State of Alaska Department of Revenue Has $389,000 Stake in United Community Banks, Inc. (NASDAQ:UCBI)

State of Alaska Department of Revenue increased its stake in shares of United Community Banks, Inc. (NASDAQ:UCBI) by 79.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,013 shares of the financial services provider’s stock after buying an additional 6,183 shares during the period. State of Alaska Department of Revenue’s holdings in United Community Banks were worth $389,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. M&T Bank Corp raised its position in United Community Banks by 0.3% in the first quarter. M&T Bank Corp now owns 11,297 shares of the financial services provider’s stock valued at $314,000 after buying an additional 38 shares during the period. 1st Global Advisors Inc. raised its position in United Community Banks by 1.5% in the first quarter. 1st Global Advisors Inc. now owns 7,702 shares of the financial services provider’s stock valued at $213,000 after buying an additional 113 shares during the period. Capstone Asset Management Co. raised its position in United Community Banks by 1.0% in the first quarter. Capstone Asset Management Co. now owns 18,762 shares of the financial services provider’s stock valued at $520,000 after buying an additional 181 shares during the period. Municipal Employees Retirement System of Michigan raised its position in United Community Banks by 1.0% in the first quarter. Municipal Employees Retirement System of Michigan now owns 19,580 shares of the financial services provider’s stock valued at $542,000 after buying an additional 190 shares during the period. Finally, PNC Financial Services Group Inc. raised its stake in shares of United Community Banks by 4.0% in the first quarter. PNC Financial Services Group Inc. now owns 7,604 shares of the financial services provider’s stock worth $210,000 after buying an additional 295 shares during the last quarter. 94.50% of the stock is currently owned by institutional investors.

Shares of United Community Banks, Inc. (NASDAQ:UCBI) traded down 0.85% during midday trading on Friday, reaching $25.80. The company had a trading volume of 338,380 shares. The company has a market capitalization of $1.83 billion, a P/E ratio of 17.67 and a beta of 0.88. The firm’s 50 day moving average price is $27.76 and its 200-day moving average price is $27.68. United Community Banks, Inc. has a 12 month low of $19.60 and a 12 month high of $30.47.

United Community Banks (NASDAQ:UCBI) last released its quarterly earnings results on Wednesday, July 26th. The financial services provider reported $0.41 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.01. United Community Banks had a net margin of 23.07% and a return on equity of 10.42%. The business had revenue of $108 million for the quarter, compared to analysts’ expectations of $110.49 million. During the same period in the prior year, the firm earned $0.36 earnings per share. United Community Banks’s revenue was up 9.4% compared to the same quarter last year. Analysts anticipate that United Community Banks, Inc. will post $1.63 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 5th. Stockholders of record on Friday, September 15th will be paid a dividend of $0.10 per share. This is a boost from United Community Banks’s previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a dividend yield of 1.55%. The ex-dividend date is Thursday, September 14th. United Community Banks’s dividend payout ratio is 24.66%.

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A number of brokerages have recently issued reports on UCBI. UBS AG raised United Community Banks from a “market perform” rating to an “outperform” rating in a research report on Wednesday, May 3rd. Zacks Investment Research lowered United Community Banks from a “buy” rating to a “hold” rating in a research report on Tuesday, July 4th. Stephens reiterated a “hold” rating and issued a $30.00 price target on shares of United Community Banks in a research note on Tuesday, June 27th. ValuEngine upgraded United Community Banks from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Finally, Hovde Group upgraded United Community Banks from a “market perform” rating to an “outperform” rating and set a $31.00 price target for the company in a research note on Wednesday, May 3rd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $30.67.

About United Community Banks

United Community Banks, Inc (United) is a bank holding company. United conducts its operations through a community-focused operating model of separate community banks, which, as of December 31, 2016, operated at 139 locations throughout the Atlanta-Sandy Springs-Roswell, Georgia, and Gainesville, Georgia metropolitan statistical areas, upstate and coastal South Carolina, north and coastal Georgia, western North Carolina, and east Tennessee.

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

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