United Community Banks (NASDAQ:UCBI) Sets New 12-Month Low on Analyst Downgrade

Posted by Defense World Staff on Apr 26th, 2023

United Community Banks, Inc. (NASDAQ:UCBI – Get Rating)’s share price hit a new 52-week low on Tuesday after DA Davidson lowered their price target on the stock from $32.00 to $30.00. The company traded as low as $24.73 and last traded at $24.73, with a volume of 325792 shares changing hands. The stock had previously closed at $26.10.

Other research analysts also recently issued research reports about the stock. Keefe, Bruyette & Woods lowered their price objective on shares of 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. Truist Financial decreased their price target on shares of 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. Stephens began coverage on shares of United Community Banks in a research report on Monday, April 3rd. They issued an “overweight” rating and a $34.00 price target on the stock. StockNews.com initiated coverage on shares of United Community Banks in a research report on Thursday, March 16th. They issued a “sell” rating on the stock. Finally, Janney Montgomery Scott cut United Community Banks from a “buy” rating to a “neutral” rating in a report on Thursday, January 19th. One research 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. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $31.80.

Hedge Funds Weigh In On United Community Banks

A number of large investors have recently made changes to their positions in the business. BlackRock Inc. grew its holdings in shares of United Community Banks by 19.1% during the first quarter. BlackRock Inc. now owns 15,623,173 shares of the financial services provider’s stock valued at $543,687,000 after buying an additional 2,505,834 shares during the last quarter. Vanguard Group Inc. raised its position in shares of United Community Banks by 9.6% during the 1st quarter. Vanguard Group Inc. now owns 11,753,740 shares of the financial services provider’s stock worth $409,029,000 after purchasing an additional 1,034,191 shares during the last quarter. State Street Corp raised its position in shares of United Community Banks by 34.7% during the 1st quarter. State Street Corp now owns 6,258,337 shares of the financial services provider’s stock worth $218,903,000 after purchasing an additional 1,611,842 shares during the last quarter. Earnest Partners LLC raised its position in shares of United Community Banks by 7.8% during the 4th quarter. Earnest Partners LLC now owns 3,468,800 shares of the financial services provider’s stock worth $117,245,000 after purchasing an additional 250,568 shares during the last quarter. Finally, Neuberger Berman Group LLC raised its position in shares of United Community Banks by 929.5% during the 4th quarter. Neuberger Berman Group LLC now owns 3,462,660 shares of the financial services provider’s stock worth $117,038,000 after purchasing an additional 3,126,317 shares during the last quarter. 85.41% of the stock is owned by institutional investors and hedge funds.

United Community Banks Stock Performance

The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.12. The firm’s 50-day moving average is $29.29 and its two-hundred day moving average is $33.17. The stock has a market cap of $2.85 billion, a price-to-earnings ratio of 9.50 and a beta of 0.96.

United Community Banks (NASDAQ:UCBI – Get Rating) last released its quarterly 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). The company had revenue of $241.68 million for the quarter, compared to analyst estimates of $248.78 million. United Community Banks had a return on equity of 11.48% and a net margin of 27.77%. The firm’s revenue for the quarter was up 19.2% on a year-over-year basis. During the same quarter last year, the company earned $0.50 EPS. As a group, sell-side analysts expect that United Community Banks, Inc. will post 2.74 earnings per share for the current year.

United Community Banks Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 5th. Shareholders of record on Wednesday, March 15th were issued a $0.23 dividend. This is an increase from United Community Banks’s previous quarterly dividend of $0.22. The ex-dividend date was Tuesday, March 14th. This represents a $0.92 dividend on an annualized basis and a yield of 3.71%. United Community Banks’s dividend payout ratio is presently 35.25%.

About United Community Banks

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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.