Short Interest in United Community Banks, Inc. (UCBI) Decreases By 22.1%
United Community Banks, Inc. (NASDAQ:UCBI) was the recipient of a large decrease in short interest in August. As of August 31st, there was short interest totalling 1,368,650 shares, a decrease of 22.1% from the August 15th total of 1,756,441 shares. Approximately 2.0% of the company’s stock are sold short. Based on an average trading volume of 318,102 shares, the short-interest ratio is currently 4.3 days.
UCBI has been the subject of several research analyst reports. Zacks Investment Research raised United Community Banks from a “hold” rating to a “buy” rating and set a $31.00 price objective for the company in a research note on Friday, June 30th. Stephens reissued a “hold” rating and issued a $30.00 price objective on shares of United Community Banks in a research note on Tuesday, June 27th. ValuEngine raised United Community Banks from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Raymond James Financial, Inc. reduced their price objective on United Community Banks from $32.00 to $31.00 and set a “strong-buy” rating for the company in a research note on Thursday, July 27th. Finally, BidaskClub downgraded United Community Banks from a “buy” rating to a “hold” rating in a research note on Thursday, July 13th. One research analyst has rated the stock with a sell rating, three have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $30.86.
In related news, EVP Robert A. Edwards sold 11,550 shares of the stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $26.06, for a total value of $300,993.00. Following the completion of the sale, the executive vice president now directly owns 16,858 shares of the company’s stock, valued at approximately $439,319.48. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.18% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Meadow Creek Investment Management LLC bought a new stake in United Community Banks during the first quarter worth about $101,000. Glen Harbor Capital Management LLC bought a new stake in United Community Banks during the first quarter worth about $122,000. LS Investment Advisors LLC raised its holdings in United Community Banks by 89.3% during the first quarter. LS Investment Advisors LLC now owns 4,993 shares of the financial services provider’s stock worth $138,000 after acquiring an additional 2,355 shares in the last quarter. Riverhead Capital Management LLC raised its holdings in United Community Banks by 134.3% during the second quarter. Riverhead Capital Management LLC now owns 5,390 shares of the financial services provider’s stock worth $150,000 after acquiring an additional 3,090 shares in the last quarter. Finally, Ameritas Investment Partners Inc. bought a new stake in United Community Banks during the first quarter worth about $168,000. Institutional investors and hedge funds own 89.67% of the company’s stock.
Shares of United Community Banks (UCBI) opened at 25.98 on Friday. The stock’s 50 day moving average price is $26.34 and its 200-day moving average price is $27.20. The stock has a market capitalization of $1.84 billion, a P/E ratio of 17.79 and a beta of 0.87. United Community Banks has a 1-year low of $20.12 and a 1-year high of $30.47.
United Community Banks (NASDAQ:UCBI) last posted its quarterly earnings data on Wednesday, July 26th. The financial services provider reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.01. The company had revenue of $108.00 million during the quarter, compared to analysts’ expectations of $110.49 million. United Community Banks had a return on equity of 10.42% and a net margin of 23.07%. United Community Banks’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.36 earnings per share. Equities research analysts anticipate that United Community Banks will post $1.64 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 5th. Stockholders of record on Friday, September 15th will be given a dividend of $0.10 per share. This is a boost from United Community Banks’s previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a dividend yield of 1.54%. The ex-dividend date of this dividend is Thursday, September 14th. United Community Banks’s dividend payout ratio is currently 27.40%.
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United Community Banks Company Profile
United Community Banks, Inc (United) is a bank holding company. United conducts its operations through a community-focused operating model of separate community banks, which, as of December 31, 2016, operated at 139 locations throughout the Atlanta-Sandy Springs-Roswell, Georgia, and Gainesville, Georgia metropolitan statistical areas, upstate and coastal South Carolina, north and coastal Georgia, western North Carolina, and east Tennessee.
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