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

United Community Banks, Inc. (NASDAQ:UCBI) – Stock analysts at DA Davidson lowered their FY2024 earnings estimates for United Community Banks in a research report issued on Wednesday, April 17th. DA Davidson analyst G. Tenner now forecasts that the financial services provider will post earnings per share of $2.20 for the year, down from their previous forecast 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.

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

Several other analysts have also recently issued reports on the stock. StockNews.com raised shares of United Community Banks to a “sell” rating in a research report on Wednesday, January 17th. Piper Sandler raised their target price on shares of United Community Banks from $28.00 to $30.00 and gave the company a “neutral” rating in a report on Thursday, January 25th. Truist Financial reduced their target price on shares of 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 cut shares of United Community Banks from a “b” rating to a “c+” rating in a report on Wednesday, January 24th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $31.00.

United Community Banks Stock Up 2.2 %

Shares of UCBI opened at $25.25 on Friday. The stock has a market capitalization of $3.01 billion, a PE 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 company has a debt-to-equity ratio of 0.10, a quick ratio of 0.81 and a current ratio of 0.81. The company’s 50-day simple moving average is $25.68 and its 200-day simple moving average is $26.20.

United Community Banks Dividend Announcement

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

Institutional Trading of United Community Banks

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in UCBI. Advisor Group Holdings Inc. raised its holdings in United Community Banks by 6.8% during the first quarter. Advisor Group Holdings Inc. now owns 5,498 shares of the financial services provider’s stock worth $173,000 after purchasing an additional 351 shares in the last quarter. Raymond James Financial Services Advisors Inc. acquired a new stake in United Community Banks during the first quarter worth approximately $373,000. Cetera Advisor Networks LLC purchased a new position in shares of United Community Banks during the first quarter worth approximately $210,000. Citigroup Inc. grew its position in shares of United Community Banks by 23.0% during the first quarter. Citigroup Inc. now owns 94,139 shares of the financial services provider’s stock worth $3,276,000 after acquiring an additional 17,608 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its position in shares of United Community Banks by 21.0% during the first quarter. PNC Financial Services Group Inc. now owns 17,403 shares of the financial services provider’s stock worth $606,000 after acquiring an additional 3,025 shares during the last quarter. Institutional investors and hedge funds own 82.29% of the company’s stock.

United Community Banks Company 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.