Wells Fargo & Company MN reduced its stake in United Community Banks, Inc. (NASDAQ:UCBI) by 3.5% during the third quarter, HoldingsChannel reports. The firm owned 642,985 shares of the financial services provider’s stock after selling 23,497 shares during the quarter. Wells Fargo & Company MN’s holdings in United Community Banks were worth $17,934,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Itau Unibanco Holding S.A. acquired a new stake in shares of United Community Banks in the 2nd quarter valued at approximately $108,000. Intrust Bank NA acquired a new stake in shares of United Community Banks in the 2nd quarter valued at approximately $209,000. Assenagon Asset Management S.A. acquired a new stake in shares of United Community Banks in the 3rd quarter valued at approximately $214,000. Cubist Systematic Strategies LLC acquired a new stake in shares of United Community Banks in the 2nd quarter valued at approximately $216,000. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in shares of United Community Banks in the 2nd quarter valued at approximately $279,000. Institutional investors own 87.16% of the company’s stock.
A number of equities research analysts have recently weighed in on UCBI shares. Raymond James set a $28.00 price target on shares of United Community Banks and gave the company a “buy” rating in a research note on Thursday, October 25th. SunTrust Banks reduced their price target on shares of United Community Banks to $25.00 and set a “hold” rating on the stock in a research note on Thursday, October 25th. They noted that the move was a valuation call. ValuEngine downgraded shares of United Community Banks from a “hold” rating to a “sell” rating in a research note on Friday, September 28th. Zacks Investment Research upgraded shares of United Community Banks from a “sell” rating to a “hold” rating in a research note on Thursday, September 13th. Finally, FIG Partners restated an “outperform” rating on shares of United Community Banks in a research note on Thursday, September 20th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $28.40.
United Community Banks (NASDAQ:UCBI) last issued its quarterly earnings data on Tuesday, October 23rd. The financial services provider reported $0.55 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.55. The business had revenue of $134.50 million during the quarter, compared to analyst estimates of $136.53 million. United Community Banks had a net margin of 19.16% and a return on equity of 11.64%. The firm’s quarterly revenue was up 23.1% on a year-over-year basis. During the same quarter last year, the business earned $0.41 EPS. Analysts forecast that United Community Banks, Inc. will post 2.13 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 7th. Investors of record on Saturday, December 15th will be issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date is Thursday, December 13th. This is a positive change from United Community Banks’s previous quarterly dividend of $0.15. United Community Banks’s dividend payout ratio (DPR) is 36.81%.
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United Community Banks Profile
United Community Banks, Inc operates as the bank holding company for United Community Bank that provides retail and corporate banking services to individuals and businesses. It offers various deposit accounts, such as checking accounts, savings and time deposits accounts, NOW accounts, money market deposits, and certificates of deposit.
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