Arizona State Retirement System raised its stake in shares of United Community Banks, Inc. (NASDAQ:UCBI) by 7.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 114,805 shares of the financial services provider’s stock after buying an additional 7,652 shares during the period. Arizona State Retirement System owned about 0.15% of United Community Banks worth $3,202,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in UCBI. Itau Unibanco Holding S.A. purchased a new stake in shares of United Community Banks in the 2nd quarter worth $108,000. Intrust Bank NA purchased a new stake in shares of United Community Banks in the 2nd quarter worth $209,000. Assenagon Asset Management S.A. purchased a new stake in shares of United Community Banks in the 3rd quarter worth $214,000. Cubist Systematic Strategies LLC purchased a new stake in shares of United Community Banks in the 2nd quarter worth $216,000. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in shares of United Community Banks in the 2nd quarter worth $279,000. Institutional investors and hedge funds own 87.92% of the company’s stock.
Shares of UCBI stock opened at $25.84 on Friday. United Community Banks, Inc. has a 52-week low of $22.83 and a 52-week high of $34.18. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $2.00 billion, a price-to-earnings ratio of 15.85 and a beta of 0.99.
United Community Banks (NASDAQ:UCBI) last issued its quarterly earnings results on Tuesday, October 23rd. The financial services provider reported $0.55 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.55. United Community Banks had a return on equity of 11.64% and a net margin of 19.16%. The business had revenue of $134.50 million during the quarter, compared to analyst estimates of $136.53 million. During the same quarter in the prior year, the business posted $0.41 EPS. United Community Banks’s revenue for the quarter was up 23.1% compared to the same quarter last year. Analysts expect that United Community Banks, Inc. will post 2.14 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, January 7th. Shareholders of record on Saturday, December 15th will be paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date is Thursday, December 13th. This is a positive change from United Community Banks’s previous quarterly dividend of $0.15. United Community Banks’s dividend payout ratio is presently 36.81%.
Several equities research analysts have recently commented on the company. Zacks Investment Research upgraded United Community Banks from a “sell” rating to a “hold” rating in a research note on Tuesday, October 30th. BidaskClub upgraded United Community Banks from a “strong sell” rating to a “sell” rating in a research note on Tuesday, October 30th. Raymond James set a $28.00 price objective on United Community Banks and gave the stock a “buy” rating in a research note on Thursday, October 25th. Stephens restated a “hold” rating and issued a $24.00 price objective on shares of United Community Banks in a research note on Thursday, October 25th. Finally, SunTrust Banks reduced their price objective on United Community Banks to $25.00 and set a “hold” rating for the company in a research note on Thursday, October 25th. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company’s stock. United Community Banks presently has an average rating of “Hold” and an average target price of $28.40.
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United Community Banks 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.
Read More: Stock Symbols and CUSIP Explained
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