CIBC Asset Management Inc Takes Position in United Community Banks, Inc. (NASDAQ:UCBI)

CIBC Asset Management Inc bought a new stake in United Community Banks, Inc. (NASDAQ:UCBIFree Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 11,830 shares of the financial services provider’s stock, valued at approximately $346,000.

A number of other large investors have also modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of United Community Banks by 1.9% in the third quarter. Vanguard Group Inc. now owns 13,278,707 shares of the financial services provider’s stock valued at $337,412,000 after buying an additional 245,944 shares in the last quarter. FMR LLC grew its stake in shares of United Community Banks by 15.1% in the third quarter. FMR LLC now owns 8,518,870 shares of the financial services provider’s stock valued at $216,464,000 after buying an additional 1,117,539 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of United Community Banks by 13.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,553,813 shares of the financial services provider’s stock valued at $133,249,000 after buying an additional 556,939 shares in the last quarter. Northern Trust Corp grew its stake in shares of United Community Banks by 21.4% in the third quarter. Northern Trust Corp now owns 1,913,924 shares of the financial services provider’s stock valued at $48,633,000 after buying an additional 337,102 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its stake in shares of United Community Banks by 0.3% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,777,906 shares of the financial services provider’s stock valued at $52,022,000 after buying an additional 5,848 shares in the last quarter. Institutional investors and hedge funds own 82.29% of the company’s stock.

Wall Street Analysts Forecast Growth

UCBI has been the subject of a number of analyst reports. Truist Financial reduced their price target on United Community Banks from $31.00 to $28.00 and set a “hold” rating for the company in a report on Monday, April 1st. Piper Sandler reduced their price target on United Community Banks from $30.00 to $28.00 and set a “neutral” rating for the company in a report on Thursday, April 25th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $30.60.

Get Our Latest Analysis on United Community Banks

United Community Banks Trading Down 2.1 %

NASDAQ:UCBI opened at $24.58 on Tuesday. The company has a market cap of $2.93 billion, a PE ratio of 15.96 and a beta of 0.92. United Community Banks, Inc. has a 52 week low of $21.63 and a 52 week high of $30.75. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.10. The business’s 50 day moving average is $25.70 and its two-hundred day moving average is $26.71.

United Community Banks (NASDAQ:UCBIGet Free Report) last announced its quarterly earnings results on Wednesday, April 24th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.02. The business had revenue of $225.80 million for the quarter, compared to the consensus estimate of $232.00 million. United Community Banks had a return on equity of 8.02% and a net margin of 13.62%. The business’s revenue was down 6.6% on a year-over-year basis. During the same quarter last year, the business posted $0.58 EPS. On average, analysts predict that United Community Banks, Inc. will post 2.12 EPS for the current year.

United Community Banks Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 5th. Investors of record on Saturday, June 15th will be issued a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 3.74%. The ex-dividend date is Friday, June 14th. United Community Banks’s dividend payout ratio (DPR) is 59.74%.

About United Community Banks

(Free Report)

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.

See Also

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

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