New York State Teachers Retirement System Has $3.19 Million Position in United Community Banks, Inc. $UCB

New York State Teachers Retirement System cut its stake in United Community Banks, Inc. (NYSE:UCB) by 14.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 101,323 shares of the company’s stock after selling 16,593 shares during the quarter. New York State Teachers Retirement System owned approximately 0.08% of United Community Banks worth $3,191,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Caitong International Asset Management Co. Ltd acquired a new stake in United Community Banks during the fourth quarter valued at $29,000. Covestor Ltd increased its position in United Community Banks by 196.1% in the 4th quarter. Covestor Ltd now owns 992 shares of the company’s stock worth $31,000 after purchasing an additional 657 shares during the last quarter. Torren Management LLC acquired a new position in United Community Banks in the 4th quarter worth about $39,000. First Horizon Corp increased its position in United Community Banks by 51.7% in the 4th 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 last quarter. Finally, Kestra Advisory Services LLC purchased a new stake in shares of United Community Banks during the 4th quarter worth about $42,000. 82.29% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently commented on UCB. Piper Sandler lowered their price target on United Community Banks from $36.00 to $35.00 and set a “neutral” rating for the company in a research note on Wednesday, June 17th. Zacks Research lowered shares of United Community Banks from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 16th. Weiss Ratings upgraded shares of United Community Banks from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, June 30th. Hovde Group reduced their target price on shares of United Community Banks from $38.00 to $37.00 and set a “market perform” rating for the company in a research note on Monday, April 27th. Finally, Stephens boosted their target price on shares of United Community Banks from $39.00 to $40.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 28th. Four analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $38.40.

United Community Banks Stock Performance

UCB opened at $35.22 on Friday. The company has a market cap of $4.22 billion, a PE ratio of 12.95 and a beta of 0.81. The stock has a 50-day moving average of $33.68 and a 200-day moving average of $33.21. United Community Banks, Inc. has a 52-week low of $28.65 and a 52-week high of $36.77. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.82 and a current ratio of 0.82.

United Community Banks (NYSE:UCB) last issued its quarterly earnings data on Tuesday, April 21st. The company reported $0.70 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.70. United Community Banks had a return on equity of 9.65% and a net margin of 22.05%.The business had revenue of $278.26 million for the quarter. During the same period in the previous year, the business posted $0.58 earnings per share. The firm’s revenue was up 11.6% on a year-over-year basis. As a group, equities research analysts forecast that United Community Banks, Inc. will post 3.02 earnings per share for the current fiscal year.

United Community Banks Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 3rd. Stockholders of record on Monday, June 15th were given a $0.25 dividend. The ex-dividend date of this dividend 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 currently 36.76%.

Insider Activity at United Community Banks

In other news, EVP Richard Bradshaw sold 1,510 shares of the business’s stock in a transaction on Monday, April 27th. The shares were sold at an average price of $33.09, for a total value of $49,965.90. Following the completion of the sale, the executive vice president directly owned 84,497 shares in the company, valued at approximately $2,796,005.73. The trade was a 1.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.45% of the stock is currently owned by corporate insiders.

United Community Banks Company Profile

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.