Wellington Management Group LLP Sells 459,712 Shares of United Community Banks, Inc. $UCB

Wellington Management Group LLP lessened its stake in United Community Banks, Inc. (NYSE:UCB) by 64.4% during the second quarter, HoldingsChannel reports. The institutional investor owned 254,136 shares of the company’s stock after selling 459,712 shares during the period. Wellington Management Group LLP’s holdings in United Community Banks were worth $8,918,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd bought a new position in United Community Banks during the fourth quarter worth $29,000. Covestor Ltd increased its holdings in United Community Banks by 196.1% during the 4th quarter. Covestor Ltd now owns 992 shares of the company’s stock worth $31,000 after purchasing an additional 657 shares in the last quarter. Kestra Advisory Services LLC bought a new position in United Community Banks during the 4th quarter valued at $42,000. Public Employees Retirement System of Ohio bought a new position in shares of United Community Banks during the second quarter valued at about $54,000. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of United Community Banks by 130.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,951 shares of the company’s stock worth $58,000 after buying an additional 1,106 shares during the last quarter. Institutional investors and hedge funds own 82.29% of the company’s stock.

Analyst Ratings Changes

UCB has been the topic of several research analyst reports. TD Cowen upgraded United Community Banks to a “strong-buy” rating in a research note on Thursday, July 16th. Piper Sandler restated a “neutral” rating and set a $37.00 price target on shares of United Community Banks in a research report on Wednesday, July 22nd. DA Davidson reissued a “buy” rating and issued a $40.00 price target on shares of United Community Banks in a research note on Wednesday, July 22nd. Wall Street Zen cut United Community Banks from a “hold” rating to a “sell” rating in a report on Saturday, June 27th. Finally, Weiss Ratings upgraded United Community Banks from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, June 30th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, United Community Banks currently has an average rating of “Moderate Buy” and an average price target of $38.80.

Insider Transactions at United Community Banks

In related news, EVP Jefferson L. Harralson sold 25,000 shares of the company’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $35.41, for a total transaction of $885,250.00. Following the sale, the executive vice president owned 37,433 shares of the company’s stock, valued at $1,325,502.53. This represents a 40.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Richard Bradshaw sold 1,424 shares of the firm’s stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $35.09, for a total value of $49,968.16. Following the completion of the sale, the executive vice president directly owned 83,228 shares of the company’s stock, valued at $2,920,470.52. The trade was a 1.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.45% of the company’s stock.

United Community Banks Stock Down 0.9%

NYSE:UCB opened at $35.33 on Wednesday. United Community Banks, Inc. has a fifty-two week low of $28.65 and a fifty-two week high of $37.18. The firm has a market cap of $4.26 billion, a P/E ratio of 11.62 and a beta of 0.81. The firm has a 50-day simple moving average of $35.61 and a two-hundred day simple moving average of $33.79. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.83 and a current ratio of 0.83.

United Community Banks (NYSE:UCB) last released its quarterly earnings data on Tuesday, July 21st. The company reported $0.71 earnings per share for the quarter, missing the consensus estimate of $0.80 by ($0.09). United Community Banks had a net margin of 24.43% and a return on equity of 9.61%. The company had revenue of $279.28 million for the quarter. Analysts predict that United Community Banks, Inc. will post 2.94 earnings per share for the current fiscal year.

United Community Banks Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 5th. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.9%. The ex-dividend date is Tuesday, September 15th. This is a positive change from United Community Banks’s previous quarterly dividend of $0.25. United Community Banks’s payout ratio is 32.89%.

United Community Banks Company Profile

United Community Banks, Inc (NYSE: UCB) is a bank holding company headquartered in Blairsville, Georgia. It operates primarily through its subsidiary, United Community Bank, providing a broad range of banking and financial services to individual, business and governmental customers. The company’s core offerings include deposit accounts, commercial and consumer lending, mortgage origination, treasury and cash management services, and wealth management.

In addition to traditional banking products such as checking, savings and money market accounts, United Community Bank specializes in commercial real estate financing, small business administration (SBA) loans, equipment financing and agricultural lending.