United Community Banks (NASDAQ:UCBI) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research cut shares of United Community Banks (NASDAQ:UCBI) from a buy rating to a hold rating in a report released on Saturday, January 6th. Zacks Investment Research currently has $31.00 target price on the financial services provider’s stock.

According to Zacks, “United Community Bank is a bank holding company. United conducts its operations through a community-focused operating model of separate community banks, which, as of December 31, 2016, operated at 139 locations throughout the Atlanta-Sandy Springs-Roswell, Georgia, and Gainesville, Georgia metropolitan statistical areas, upstate and coastal South Carolina, north and coastal Georgia, western North Carolina, and east Tennessee. The community banks offer a range of retail and corporate banking services, including checking, savings and time deposit accounts, secured and unsecured loans, wire transfers, brokerage services and other financial services. The Company operates through its subsidiary, United Community Bank, Blairsville, Georgia (the Bank). The Bank owns an insurance agency, United Community Insurance Services, Inc., known as United Community Advisory Services, which is a subsidiary of the Bank. “

A number of other brokerages also recently weighed in on UCBI. SunTrust Banks reissued a buy rating and issued a $33.00 price objective on shares of United Community Banks in a research note on Thursday, October 12th. BidaskClub downgraded United Community Banks from a buy rating to a hold rating in a research note on Saturday, December 9th. Finally, ValuEngine downgraded United Community Banks from a buy rating to a hold rating in a research report on Tuesday, November 14th. Four equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus target price of $31.00.

Shares of United Community Banks (NASDAQ:UCBI) traded up $0.09 during midday trading on Friday, reaching $31.89. The company’s stock had a trading volume of 25,080 shares, compared to its average volume of 527,949. The firm has a market cap of $2,347.49, a price-to-earnings ratio of 19.62 and a beta of 0.89. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.81 and a quick ratio of 0.81. United Community Banks has a 12-month low of $24.47 and a 12-month high of $32.71.

United Community Banks (NASDAQ:UCBI) last announced its quarterly earnings results on Tuesday, January 23rd. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.01. United Community Banks had a return on equity of 10.12% and a net margin of 14.14%. The business had revenue of $118.24 million during the quarter, compared to analyst estimates of $118.26 million. During the same period in the previous year, the company earned $0.40 EPS. The firm’s revenue was up 11.4% on a year-over-year basis. equities research analysts forecast that United Community Banks will post 2.18 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 5th. Stockholders of record on Friday, December 15th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.25%. The ex-dividend date of this dividend was Thursday, December 14th. United Community Banks’s dividend payout ratio is presently 42.55%.

Several institutional investors and hedge funds have recently added to or reduced their stakes in UCBI. Schwab Charles Investment Management Inc. increased its position in shares of United Community Banks by 0.9% during the second quarter. Schwab Charles Investment Management Inc. now owns 477,822 shares of the financial services provider’s stock valued at $13,284,000 after purchasing an additional 4,382 shares during the period. Legal & General Group Plc boosted its stake in United Community Banks by 11.0% in the 2nd quarter. Legal & General Group Plc now owns 136,962 shares of the financial services provider’s stock valued at $3,808,000 after buying an additional 13,539 shares in the last quarter. BNP Paribas Arbitrage SA boosted its stake in United Community Banks by 52.8% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 22,098 shares of the financial services provider’s stock valued at $614,000 after buying an additional 7,632 shares in the last quarter. Federated Investors Inc. PA boosted its stake in United Community Banks by 7.1% in the 2nd quarter. Federated Investors Inc. PA now owns 17,500 shares of the financial services provider’s stock valued at $487,000 after buying an additional 1,163 shares in the last quarter. Finally, Prudential Financial Inc. boosted its stake in United Community Banks by 26.5% in the 2nd quarter. Prudential Financial Inc. now owns 422,742 shares of the financial services provider’s stock valued at $11,752,000 after buying an additional 88,690 shares in the last quarter. Institutional investors and hedge funds own 87.62% of the company’s stock.

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About United Community Banks

United Community Banks, Inc (United) is a bank holding company. United conducts its operations through a community-focused operating model of separate community banks, which, as of December 31, 2016, operated at 139 locations throughout the Atlanta-Sandy Springs-Roswell, Georgia, and Gainesville, Georgia metropolitan statistical areas, upstate and coastal South Carolina, north and coastal Georgia, western North Carolina, and east Tennessee.

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