BlackRock Inc. Acquires 823,876 Shares of United Community Banks, Inc. (UCBI)

BlackRock Inc. lifted its holdings in shares of United Community Banks, Inc. (NASDAQ:UCBI) by 7.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,676,225 shares of the financial services provider’s stock after purchasing an additional 823,876 shares during the period. BlackRock Inc. owned about 14.76% of United Community Banks worth $358,110,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. Vaughan Nelson Investment Management L.P. increased its stake in shares of United Community Banks by 19.1% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 2,458,439 shares of the financial services provider’s stock worth $75,401,000 after purchasing an additional 394,625 shares in the last quarter. Royal Bank of Canada increased its stake in shares of United Community Banks by 8.2% during the 1st quarter. Royal Bank of Canada now owns 1,780,520 shares of the financial services provider’s stock worth $56,353,000 after purchasing an additional 135,377 shares in the last quarter. Northern Trust Corp increased its stake in shares of United Community Banks by 1.4% during the 1st quarter. Northern Trust Corp now owns 1,273,103 shares of the financial services provider’s stock worth $40,294,000 after purchasing an additional 17,486 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of United Community Banks by 1.9% during the 1st quarter. Principal Financial Group Inc. now owns 1,229,402 shares of the financial services provider’s stock worth $38,911,000 after purchasing an additional 22,633 shares in the last quarter. Finally, Millennium Management LLC increased its stake in shares of United Community Banks by 18.1% during the 1st quarter. Millennium Management LLC now owns 999,985 shares of the financial services provider’s stock worth $31,650,000 after purchasing an additional 153,584 shares in the last quarter. 88.41% of the stock is owned by institutional investors and hedge funds.

Several research firms have commented on UCBI. Zacks Investment Research raised shares of United Community Banks from a “sell” rating to a “hold” rating in a research note on Thursday. BidaskClub cut shares of United Community Banks from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 28th. Hovde Group set a $34.00 target price on shares of United Community Banks and gave the stock a “buy” rating in a research note on Monday, July 30th. Finally, SunTrust Banks cut shares of United Community Banks from a “buy” rating to a “hold” rating in a research note on Tuesday, June 26th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $32.67.

Shares of UCBI opened at $28.68 on Friday. The firm has a market capitalization of $2.38 billion, a price-to-earnings ratio of 17.57 and a beta of 0.89. United Community Banks, Inc. has a fifty-two week low of $25.64 and a fifty-two week high of $34.18. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.63.

United Community Banks (NASDAQ:UCBI) last announced its quarterly earnings results on Tuesday, July 24th. The financial services provider reported $0.53 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.54 by ($0.01). The company had revenue of $130.02 million during the quarter, compared to analyst estimates of $133.24 million. United Community Banks had a net margin of 17.42% and a return on equity of 10.99%. The firm’s revenue for the quarter was up 20.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.41 EPS. sell-side analysts forecast that United Community Banks, Inc. will post 2.16 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, October 5th. Shareholders of record on Saturday, September 15th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Thursday, September 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.09%. United Community Banks’s dividend payout ratio (DPR) is presently 36.81%.

United Community Banks Company Profile

United Community Banks, Inc operates as the bank holding company for United Community Bank that provides retail and corporate banking services to individuals and businesses. It offers various deposit accounts, such as checking accounts, savings and time deposits accounts, NOW accounts, money market deposits, and certificates of deposit.

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Institutional Ownership by Quarter for United Community Banks (NASDAQ:UCBI)

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