Algert Global LLC cut its holdings in shares of United Community Banks, Inc. (NASDAQ:UCBI) by 2.4% during the second quarter, HoldingsChannel.com reports. The firm owned 20,960 shares of the financial services provider’s stock after selling 520 shares during the period. Algert Global LLC’s holdings in United Community Banks were worth $671,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. Principal Financial Group Inc. grew its holdings in shares of United Community Banks by 19.8% during the second quarter. Principal Financial Group Inc. now owns 2,609,928 shares of the financial services provider’s stock valued at $83,544,000 after buying an additional 432,175 shares during the last quarter. Vanguard Group Inc. raised its position in shares of United Community Banks by 3.3% during the 2nd quarter. Vanguard Group Inc. now owns 9,587,793 shares of the financial services provider’s stock worth $306,905,000 after purchasing an additional 304,760 shares during the last quarter. Rockefeller Capital Management L.P. raised its position in shares of United Community Banks by 116,231.9% during the 2nd quarter. Rockefeller Capital Management L.P. now owns 186,131 shares of the financial services provider’s stock worth $5,958,000 after purchasing an additional 185,971 shares during the last quarter. Massachusetts Financial Services Co. MA acquired a new position in shares of United Community Banks during the 1st quarter worth about $5,488,000. Finally, NFJ Investment Group LLC acquired a new position in shares of United Community Banks during the 1st quarter worth about $5,256,000. 89.36% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Director Robert H. Blalock acquired 3,000 shares of the stock in a transaction that occurred on Thursday, August 12th. The stock was purchased at an average price of $31.16 per share, with a total value of $93,480.00. Following the transaction, the director now owns 28,028 shares of the company’s stock, valued at approximately $873,352.48. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Robert A. Edwards acquired 9,900 shares of the stock in a transaction that occurred on Friday, August 6th. The shares were bought at an average cost of $30.30 per share, with a total value of $299,970.00. Following the transaction, the executive vice president now directly owns 42,333 shares in the company, valued at approximately $1,282,689.90. The disclosure for this purchase can be found here. Corporate insiders own 0.62% of the company’s stock.
United Community Banks (NASDAQ:UCBI) last posted its quarterly earnings results on Monday, July 19th. The financial services provider reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.12. United Community Banks had a net margin of 33.15% and a return on equity of 13.28%. The business had revenue of $174.22 million during the quarter, compared to analysts’ expectations of $169.90 million. During the same quarter in the prior year, the company posted $0.32 EPS. The business’s revenue for the quarter was up 16.5% on a year-over-year basis. On average, analysts forecast that United Community Banks, Inc. will post 2.85 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, October 5th. Stockholders of record on Wednesday, September 15th were paid a $0.20 dividend. This is a boost from United Community Banks’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend was Tuesday, September 14th. This represents a $0.80 annualized dividend and a dividend yield of 2.37%. United Community Banks’s dividend payout ratio is 40.40%.
Several research analysts recently weighed in on UCBI shares. Zacks Investment Research downgraded shares of United Community Banks from a “buy” rating to a “hold” rating in a research report on Thursday, October 7th. Raymond James cut their price objective on shares of United Community Banks from $39.00 to $36.00 and set an “outperform” rating for the company in a report on Wednesday, July 21st.
United Community Banks Company Profile
United Community Banks, Inc is a bank holding company, which engages in the provision of consumer and business banking services. The firm caters on individuals and small and medium-sized businesses. It offers checking, savings, mortgages, borrowing, digital baking, credit cards, and investing services.
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