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 bought a new stake in United Community Banks, Inc. (NASDAQ:UCB - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 21,238 shares of the company's stock, valued at approximately $597,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of UCB. M&T Bank Corp acquired a new position in shares of United Community Banks during the first quarter worth $926,000. Amalgamated Bank bought a new position in shares of United Community Banks during the first quarter worth about $957,000. Principal Financial Group Inc. bought a new position in United Community Banks in the 1st quarter valued at about $16,721,000. GAMMA Investing LLC bought a new position in United Community Banks in the 1st quarter valued at about $132,000. Finally, New York State Teachers Retirement System acquired a new stake in United Community Banks in the 1st quarter valued at about $2,897,000. 82.29% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at United Community Banks

In other United Community Banks news, EVP Richard Bradshaw sold 1,616 shares of the 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 completion of the transaction, the executive vice president directly owned 78,395 shares in the company, valued at approximately $2,425,541.30. This trade represents a 2.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.43% of the stock is currently owned by corporate insiders.

United Community Banks Stock Up 0.7%

NASDAQ UCB 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 company has a market capitalization of $3.61 billion, a PE ratio of 14.55 and a beta of 0.83. United Community Banks, Inc. has a 12 month low of $22.93 and a 12 month high of $35.38. The company's 50-day moving average price is $30.10 and its two-hundred day moving average price is $29.52. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.78 and a current ratio of 0.78.

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

United Community Banks Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research firms have commented on UCB. Stephens reaffirmed an "overweight" rating and set a $36.00 price objective on shares of United Community Banks in a research note on Wednesday, April 23rd. Raymond James Financial restated a "market perform" rating on shares of United Community Banks in a report on Tuesday, July 8th. DA Davidson increased their price target on United Community Banks from $34.00 to $36.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Keefe, Bruyette & Woods increased their price objective on United Community Banks from $32.00 to $34.00 and gave the company a "market perform" rating in a research report on Monday, July 28th. Finally, Hovde Group raised their target price on United Community Banks from $35.00 to $36.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat.com, United Community Banks presently has a consensus rating of "Hold" and an average price target 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.