United Community Banks (NASDAQ:UCB) Shares Gap Down After Analyst Downgrade

United Community Banks, Inc. (NASDAQ:UCB)’s share price gapped down before the market opened on Thursday after Hovde Group lowered their price target on the stock from $36.00 to $32.00. The stock had previously closed at $28.93, but opened at $27.67. Hovde Group currently has a market perform rating on the stock. United Community Banks shares last traded at $28.70, with a volume of 18,358 shares traded.

A number of other research analysts have also commented on the stock. Raymond James raised shares of United Community Banks from a “market perform” rating to an “outperform” rating and set a $35.00 price objective for the company in a research report on Thursday, December 19th. Piper Sandler lifted their price objective on United Community Banks from $32.00 to $35.00 and gave the stock a “neutral” rating in a report on Thursday, January 23rd.

Insider Activity at United Community Banks

In other United Community Banks news, EVP Richard Bradshaw sold 1,527 shares of United Community Banks stock in a transaction on Monday, January 27th. The stock was sold at an average price of $32.72, for a total transaction of $49,963.44. Following the completion of the transaction, the executive vice president now directly owns 67,876 shares of the company’s stock, valued at approximately $2,220,902.72. This trade represents a 2.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Sally Pope Davis bought 1,800 shares of the stock in a transaction dated Tuesday, March 11th. The stock was purchased at an average cost of $28.19 per share, for a total transaction of $50,742.00. Following the acquisition, the director now owns 3,264 shares in the company, valued at $92,012.16. The trade was a 122.95 % increase in their position. The disclosure for this purchase can be found here. 0.54% of the stock is currently owned by insiders.

Hedge Funds Weigh In On United Community Banks

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Nomura Asset Management Co. Ltd. acquired a new position in United Community Banks during the 4th quarter worth about $31,000. Public Employees Retirement System of Ohio acquired a new stake in United Community Banks in the fourth quarter worth about $42,000. Quadrant Capital Group LLC bought a new stake in United Community Banks during the 4th quarter worth about $45,000. Tower Research Capital LLC TRC bought a new stake in United Community Banks during the 4th quarter worth about $59,000. Finally, Farther Finance Advisors LLC acquired a new position in United Community Banks during the 4th quarter valued at about $80,000. 82.29% of the stock is currently owned by institutional investors and hedge funds.

United Community Banks Stock Down 0.9 %

The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.08. The company has a market cap of $3.43 billion, a P/E ratio of 14.04 and a beta of 0.90. The firm’s 50 day moving average price is $31.78 and its 200-day moving average price is $31.10.

United Community Banks Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 4th. Shareholders of record on Friday, March 14th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 3.35%. The ex-dividend date of this dividend is Friday, March 14th. United Community Banks’s payout ratio is 47.06%.

United Community Banks Company Profile

United Community Banks, Inc operates as the financial holding company for United Community Bank that provides financial products and services to commercial, retail, government, education, energy, health care, and real estate sectors. It accepts various deposit products, including checking, savings, money market, and other deposit accounts.