United Community Banks (NYSE:UCB) Reaches New 12-Month High on Analyst Upgrade

United Community Banks, Inc. (NYSE:UCB)’s stock price reached a new 52-week high during mid-day trading on Thursday after TD Cowen upgraded the stock to a strong-buy rating. The stock traded as high as $36.77 and last traded at $36.8820, with a volume of 82167 shares trading hands. The stock had previously closed at $36.00.

Other research analysts have also issued reports about the company. Keefe, Bruyette & Woods raised United Community Banks from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $36.00 to $40.00 in a report on Thursday, April 9th. Piper Sandler cut their price target on United Community Banks from $36.00 to $35.00 and set a “neutral” rating for the company in a report on Wednesday, June 17th. Stephens lifted their price objective 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. Hovde Group decreased their price objective on shares of United Community Banks from $38.00 to $37.00 and set a “market perform” rating on the stock in a report on Monday, April 27th. Finally, DA Davidson increased their price objective on shares of United Community Banks from $39.00 to $40.00 and gave the company a “buy” rating in a research report on Monday, June 15th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $38.40.

Insider Activity at United Community Banks

In other news, EVP Richard Bradshaw sold 1,510 shares of the company’s stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $33.09, for a total value of $49,965.90. Following the transaction, the executive vice president owned 84,497 shares of the company’s stock, valued at approximately $2,796,005.73. This represents a 1.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.45% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd bought a new stake in shares of United Community Banks in the fourth quarter valued at about $29,000. Covestor Ltd grew its stake in shares of United Community Banks by 196.1% in the fourth quarter. Covestor Ltd now owns 992 shares of the company’s stock valued at $31,000 after acquiring an additional 657 shares in the last quarter. Torren Management LLC bought a new position in United Community Banks during the fourth quarter worth about $39,000. First Horizon Corp increased its position in United Community Banks by 51.7% during the fourth quarter. First Horizon Corp now owns 1,315 shares of the company’s stock worth $41,000 after acquiring an additional 448 shares during the period. Finally, Kestra Advisory Services LLC acquired a new stake in United Community Banks in the 4th quarter worth about $42,000. Institutional investors own 82.29% of the company’s stock.

United Community Banks Stock Down 1.8%

The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.03. The firm has a market cap of $4.36 billion, a price-to-earnings ratio of 13.39 and a beta of 0.81. The firm’s 50 day simple moving average is $33.98 and its two-hundred day simple moving average is $33.35.

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

United Community Banks Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 3rd. Investors of record on Monday, June 15th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $1.00 dividend on an annualized basis and a yield of 2.7%. United Community Banks’s dividend payout ratio is currently 36.76%.

About United Community Banks

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.