United Community Banks, Inc. (UCBI) Upgraded to Outperform by FIG Partners
FIG Partners upgraded shares of United Community Banks, Inc. (NASDAQ:UCBI) from a market perform rating to an outperform rating in a research report released on Wednesday morning, MarketBeat reports. The firm currently has $32.00 target price on the financial services provider’s stock. FIG Partners also issued estimates for United Community Banks’ Q3 2017 earnings at $0.41 EPS.
UCBI has been the topic of a number of other reports. Zacks Investment Research cut shares of United Community Banks from a buy rating to a hold rating in a research report on Wednesday, May 3rd. Raymond James Financial, Inc. reduced their target price on shares of United Community Banks from $32.00 to $31.00 and set a strong-buy rating on the stock in a research report on Thursday, July 27th. Stephens reissued a hold rating and set a $29.00 target price on shares of United Community Banks in a research report on Wednesday, July 26th. BidaskClub cut shares of United Community Banks from a buy rating to a hold rating in a research report on Thursday, July 13th. Finally, ValuEngine raised shares of United Community Banks from a hold rating to a buy rating in a research report on Friday, June 2nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of Buy and an average price target of $30.86.
Shares of United Community Banks (NASDAQ:UCBI) traded down 0.71% during trading on Wednesday, hitting $26.42. 35,980 shares of the stock traded hands. United Community Banks has a 52-week low of $19.61 and a 52-week high of $30.47. The company’s 50 day moving average is $27.74 and its 200 day moving average is $27.62. The firm has a market cap of $1.88 billion, a PE ratio of 18.10 and a beta of 0.88.
United Community Banks (NASDAQ:UCBI) last announced its quarterly earnings results on Wednesday, July 26th. The financial services provider reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.01. United Community Banks had a net margin of 23.07% and a return on equity of 10.42%. The firm had revenue of $108 million for the quarter, compared to analysts’ expectations of $110.49 million. During the same period in the previous year, the company posted $0.36 earnings per share. United Community Banks’s revenue was up 9.4% compared to the same quarter last year. On average, equities research analysts predict that United Community Banks will post $1.63 EPS for the current year.
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The business also recently declared a quarterly dividend, which will be paid on Thursday, October 5th. Investors of record on Friday, September 15th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.50%. The ex-dividend date is Thursday, September 14th. This is a positive change from United Community Banks’s previous quarterly dividend of $0.09. United Community Banks’s payout ratio is 24.66%.
In related news, EVP Robert A. Edwards sold 11,550 shares of United Community Banks stock in a transaction on Friday, August 11th. The shares were 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 owns 16,858 shares in the company, valued at $439,319.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.18% of the stock is currently owned by insiders.
Several hedge funds have recently modified their holdings of UCBI. BlackRock Inc. raised its stake in shares of United Community Banks by 20,108.8% in the first quarter. BlackRock Inc. now owns 9,233,176 shares of the financial services provider’s stock worth $255,666,000 after buying an additional 9,187,487 shares during the period. Vaughan Nelson Investment Management L.P. acquired a new stake in United Community Banks during the second quarter valued at $46,246,000. State Street Corp raised its stake in United Community Banks by 53.8% in the first quarter. State Street Corp now owns 3,289,230 shares of the financial services provider’s stock valued at $91,081,000 after buying an additional 1,151,048 shares during the last quarter. Schroder Investment Management Group raised its stake in United Community Banks by 37.6% in the first quarter. Schroder Investment Management Group now owns 1,978,781 shares of the financial services provider’s stock valued at $55,307,000 after buying an additional 540,965 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in United Community Banks by 8.0% in the first quarter. Vanguard Group Inc. now owns 6,111,857 shares of the financial services provider’s stock valued at $169,237,000 after buying an additional 451,364 shares during the last quarter. Institutional investors and hedge funds own 94.06% of the company’s stock.
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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