of $3.61 billion, a price-to-earnings ratio of 14.55 and a beta of 0.83. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.08.

United Community Banks (NASDAQ:UCB - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The company reported $0.66 EPS 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 business's revenue was up 6.1% compared to the same quarter last year. As a group, analysts predict that United Community Banks, Inc. will post 2.52 EPS for the current year.

United Community Banks Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 3rd. Stockholders of record on Sunday, June 15th were given a $0.24 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $0.96 annualized dividend and a dividend yield of 3.2%. United Community Banks's payout ratio is 43.64%.

Analyst Ratings Changes

UCB has been the topic of several research reports. Stephens restated an "overweight" rating and set a $36.00 price objective on shares of United Community Banks in a report on Wednesday, April 23rd. Keefe, Bruyette & Woods upped their target price 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. DA Davidson lifted their price target on United Community Banks from $34.00 to $36.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Raymond James Financial reissued a "market perform" rating on shares of United Community Banks in a research note on Tuesday, July 8th. Finally, Hovde Group increased their price target on United Community Banks from $35.00 to $36.00 and gave the company an "outperform" rating in a research report on Thursday, July 24th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $34.57.

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.