United Community Banks (NYSE:UCB) Hits New 52-Week High - What's Next?

Key Points

• United Community Banks shares reached a new 52-week high, trading near $37.56 and rising 2.9%. The stock has a market capitalization of approximately $4.56 billion.
• Analyst sentiment is generally positive, with a consensus rating of “Buy” and an average price target of $40.00; Zacks Research and TD Cowen recently upgraded the stock to “Strong Buy.”
• The company reported quarterly EPS of $0.77, matching estimates, and increased its quarterly dividend from $0.25 to $0.26 per share, providing an annualized yield of approximately 2.8%.

United Community Banks, Inc. (NYSE:UCB - Get Free Report) shares hit a new 52-week high during mid-day trading on Monday. The stock traded as high as $37.50 and last traded at $37.5610, with a volume of 50,127 shares traded. The stock had previously closed at $36.73.

Analyst Upgrades and Downgrades

UCB has been the subject of a number of recent analyst reports. Zacks Research upgraded United Community Banks from a "hold" rating to a "strong-buy" rating in a report on Wednesday, October 21st. Wall Street Zen upgraded United Community Banks from a "sell" rating to a "hold" rating in a research note on Saturday, September 12th. TD Cowen upgraded shares of United Community Banks to a "strong-buy" rating in a research report on Thursday, July 16th. Piper Sandler increased their price objective on shares of United Community Banks from $37.00 to $38.00 and gave the company a "neutral" rating in a report on Wednesday, September 9th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of United Community Banks in a research report on Friday, September 25th. Two research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $40.00.

United Community Banks Trading Up 2.9%

The stock's fifty day moving average price is $34.83 and its 200 day moving average price is $34.07. The stock has a market capitalization of $4.56 billion, a P/E ratio of 32.09 and a beta of 0.86. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.78 and a quick ratio of 0.78.

United Community Banks (NYSE:UCB - Get Free Report) last issued its earnings results on Tuesday, October 20th. The company reported $0.77 EPS for the quarter, hitting analysts' consensus estimates of $0.77. United Community Banks had a net margin of 9.06% and a return on equity of 9.66%. The business had revenue of $291.90 million for the quarter. Research analysts forecast that United Community Banks, Inc. will post 3.01 earnings per share for the current year.

United Community Banks Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, October 5th. Stockholders of record on Tuesday, September 15th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend was Tuesday, September 15th. This is a positive change from United Community Banks's previous quarterly dividend of $0.25. United Community Banks's dividend payout ratio is currently 88.14%.

Insider Activity at United Community Banks

In related news, EVP Richard Bradshaw sold 1,345 shares of the company's stock in a transaction dated Monday, October 26th. The shares were sold at an average price of $37.17, for a total value of $49,993.65. Following the completion of the sale, the executive vice president directly owned 82,054 shares of the company's stock, valued at $3,049,947.18. This represents a 1.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.45% of the company's stock.

Institutional Investors Weigh In On United Community Banks

Institutional investors and hedge funds have recently modified their holdings of the company. Commonwealth Equity Services LLC increased its holdings in United Community Banks by 8.4% in the third quarter. Commonwealth Equity Services LLC now owns 9,393 shares of the company's stock valued at $313,000 after buying an additional 724 shares in the last quarter. ProShare Advisors LLC raised its holdings in United Community Banks by 40.6% in the third quarter. ProShare Advisors LLC now owns 297,968 shares of the company's stock valued at $9,937,000 after acquiring an additional 86,023 shares in the last quarter. Root Financial Partners LLC purchased a new stake in United Community Banks during the 3rd quarter worth about $31,000. Willis Investment Counsel purchased a new stake in United Community Banks in the third quarter valued at approximately $399,000. Finally, Barlow Wealth Partners LLC increased its position in United Community Banks by 42.0% during the 3rd quarter. Barlow Wealth Partners LLC now owns 8,546 shares of the company's stock worth $288,000 after purchasing an additional 2,526 shares in the last quarter. Institutional investors and hedge funds own 82.29% of the company's stock.

About United Community Banks

United Community Banks, Inc is a bank holding company headquartered in Blairsville, Georgia. Through its principal subsidiary, United Community Bank, the company provides banking and financial services to consumers, businesses and communities primarily across the Southeastern United States.

United Community Bank offers deposit accounts, consumer and commercial lending, residential mortgages, credit cards, online and mobile banking, treasury management and other financial services. Its lending activities include commercial real estate, business, construction, residential and consumer loans.

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