Baird Financial Group Inc. bought a new position in United Community Banks, Inc. (NASDAQ:UCBI – Get Rating) in the second quarter, HoldingsChannel.com reports. The institutional investor bought 16,928 shares of the financial services provider’s stock, valued at approximately $511,000.
A number of other hedge funds have also added to or reduced their stakes in the business. Raleigh Capital Management Inc. bought a new stake in shares of United Community Banks during the first quarter valued at approximately $26,000. EverSource Wealth Advisors LLC increased its holdings in shares of United Community Banks by 87.5% during the first quarter. EverSource Wealth Advisors LLC now owns 1,123 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 524 shares in the last quarter. Assetmark Inc. increased its holdings in shares of United Community Banks by 139.1% during the second quarter. Assetmark Inc. now owns 2,369 shares of the financial services provider’s stock valued at $72,000 after acquiring an additional 1,378 shares in the last quarter. Lee Financial Co bought a new stake in shares of United Community Banks during the first quarter valued at approximately $96,000. Finally, Moisand Fitzgerald Tamayo LLC bought a new stake in shares of United Community Banks during the second quarter valued at approximately $123,000. 84.78% of the stock is currently owned by institutional investors.
United Community Banks Stock Up 2.0 %
Shares of NASDAQ:UCBI opened at $37.69 on Monday. The stock has a market cap of $4.00 billion, a price-to-earnings ratio of 16.18 and a beta of 1.02. The company has a quick ratio of 0.73, a current ratio of 0.74 and a debt-to-equity ratio of 0.13. United Community Banks, Inc. has a 12-month low of $27.85 and a 12-month high of $39.32. The business’s 50 day moving average is $35.80 and its 200 day moving average is $33.24.
United Community Banks Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 5th. Shareholders of record on Thursday, December 15th will be given a $0.22 dividend. The ex-dividend date of this dividend is Wednesday, December 14th. This represents a $0.88 annualized dividend and a yield of 2.33%. United Community Banks’s dividend payout ratio is currently 37.77%.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently commented on UCBI shares. StockNews.com downgraded United Community Banks from a “hold” rating to a “sell” rating in a report on Thursday, October 20th. Piper Sandler boosted their price objective on United Community Banks from $36.00 to $40.00 and gave the company an “overweight” rating in a report on Thursday, October 20th.
About United Community Banks
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. The company accepts various deposit products, including checking, savings, money market, and other deposit accounts.
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