United Community Banks (NASDAQ:UCBI) had its price objective reduced by research analysts at Raymond James from $39.00 to $36.00 in a research report issued to clients and investors on Wednesday, The Fly reports. The firm currently has an "outperform" rating on the financial services provider's stock. Raymond James' target price points to a potential upside of 25.22% from the company's previous close.
Separately, Zacks Investment Research upgraded United Community Banks from a "hold" rating to a "buy" rating and set a $32.00 price objective on the stock in a report on Wednesday. Four analysts have rated the stock with a buy rating, United Community Banks has a consensus rating of "Buy" and a consensus price target of $28.63.
UCBI stock traded down $0.17 during trading on Wednesday, hitting $28.75. The company had a trading volume of 442,927 shares, compared to its average volume of 435,093. The company has a market capitalization of $2.49 billion, a price-to-earnings ratio of 12.39 and a beta of 1.26. The firm has a 50 day moving average price of $32.93. United Community Banks has a fifty-two week low of $15.73 and a fifty-two week high of $36.67. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 0.16.
United Community Banks (NASDAQ:UCBI) last issued its quarterly earnings results on Monday, July 19th. The financial services provider reported $0.79 EPS for the quarter, topping the consensus estimate of $0.67 by $0.12. United Community Banks had a net margin of 27.81% and a return on equity of 11.38%. The firm had revenue of $174.22 million for the quarter, compared to analysts' expectations of $169.90 million. During the same period in the previous year, the business earned $0.32 earnings per share. United Community Banks's revenue for the quarter was up 16.5% compared to the same quarter last year. As a group, equities analysts predict that United Community Banks will post 2.71 EPS for the current fiscal year.
In related news, CFO Jefferson L. Harralson sold 6,000 shares of the business's stock in a transaction that occurred on Friday, April 23rd. The stock was sold at an average price of $32.00, for a total value of $192,000.00. Following the completion of the sale, the chief financial officer now owns 26,142 shares of the company's stock, valued at approximately $836,544. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO H Lynn Harton sold 10,000 shares of the business's stock in a transaction that occurred on Thursday, July 1st. The shares were sold at an average price of $32.16, for a total value of $321,600.00. The disclosure for this sale can be found here. 0.62% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Norges Bank bought a new stake in United Community Banks during the fourth quarter worth approximately $28,804,000. Cidel Asset Management Inc. bought a new stake in United Community Banks during the first quarter worth approximately $16,031,000. Principal Financial Group Inc. boosted its position in United Community Banks by 12.2% during the first quarter. Principal Financial Group Inc. now owns 2,177,753 shares of the financial services provider's stock worth $74,305,000 after purchasing an additional 237,275 shares during the period. Schroder Investment Management Group boosted its position in United Community Banks by 9.3% during the fourth quarter. Schroder Investment Management Group now owns 2,264,125 shares of the financial services provider's stock worth $64,392,000 after purchasing an additional 192,702 shares during the period. Finally, Massachusetts Financial Services Co. MA bought a new stake in United Community Banks during the first quarter worth approximately $5,488,000. 90.88% of the stock is owned by institutional investors and hedge funds.
About United Community Banks
United Community Banks, Inc operates as a bank holding company for the United Community Bank, a state-chartered bank that provides various banking products and services. The company accepts checking, savings, money market, negotiable order of withdrawal, time, and other deposit accounts, as well as certificates of deposit.
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