Raymond James Financial Inc. Upgrades United Community Banks, Inc. (UCBI) to Strong-Buy
United Community Banks, Inc. (NASDAQ:UCBI) was upgraded by research analysts at Raymond James Financial Inc. from an “outperform” rating to a “strong-buy” rating in a report issued on Thursday.
Separately, Zacks Investment Research raised United Community Banks from a “hold” rating to a “buy” rating and set a $21.00 price target on the stock in a research note on Saturday, July 9th.
Shares of United Community Banks (NASDAQ:UCBI) traded up 0.85% on Thursday, reaching $21.37. The company’s stock had a trading volume of 36,679 shares. The company has a 50 day moving average price of $20.58 and a 200 day moving average price of $19.54. United Community Banks has a 52-week low of $15.74 and a 52-week high of $22.23. The company has a market cap of $1.51 billion and a P/E ratio of 18.08.
United Community Banks (NASDAQ:UCBI) last announced its quarterly earnings data on Wednesday, July 27th. The financial services provider reported $0.36 EPS for the quarter, beating the Zacks’ consensus estimate of $0.35 by $0.01. During the same period in the prior year, the business earned $0.32 earnings per share. On average, analysts anticipate that United Community Banks will post $1.43 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 5th. Investors of record on Thursday, September 15th were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 1.51%. The ex-dividend date of this dividend was Tuesday, September 13th. This is an increase from United Community Banks’s previous quarterly dividend of $0.07.
A number of hedge funds have recently modified their holdings of UCBI. Royal Bank of Canada increased its stake in shares of United Community Banks by 65.5% in the first quarter. Royal Bank of Canada now owns 904,910 shares of the financial services provider’s stock valued at $16,714,000 after buying an additional 358,261 shares during the last quarter. Legal & General Group Plc boosted its position in United Community Banks by 14.3% in the first quarter. Legal & General Group Plc now owns 8,500 shares of the financial services provider’s stock worth $157,000 after buying an additional 1,063 shares during the period. Renaissance Technologies LLC boosted its position in United Community Banks by 34.5% in the first quarter. Renaissance Technologies LLC now owns 1,008,811 shares of the financial services provider’s stock worth $18,633,000 after buying an additional 258,830 shares during the period. Kennedy Capital Management Inc. boosted its position in United Community Banks by 34.0% in the first quarter. Kennedy Capital Management Inc. now owns 941,283 shares of the financial services provider’s stock worth $17,385,000 after buying an additional 238,589 shares during the period. Finally, HBK Investments L P purchased a new position in United Community Banks during the first quarter worth about $251,000.
United Community Banks Company Profile
United Community Banks, Inc is a bank holding company. The Company’s principal business is conducted by its subsidiary, United Community Bank (the Bank). The Bank is a chartered commercial bank that serves markets throughout north Georgia, coastal Georgia, the Atlanta-Sandy Springs-Roswell, Georgia and Gainesville, Georgia metropolitan statistical areas, western North Carolina, upstate South Carolina and east Tennessee.
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