Hovde Group Lowers United Community Banks (NYSE:UCB) Price Target to $37.00

Key Points

• Hovde Group cut its price target on United Community Banks to $37.00 from $38.00 and left a "market perform" rating, implying about a 10.45% upside from the prior close.
• UCB reported quarterly EPS of $0.70 (matching estimates) on $277.3M in revenue, with revenue up 11.6% year-over-year and analysts forecasting roughly 2.99 EPS for the fiscal year.
• Institutional ownership is substantial at 82.29%, with large recent stakes or increases from firms such as Norges Bank, Vaughan Nelson, and Goldman Sachs.

United Community Banks (NYSE:UCB - Get Free Report) had its target price lowered by stock analysts at Hovde Group from $38.00 to $37.00 in a research report issued to clients and investors on Monday, Marketbeat.com reports. The brokerage presently has a "market perform" rating on the stock. Hovde Group's target price would suggest a potential upside of 10.45% from the stock's previous close.

Other equities analysts also recently issued research reports about the company. Piper Sandler lifted their price target on United Community Banks from $35.00 to $36.00 and gave the company a "neutral" rating in a research note on Wednesday, April 22nd. DA Davidson reiterated a "buy" rating and set a $39.00 price target on shares of United Community Banks in a research note on Wednesday, April 22nd. Weiss Ratings upgraded United Community Banks from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, March 3rd. Stephens boosted their target price on United Community Banks from $37.00 to $39.00 and gave the stock an "overweight" rating in a research note on Thursday, January 15th. Finally, Zacks Research downgraded United Community Banks from a "strong-buy" rating to a "hold" rating in a research note on Monday, March 16th. Four research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $38.20.

United Community Banks Stock Up 1.3%

UCB stock traded up $0.42 during mid-day trading on Monday, reaching $33.50. 29,857 shares of the company traded hands, compared to its average volume of 921,396. The stock has a market cap of $4.01 billion, a price-to-earnings ratio of 12.34 and a beta of 0.82. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.03. United Community Banks has a fifty-two week low of $26.88 and a fifty-two week high of $36.77. The firm's 50 day moving average price is $32.37 and its 200 day moving average price is $32.09.

United Community Banks (NYSE:UCB - Get Free Report) last released its quarterly earnings results on Tuesday, April 21st. The company reported $0.70 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.70. The business had revenue of $277.30 million during the quarter. United Community Banks had a return on equity of 9.65% and a net margin of 22.05%.United Community Banks's revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.58 EPS. As a group, equities research analysts predict that United Community Banks will post 2.99 EPS for the current fiscal year.

Hedge Funds Weigh In On United Community Banks

A number of hedge funds and other institutional investors have recently modified their holdings of UCB. Norges Bank bought a new stake in shares of United Community Banks in the 4th quarter worth approximately $48,450,000. Vaughan Nelson Investment Management L.P. bought a new stake in shares of United Community Banks in the 1st quarter worth approximately $34,183,000. Goldman Sachs Group Inc. raised its holdings in shares of United Community Banks by 70.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,380,627 shares of the company's stock worth $43,103,000 after purchasing an additional 571,296 shares during the period. Wellington Management Group LLP raised its holdings in shares of United Community Banks by 125.7% in the 3rd quarter. Wellington Management Group LLP now owns 774,660 shares of the company's stock worth $24,286,000 after purchasing an additional 431,491 shares during the period. Finally, Azora Capital LP bought a new stake in shares of United Community Banks in the 3rd quarter worth approximately $13,423,000. Hedge funds and other institutional investors own 82.29% of the company's stock.

About United Community Banks

United Community Banks, Inc NYSE: UCB is a bank holding company headquartered in Blairsville, Georgia. It operates primarily through its subsidiary, United Community Bank, providing a broad range of banking and financial services to individual, business and governmental customers. The company's core offerings include deposit accounts, commercial and consumer lending, mortgage origination, treasury and cash management services, and wealth management.

In addition to traditional banking products such as checking, savings and money market accounts, United Community Bank specializes in commercial real estate financing, small business administration (SBA) loans, equipment financing and agricultural lending.

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