Synovus Financial Corp Takes $701,000 Position in United Community Banks, Inc. (NASDAQ:UCBI)

Synovus Financial Corp acquired a new stake in United Community Banks, Inc. (NASDAQ:UCBI) in the 1st quarter, HoldingsChannel reports. The fund acquired 20,531 shares of the financial services provider’s stock, valued at approximately $701,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Comerica Bank raised its holdings in shares of United Community Banks by 0.4% during the fourth quarter. Comerica Bank now owns 90,861 shares of the financial services provider’s stock valued at $2,886,000 after acquiring an additional 398 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in shares of United Community Banks by 3.8% during the first quarter. Nisa Investment Advisors LLC now owns 21,900 shares of the financial services provider’s stock valued at $747,000 after acquiring an additional 800 shares during the last quarter. Aperio Group LLC raised its holdings in shares of United Community Banks by 3.1% during the fourth quarter. Aperio Group LLC now owns 31,296 shares of the financial services provider’s stock valued at $890,000 after acquiring an additional 944 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of United Community Banks by 1.1% during the fourth quarter. The Manufacturers Life Insurance Company now owns 133,080 shares of the financial services provider’s stock valued at $3,785,000 after acquiring an additional 1,486 shares during the last quarter. Finally, Swiss National Bank raised its holdings in shares of United Community Banks by 1.0% during the first quarter. Swiss National Bank now owns 188,000 shares of the financial services provider’s stock valued at $6,415,000 after acquiring an additional 1,900 shares during the last quarter. 88.32% of the stock is owned by institutional investors.

In other United Community Banks news, CEO H Lynn Harton sold 10,000 shares of United Community Banks stock in a transaction that occurred on Thursday, April 1st. The stock was sold at an average price of $33.91, for a total value of $339,100.00. Following the sale, the chief executive officer now owns 242,518 shares of the company’s stock, valued at approximately $8,223,785.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Jefferson L. Harralson sold 6,000 shares of United Community Banks stock in a transaction that occurred on Friday, April 23rd. The shares were sold at an average price of $32.00, for a total transaction of $192,000.00. Following the sale, the chief financial officer now owns 26,142 shares of the company’s stock, valued at $836,544. The disclosure for this sale can be found here. 0.62% of the stock is currently owned by insiders.

United Community Banks stock opened at $33.63 on Friday. United Community Banks, Inc. has a 1-year low of $15.73 and a 1-year high of $36.67. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.80 and a current ratio of 0.81. The firm has a market capitalization of $2.92 billion, a PE ratio of 14.50 and a beta of 1.28. The company has a fifty day simple moving average of $33.95.

United Community Banks (NASDAQ:UCBI) last released its quarterly earnings results on Monday, April 19th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.65 by $0.18. United Community Banks had a return on equity of 11.38% and a net margin of 27.81%. The firm had revenue of $176.77 million for the quarter, compared to analyst estimates of $178.33 million. During the same quarter last year, the company posted $0.41 earnings per share. As a group, analysts anticipate that United Community Banks, Inc. will post 2.63 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 5th. Shareholders of record on Tuesday, June 15th will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date of this dividend is Monday, June 14th. United Community Banks’s dividend payout ratio is presently 38.38%.

Separately, Zacks Investment Research lowered United Community Banks from a “buy” rating to a “hold” rating in a research report on Tuesday, April 27th. Two research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $25.38.

United Community Banks Profile

United Community Banks, Inc operates as a bank holding company for the United Community Bank, a state-chartered bank that provides various banking products and services. The company accepts checking, savings, money market, negotiable order of withdrawal, time, and other deposit accounts, as well as certificates of deposit.

Further Reading: Beige Book

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

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