Bank of New York Mellon Corp bought a new stake in United Community Banks, Inc. (NYSE:UCB – Free Report) during the 2nd quarter, Holdings Channel.com reports. The fund bought 1,572,963 shares of the company’s stock, valued at approximately $55,195,000.
Other large investors have also added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd acquired a new stake in shares of United Community Banks in the 4th quarter worth $29,000. Covestor Ltd grew its position in United Community Banks by 196.1% during the 4th quarter. Covestor Ltd now owns 992 shares of the company’s stock worth $31,000 after purchasing an additional 657 shares during the last quarter. Torren Management LLC purchased a new stake in shares of United Community Banks during the fourth quarter valued at $39,000. Kestra Advisory Services LLC acquired a new position in shares of United Community Banks in the 4th quarter valued at $42,000. Finally, EverSource Wealth Advisors LLC lifted its position in United Community Banks by 130.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,951 shares of the company’s stock worth $58,000 after acquiring an additional 1,106 shares during the period. 82.29% of the stock is currently owned by institutional investors.
United Community Banks Price Performance
UCB stock opened at $35.21 on Thursday. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.83 and a quick ratio of 0.83. The business has a 50 day simple moving average of $35.45 and a 200-day simple moving average of $33.79. The firm has a market capitalization of $4.25 billion, a PE ratio of 11.58 and a beta of 0.82. United Community Banks, Inc. has a 1 year low of $28.65 and a 1 year high of $37.18.
United Community Banks Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, October 5th. Shareholders of record on Tuesday, September 15th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 3.0%. The ex-dividend date is Tuesday, September 15th. This is a positive change from United Community Banks’s previous quarterly dividend of $0.25. United Community Banks’s dividend payout ratio (DPR) is presently 32.89%.
Analyst Upgrades and Downgrades
A number of brokerages recently commented on UCB. DA Davidson reiterated a “buy” rating and issued a $40.00 target price on shares of United Community Banks in a research report on Wednesday, July 22nd. Weiss Ratings upgraded shares of United Community Banks from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, June 30th. Wall Street Zen downgraded United Community Banks from a “hold” rating to a “sell” rating in a report on Saturday, June 27th. Piper Sandler reiterated a “neutral” rating and issued a $37.00 target price on shares of United Community Banks in a research note on Wednesday, July 22nd. Finally, TD Cowen upgraded shares of United Community Banks to a “strong-buy” rating in a research report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $38.80.
View Our Latest Analysis on UCB
Insider Buying and Selling
In other news, EVP Richard Bradshaw sold 1,424 shares of the firm’s stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $35.09, for a total transaction of $49,968.16. Following the completion of the sale, the executive vice president owned 83,228 shares in the company, valued at $2,920,470.52. This trade represents a 1.68% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Jefferson L. Harralson sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $35.41, for a total value of $885,250.00. Following the completion of the transaction, the executive vice president owned 37,433 shares in the company, valued at $1,325,502.53. This represents a 40.04% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.45% of the stock is owned by company insiders.
United Community Banks Company Profile
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.
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