Bank of America Corp DE Makes New $16.47 Million Investment in United Community Banks, Inc. (NASDAQ:UCB)

Bank of America Corp DE acquired a new position in United Community Banks, Inc. (NASDAQ:UCB) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 509,702 shares of the company’s stock, valued at approximately $16,468,000. Bank of America Corp DE owned approximately 0.43% of United Community Banks at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of UCB. Bank of Montreal Can bought a new stake in United Community Banks in the 4th quarter worth $508,000. Legal & General Group Plc purchased a new stake in shares of United Community Banks during the fourth quarter worth about $10,686,000. Northern Trust Corp purchased a new stake in shares of United Community Banks during the fourth quarter worth about $45,527,000. Swiss National Bank bought a new stake in shares of United Community Banks in the fourth quarter worth about $7,573,000. Finally, Corebridge Financial Inc. purchased a new position in United Community Banks during the 4th quarter valued at about $2,057,000. 82.29% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other United Community Banks news, Director Sally Pope Davis purchased 1,800 shares of United Community Banks stock in a transaction on Tuesday, March 11th. The stock was bought at an average cost of $28.19 per share, with a total value of $50,742.00. Following the transaction, the director now owns 3,264 shares of the company’s stock, valued at $92,012.16. This represents a 122.95% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.43% of the stock is owned by insiders.

United Community Banks Trading Down 0.3%

Shares of NASDAQ UCB opened at $29.41 on Wednesday. United Community Banks, Inc. has a 1-year low of $22.93 and a 1-year high of $35.38. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.78 and a quick ratio of 0.78. The business’s 50 day moving average is $27.19 and its two-hundred day moving average is $30.54. The stock has a market capitalization of $3.51 billion, a P/E ratio of 14.42 and a beta of 0.75.

United Community Banks Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 3rd. Investors of record on Sunday, June 15th will be paid a $0.24 dividend. The ex-dividend date is Friday, June 13th. This represents a $0.96 annualized dividend and a yield of 3.26%. United Community Banks’s dividend payout ratio (DPR) is currently 45.50%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Piper Sandler lifted their price target on shares of United Community Banks from $32.00 to $35.00 and gave the company a “neutral” rating in a report on Thursday, January 23rd. Hovde Group raised shares of United Community Banks from a “market perform” rating to an “outperform” rating and dropped their target price for the stock from $32.00 to $31.00 in a research report on Monday, April 7th. DA Davidson decreased their price target on shares of United Community Banks from $38.00 to $33.00 and set a “buy” rating for the company in a research note on Wednesday, April 23rd. Stephens restated an “overweight” rating and issued a $36.00 price objective on shares of United Community Banks in a report on Wednesday, April 23rd. Finally, Keefe, Bruyette & Woods reduced their target price on United Community Banks from $35.00 to $32.00 and set a “market perform” rating on the stock in a report on Wednesday, April 30th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, United Community Banks presently has a consensus rating of “Moderate Buy” and an average price target of $33.14.

United Community Banks Profile

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.