Summit Investment Advisors Inc. Invests $404,000 in United Community Banks, Inc. (NASDAQ:UCB)

Summit Investment Advisors Inc. purchased a new position in United Community Banks, Inc. (NASDAQ:UCB - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 12,514 shares of the company's stock, valued at approximately $404,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of UCB. Farther Finance Advisors LLC purchased a new position in shares of United Community Banks during the fourth quarter worth approximately $80,000. Great Lakes Advisors LLC purchased a new position in United Community Banks during the 4th quarter worth $3,050,000. Swiss National Bank bought a new stake in United Community Banks during the 4th quarter valued at $7,573,000. Commonwealth Equity Services LLC purchased a new stake in shares of United Community Banks in the 4th quarter worth $273,000. Finally, Natixis Advisors LLC purchased a new stake in shares of United Community Banks in the 4th quarter worth $498,000. 82.29% of the stock is owned by institutional investors.

United Community Banks Stock Down 0.4 %

Shares of United Community Banks stock traded down $0.10 on Friday, reaching $27.21. The stock had a trading volume of 164,646 shares, compared to its average volume of 792,760. The company has a 50 day moving average price of $27.96 and a 200 day moving average price of $30.51. 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, Inc. has a 1 year low of $22.93 and a 1 year high of $35.38. The stock has a market capitalization of $3.25 billion, a P/E ratio of 13.34 and a beta of 0.80.

United Community Banks Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 4th. Stockholders of record on Friday, March 14th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.53%. The ex-dividend date was Friday, March 14th. United Community Banks's payout ratio is presently 45.50%.

Insider Activity

In other United Community Banks news, CEO H Lynn Harton sold 31,679 shares of the company's stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $33.84, for a total transaction of $1,072,017.36. Following the transaction, the chief executive officer now owns 112,444 shares in the company, valued at approximately $3,805,104.96. This represents a 21.98 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Richard Bradshaw sold 1,527 shares of the firm's stock in a transaction on Monday, January 27th. The stock was sold at an average price of $32.72, for a total transaction of $49,963.44. Following the completion of the transaction, the executive vice president now directly owns 67,876 shares of the company's stock, valued at approximately $2,220,902.72. This represents a 2.20 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.54% of the company's stock.

Analysts Set New Price Targets

Several research firms recently weighed in on UCB. Stephens restated an "overweight" rating and issued a $36.00 price objective on shares of United Community Banks in a report on Wednesday. Piper Sandler boosted their price target on shares of United Community Banks from $32.00 to $35.00 and gave the company a "neutral" rating in a report on Thursday, January 23rd. DA Davidson dropped their price objective on shares of United Community Banks from $38.00 to $33.00 and set a "buy" rating on the stock in a research note on Wednesday. Finally, Hovde Group raised shares of United Community Banks from a "market perform" rating to an "outperform" rating and reduced their price objective for the stock from $32.00 to $31.00 in a research note on Monday, April 7th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $33.33.

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.