Texas Permanent School Fund Has $2.41 Million Stock Position in United Community Banks, Inc. (NASDAQ:UCBI)

Posted by on May 10th, 2023

Texas Permanent School Fund reduced its stake in shares of United Community Banks, Inc. (NASDAQ:UCBI – Get Rating) by 6.4% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 71,377 shares of the financial services provider’s stock after selling 4,903 shares during the quarter. Texas Permanent School Fund owned 0.07% of United Community Banks worth $2,413,000 as of its most recent SEC filing.

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

United Community Banks Trading Down 0.5 %

Shares of UCBI stock opened at $21.55 on Wednesday. The company has a market cap of $2.48 billion, a P/E ratio of 8.26 and a beta of 0.96. The stock has a 50 day simple moving average of $27.52 and a two-hundred day simple moving average of $32.37. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.79 and a current ratio of 0.79. United Community Banks, Inc. has a fifty-two week low of $20.37 and a fifty-two week high of $39.50.

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 analysts’ consensus estimates of $0.68 by ($0.10). The business had revenue of $241.68 million during the quarter, compared to the consensus estimate of $248.78 million. United Community Banks had a return on equity of 11.48% and a net margin of 27.77%. The company’s revenue for the quarter was up 19.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.50 earnings per share. Research analysts forecast that United Community Banks, Inc. will post 2.65 earnings per share for the current year.

United Community Banks Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 5th. Shareholders of record on Wednesday, March 15th were paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 4.27%. The ex-dividend date was Tuesday, March 14th. This is a boost from United Community Banks’s previous quarterly dividend of $0.22. United Community Banks’s dividend payout ratio (DPR) is 35.25%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on UCBI shares. Stephens started coverage on United Community Banks in a research note on Monday, April 3rd. They issued an “overweight” rating and a $34.00 price objective on the stock. Janney Montgomery Scott lowered United Community Banks from a “buy” rating to a “neutral” rating in a research note on Thursday, January 19th. Keefe, Bruyette & Woods dropped their target price on United Community Banks from $38.00 to $35.00 and set an “outperform” rating for the company in a research report on Thursday, April 6th. DA Davidson dropped their target price on United Community Banks from $32.00 to $30.00 in a research report on Monday, April 24th. Finally, Truist Financial dropped their target price on United Community Banks from $30.00 to $29.00 and set a “hold” rating for the company in a research report on Friday, April 21st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $31.80.

United Community Banks Company 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.

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

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