DA Davidson Increases United Community Banks (NASDAQ:UCBI) Price Target to $35.00

United Community Banks (NASDAQ:UCBI) had its price target upped by DA Davidson from $32.00 to $35.00 in a research note issued to investors on Thursday morning, Benzinga reports. DA Davidson currently has a buy rating on the financial services provider’s stock.

Other analysts have also recently issued research reports about the stock. Truist Financial raised their price objective on shares of United Community Banks from $26.00 to $31.00 and gave the company a hold rating in a research note on Thursday. Keefe, Bruyette & Woods raised their price objective on shares of United Community Banks from $28.00 to $32.00 and gave the company a market perform rating in a research note on Thursday. Finally, Piper Sandler reduced their price objective on shares of United Community Banks from $30.00 to $28.00 and set a neutral rating for the company in a research note on Thursday, April 25th. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of Hold and an average price target of $31.50.

United Community Banks Stock Up 1.1 %

UCBI stock opened at $31.51 on Thursday. United Community Banks has a one year low of $21.63 and a one year high of $31.96. The stock has a market capitalization of $3.75 billion, a PE ratio of 20.46 and a beta of 0.91. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.81 and a current ratio of 0.80. The company has a fifty day moving average of $26.17 and a 200-day moving average of $26.31.

United Community Banks (NASDAQ:UCBI) last released its earnings results on Wednesday, July 24th. The financial services provider reported $0.58 EPS for the quarter, topping the consensus estimate of $0.51 by $0.07. United Community Banks had a net margin of 13.36% and a return on equity of 8.04%. The company had revenue of $347.00 million during the quarter, compared to analysts’ expectations of $238.95 million. During the same quarter last year, the business earned $0.55 EPS. The business’s revenue was up 17.3% on a year-over-year basis. As a group, analysts expect that United Community Banks will post 2.22 EPS for the current year.

United Community Banks Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 5th. Shareholders of record on Saturday, June 15th were issued a dividend of $0.23 per share. The ex-dividend date was Friday, June 14th. This represents a $0.92 annualized dividend and a yield of 2.92%. United Community Banks’s dividend payout ratio (DPR) is currently 59.74%.

Hedge Funds Weigh In On United Community Banks

Several hedge funds have recently added to or reduced their stakes in UCBI. Norges Bank purchased a new position in United Community Banks during the 4th quarter valued at about $37,723,000. Hsbc Holdings PLC purchased a new position in United Community Banks during the 4th quarter valued at about $20,850,000. Dimensional Fund Advisors LP increased its holdings in United Community Banks by 13.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,553,813 shares of the financial services provider’s stock valued at $133,249,000 after acquiring an additional 556,939 shares in the last quarter. Vanguard Group Inc. increased its holdings in United Community Banks by 2.1% during the 4th quarter. Vanguard Group Inc. now owns 13,552,982 shares of the financial services provider’s stock valued at $396,560,000 after acquiring an additional 274,275 shares in the last quarter. Finally, Rafferty Asset Management LLC increased its holdings in United Community Banks by 85.2% during the 4th quarter. Rafferty Asset Management LLC now owns 157,743 shares of the financial services provider’s stock valued at $4,616,000 after acquiring an additional 72,582 shares in the last quarter. 82.29% of the stock is currently owned by hedge funds and other institutional investors.

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. It accepts various deposit products, including checking, savings, money market, and other deposit accounts.