California Public Employees Retirement System Increases Stake in United Community Banks, Inc. $UCB

California Public Employees Retirement System increased its position in United Community Banks, Inc. (NYSE:UCB) by 13.6% during the 1st quarter, Holdings Channel reports. The institutional investor owned 244,690 shares of the company’s stock after purchasing an additional 29,332 shares during the period. California Public Employees Retirement System’s holdings in United Community Banks were worth $7,705,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. Caitong International Asset Management Co. Ltd bought a new position in shares of United Community Banks during the fourth quarter valued at about $29,000. Covestor Ltd boosted its stake in shares of United Community Banks by 196.1% during the 4th quarter. Covestor Ltd now owns 992 shares of the company’s stock valued at $31,000 after purchasing an additional 657 shares in the last quarter. Torren Management LLC purchased a new position in shares of United Community Banks during the 4th quarter worth approximately $39,000. First Horizon Corp grew its stake in United Community Banks by 51.7% in the fourth quarter. First Horizon Corp now owns 1,315 shares of the company’s stock worth $41,000 after purchasing an additional 448 shares during the period. Finally, Kestra Advisory Services LLC purchased a new stake in shares of United Community Banks in the 4th quarter worth about $42,000. Hedge funds and other institutional investors own 82.29% of the company’s stock.

United Community Banks Trading Down 0.2%

Shares of United Community Banks stock opened at $35.19 on Monday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.83 and a current ratio of 0.83. United Community Banks, Inc. has a fifty-two week low of $28.65 and a fifty-two week high of $37.18. The company has a fifty day moving average of $34.26 and a 200 day moving average of $33.50. The company has a market capitalization of $4.21 billion, a P/E ratio of 11.58 and a beta of 0.81.

United Community Banks (NYSE:UCB) last issued its earnings results on Tuesday, July 21st. The company reported $0.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.80 by ($0.09). United Community Banks had a net margin of 24.43% and a return on equity of 9.61%. The business had revenue of $279.28 million for the quarter. On average, sell-side analysts anticipate that United Community Banks, Inc. will post 2.93 earnings per share for the current fiscal year.

United Community Banks Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 3rd. Stockholders of record on Monday, June 15th were given a dividend of $0.25 per share. The ex-dividend date was Monday, June 15th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.8%. United Community Banks’s dividend payout ratio (DPR) is presently 32.89%.

Wall Street Analyst Weigh In

UCB has been the topic of several recent research reports. Wall Street Zen downgraded United Community Banks from a “hold” rating to a “sell” rating in a research note on Saturday, June 27th. DA Davidson reiterated a “buy” rating and issued a $40.00 price target on shares of United Community Banks in a research note on Wednesday, July 22nd. Weiss Ratings upgraded United Community Banks from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, June 30th. Piper Sandler reiterated a “neutral” rating and issued a $37.00 price objective on shares of United Community Banks in a research note on Wednesday. Finally, Hovde Group dropped their price objective on shares of United Community Banks from $38.00 to $37.00 and set a “market perform” rating on the stock in a report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $38.80.

About United Community Banks

United Community Banks, Inc (NYSE: UCB) is a bank holding company headquartered in Blairsville, Georgia. It operates primarily through its subsidiary, United Community Bank, providing a broad range of banking and financial services to individual, business and governmental customers. The company’s core offerings include deposit accounts, commercial and consumer lending, mortgage origination, treasury and cash management services, and wealth management.

In addition to traditional banking products such as checking, savings and money market accounts, United Community Bank specializes in commercial real estate financing, small business administration (SBA) loans, equipment financing and agricultural lending.