The Manufacturers Life Insurance Company Acquires New Position in United Community Banks, Inc. (NASDAQ:UCB)

The Manufacturers Life Insurance Company bought a new position in United Community Banks, Inc. (NASDAQ:UCB - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor bought 65,963 shares of the company's stock, valued at approximately $2,131,000. The Manufacturers Life Insurance Company owned 0.06% of United Community Banks at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Bank of Montreal Can purchased a new stake in United Community Banks during the 4th quarter valued at about $508,000. Legal & General Group Plc bought a new stake in shares of United Community Banks in the fourth quarter worth approximately $10,686,000. Swiss National Bank bought a new stake in shares of United Community Banks in the fourth quarter worth approximately $7,573,000. Corebridge Financial Inc. bought a new stake in shares of United Community Banks in the fourth quarter worth approximately $2,057,000. Finally, Thrivent Financial for Lutherans bought a new stake in shares of United Community Banks in the fourth quarter worth approximately $3,243,000. 82.29% of the stock is owned by hedge funds and other institutional investors.

United Community Banks Price Performance

UCB traded down $0.10 during trading hours on Friday, hitting $29.67. The company's stock had a trading volume of 129,541 shares, compared to its average volume of 667,779. The business's 50-day moving average price is $27.10 and its 200-day moving average price is $30.51. United Community Banks, Inc. has a 12 month low of $22.93 and a 12 month high of $35.38. The stock has a market cap of $3.54 billion, a price-to-earnings ratio of 14.54 and a beta of 0.75. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.08.

United Community Banks Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 4th. Investors of record on Friday, March 14th were given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 3.24%. The ex-dividend date was Friday, March 14th. United Community Banks's dividend payout ratio is presently 45.50%.

Insider Buying and Selling

In other news, Director Sally Pope Davis acquired 1,800 shares of the business's stock in a transaction on Tuesday, March 11th. The shares were acquired at an average price of $28.19 per share, for a total transaction of $50,742.00. Following the completion of the transaction, the director now directly owns 3,264 shares of the company's stock, valued at approximately $92,012.16. The trade was a 122.95% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.43% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

UCB has been the subject of a number of research analyst reports. Hovde Group upgraded shares of United Community Banks from a "market perform" rating to an "outperform" rating and reduced their price target for the stock from $32.00 to $31.00 in a research note on Monday, April 7th. Piper Sandler lifted 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 lowered their price target on shares of United Community Banks from $38.00 to $33.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. Keefe, Bruyette & Woods lowered their target price on shares of United Community Banks from $35.00 to $32.00 and set a "market perform" rating on the stock in a report on Wednesday, April 30th. Finally, Stephens reissued an "overweight" rating and issued a $36.00 target price on shares of United Community Banks in a report on Wednesday, April 23rd. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, United Community Banks currently has an average rating of "Moderate Buy" and an average price target of $33.14.

About United Community Banks

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.