DA Davidson Weighs in on United Community Banks, Inc.’s FY2024 Earnings (NASDAQ:UCBI)

United Community Banks, Inc. (NASDAQ:UCBI) – DA Davidson lowered their FY2024 earnings per share estimates for United Community Banks in a research report issued on Wednesday, April 17th. DA Davidson analyst G. Tenner now expects that the financial services provider will post earnings per share of $2.20 for the year, down from their prior estimate of $2.45. DA Davidson has a “Buy” rating on the stock. The consensus estimate for United Community Banks’ current full-year earnings is $2.19 per share.

A number of other equities research analysts have also recently issued reports on UCBI. Piper Sandler raised their target price on United Community Banks from $28.00 to $30.00 and gave the company a “neutral” rating in a research note on Thursday, January 25th. StockNews.com raised United Community Banks to a “sell” rating in a report on Wednesday, January 17th. Truist Financial lowered their price target on United Community Banks from $31.00 to $28.00 and set a “hold” rating on the stock in a report on Monday, April 1st. Finally, TheStreet lowered United Community Banks from a “b” rating to a “c+” rating in a report on Wednesday, January 24th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, United Community Banks presently has a consensus rating of “Hold” and a consensus target price of $31.00.

United Community Banks Stock Performance

UCBI stock opened at $25.25 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a market capitalization of $3.01 billion, a price-to-earnings ratio of 16.29 and a beta of 0.94. United Community Banks has a 1 year low of $20.37 and a 1 year high of $30.75. The stock’s fifty day moving average is $25.68 and its two-hundred day moving average is $26.20.

United Community Banks (NASDAQ:UCBI) last posted its earnings results on Wednesday, January 24th. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.01. The company had revenue of $165.70 million for the quarter, compared to analysts’ expectations of $226.07 million. United Community Banks had a return on equity of 8.32% and a net margin of 14.29%. The firm’s quarterly revenue was down 25.8% compared to the same quarter last year. During the same period last year, the business posted $0.75 earnings per share.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Eagle Bay Advisors LLC grew its holdings in United Community Banks by 97.5% during the second quarter. Eagle Bay Advisors LLC now owns 960 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 474 shares during the period. Carmel Capital Partners LLC acquired a new position in United Community Banks during the third quarter worth about $36,000. Belpointe Asset Management LLC grew its holdings in United Community Banks by 113.1% during the first quarter. Belpointe Asset Management LLC now owns 1,385 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 735 shares during the period. State of Wyoming grew its holdings in United Community Banks by 25.9% during the second quarter. State of Wyoming now owns 1,898 shares of the financial services provider’s stock worth $47,000 after acquiring an additional 390 shares during the period. Finally, GAMMA Investing LLC acquired a new position in United Community Banks during the fourth quarter worth about $72,000. 82.29% of the stock is owned by institutional investors and hedge funds.

United Community Banks Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Friday, March 15th were issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 3.64%. The ex-dividend date was Thursday, March 14th. United Community Banks’s payout ratio is currently 59.36%.

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.