Van ECK Associates Corp Takes Position in United Community Banks, Inc. (NASDAQ:UCBI)

Van ECK Associates Corp acquired a new stake in United Community Banks, Inc. (NASDAQ:UCBI – Get Rating) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,391 shares of the financial services provider’s stock, valued at approximately $115,000.

Other institutional investors have also modified their holdings of the company. Eagle Bay Advisors LLC lifted its holdings in shares of United Community Banks by 97.5% in the second quarter. Eagle Bay Advisors LLC now owns 960 shares of the financial services provider’s stock valued at $29,000 after buying an additional 474 shares during the period. IFP Advisors Inc raised its position in shares of United Community Banks by 35.9% during the fourth quarter. IFP Advisors Inc now owns 1,704 shares of the financial services provider’s stock worth $59,000 after purchasing an additional 450 shares during the period. Assetmark Inc. raised its position in shares of United Community Banks by 20.1% during the third quarter. Assetmark Inc. now owns 2,845 shares of the financial services provider’s stock worth $94,000 after purchasing an additional 476 shares during the period. Advisor Group Holdings Inc. raised its position in shares of United Community Banks by 6.8% during the first quarter. Advisor Group Holdings Inc. now owns 5,498 shares of the financial services provider’s stock worth $173,000 after purchasing an additional 351 shares during the period. Finally, Mackenzie Financial Corp acquired a new stake in shares of United Community Banks during the first quarter worth $205,000. Institutional investors and hedge funds own 85.41% of the company’s stock.

United Community Banks Stock Up 1.1 %

NASDAQ:UCBI opened at $23.01 on Friday. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.12. United Community Banks, Inc. has a 1-year low of $20.37 and a 1-year high of $39.50. The business’s fifty day moving average price is $25.85 and its 200 day moving average price is $31.57. The firm has a market capitalization of $2.65 billion, a price-to-earnings ratio of 8.82 and a beta of 0.96.

United Community Banks (NASDAQ:UCBI – Get Rating) last issued its earnings results on Wednesday, April 19th. The financial services provider reported $0.58 earnings per share for the quarter, missing the consensus estimate of $0.68 by ($0.10). United Community Banks had a return on equity of 11.48% and a net margin of 27.77%. The firm had revenue of $241.68 million during the quarter, compared to analyst estimates of $248.78 million. During the same period in the previous year, the company earned $0.50 earnings per share. The business’s revenue for the quarter was up 19.2% on a year-over-year basis. On average, sell-side analysts forecast that United Community Banks, Inc. will post 2.65 earnings per share for the current fiscal year.

United Community Banks Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 5th. Shareholders of record on Wednesday, March 15th were given a $0.23 dividend. This is a positive change from United Community Banks’s previous quarterly dividend of $0.22. This represents a $0.92 annualized dividend and a yield of 4.00%. The ex-dividend date was Tuesday, March 14th. United Community Banks’s dividend payout ratio is presently 35.25%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on UCBI shares. Piper Sandler cut their target price on United Community Banks from $32.00 to $31.00 and set an “overweight” rating on the stock in a research report on Thursday, April 20th. Stephens assumed coverage on United Community Banks in a research report on Monday, April 3rd. They set an “overweight” rating and a $34.00 target price on the stock. Truist Financial dropped their price target on United Community Banks from $30.00 to $29.00 and set a “hold” rating on the stock in a research report on Friday, April 21st. Keefe, Bruyette & Woods dropped their price target on United Community Banks from $38.00 to $35.00 and set an “outperform” rating on the stock in a research report on Thursday, April 6th. Finally, Janney Montgomery Scott lowered United Community Banks from a “buy” rating to a “neutral” rating in a research report on Thursday, January 19th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $31.80.

United Community Banks Profile

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United Community Banks, Inc is a bank holding company, which engages in the provision of consumer and business banking services. The firm caters to individuals and small and medium-sized businesses. It offers checking, savings, mortgages, borrowing, digital baking, credit cards, and investing services.

See Also

Institutional Ownership by Quarter for United Community Banks (NASDAQ:UCBI)

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