Verition Fund Management LLC Grows Stock Position in United Community Banks, Inc. (NASDAQ:UCBI)

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Verition Fund Management LLC boosted its stake in United Community Banks, Inc. (NASDAQ:UCBIGet Rating) by 43.3% in the first quarter, Holdings Channel reports. The fund owned 39,653 shares of the financial services provider’s stock after buying an additional 11,973 shares during the quarter. Verition Fund Management LLC’s holdings in United Community Banks were worth $1,380,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. BlackRock Inc. boosted its holdings in United Community Banks by 19.1% in the 1st quarter. BlackRock Inc. now owns 15,623,173 shares of the financial services provider’s stock worth $543,687,000 after acquiring an additional 2,505,834 shares during the period. Vanguard Group Inc. boosted its holdings in United Community Banks by 9.6% in the 1st quarter. Vanguard Group Inc. now owns 11,753,740 shares of the financial services provider’s stock worth $409,029,000 after acquiring an additional 1,034,191 shares during the period. State Street Corp boosted its holdings in United Community Banks by 34.7% in the 1st quarter. State Street Corp now owns 6,258,337 shares of the financial services provider’s stock worth $218,903,000 after acquiring an additional 1,611,842 shares during the period. Dimensional Fund Advisors LP boosted its holdings in United Community Banks by 4.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,137,725 shares of the financial services provider’s stock worth $109,197,000 after acquiring an additional 133,074 shares during the period. Finally, Goldman Sachs Group Inc. boosted its holdings in United Community Banks by 13.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,777,724 shares of the financial services provider’s stock worth $99,831,000 after acquiring an additional 333,009 shares during the period. Hedge funds and other institutional investors own 84.78% of the company’s stock.

United Community Banks Stock Performance

United Community Banks stock opened at $34.25 on Wednesday. The stock has a market cap of $3.63 billion, a P/E ratio of 14.21 and a beta of 1.04. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.13. The stock has a 50 day moving average of $33.55 and a 200-day moving average of $32.54. United Community Banks, Inc. has a 52 week low of $27.85 and a 52 week high of $39.32.

United Community Banks (NASDAQ:UCBIGet Rating) last released its earnings results on Tuesday, July 19th. The financial services provider reported $0.66 EPS for the quarter, missing the consensus estimate of $0.69 by ($0.03). The business had revenue of $212.36 million for the quarter, compared to analysts’ expectations of $213.19 million. United Community Banks had a net margin of 30.10% and a return on equity of 11.27%. The business’s quarterly revenue was up 21.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.79 earnings per share. On average, analysts expect that United Community Banks, Inc. will post 2.65 EPS for the current fiscal year.

United Community Banks Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 5th. Investors of record on Thursday, September 15th will be given a dividend of $0.22 per share. This is a positive change from United Community Banks’s previous quarterly dividend of $0.21. This represents a $0.88 annualized dividend and a dividend yield of 2.57%. The ex-dividend date is Wednesday, September 14th. United Community Banks’s dividend payout ratio is currently 36.51%.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Truist Financial reduced their target price on United Community Banks from $34.00 to $32.00 in a research note on Wednesday, June 15th. StockNews.com upgraded United Community Banks from a “sell” rating to a “hold” rating in a research note on Wednesday. Finally, Piper Sandler reduced their target price on United Community Banks to $36.00 in a research note on Friday, July 22nd.

United Community Banks Company Profile

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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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