Voya Investment Management LLC Trims Position in United Community Banks, Inc. $UCB
by Sarita Garza · The Markets DailyVoya Investment Management LLC decreased its position in shares of United Community Banks, Inc. (NYSE:UCB – Free Report) by 10.8% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 253,791 shares of the company’s stock after selling 30,852 shares during the quarter. Voya Investment Management LLC’s holdings in United Community Banks were worth $7,956,000 at the end of the most recent quarter.
Other institutional investors have also bought and sold shares of the company. Norges Bank purchased a new position in shares of United Community Banks in the second quarter valued at about $42,061,000. Wellington Management Group LLP raised its stake in United Community Banks by 149.3% during the 1st quarter. Wellington Management Group LLP now owns 886,741 shares of the company’s stock valued at $24,944,000 after purchasing an additional 531,058 shares during the period. Jane Street Group LLC lifted its holdings in United Community Banks by 655.3% in the 1st quarter. Jane Street Group LLC now owns 414,225 shares of the company’s stock worth $11,652,000 after purchasing an additional 359,386 shares in the last quarter. Rhumbline Advisers bought a new position in United Community Banks in the 1st quarter worth approximately $9,816,000. Finally, Stieven Capital Advisors L.P. purchased a new stake in United Community Banks during the 2nd quarter valued at approximately $5,362,000. Hedge funds and other institutional investors own 82.29% of the company’s stock.
United Community Banks Price Performance
Shares of United Community Banks stock opened at $32.45 on Wednesday. The firm has a market cap of $3.94 billion, a PE ratio of 12.88 and a beta of 0.87. The stock has a 50 day moving average of $30.62 and a 200 day moving average of $30.96. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.04. United Community Banks, Inc. has a 12 month low of $22.93 and a 12 month high of $34.57.
United Community Banks (NYSE:UCB – Get Free Report) last released its quarterly earnings data on Wednesday, October 22nd. The company reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.05. The business had revenue of $276.85 million for the quarter, compared to the consensus estimate of $270.85 million. United Community Banks had a return on equity of 9.42% and a net margin of 20.67%.The company’s revenue was up 27.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.57 EPS.
United Community Banks declared that its Board of Directors has approved a share buyback plan on Monday, December 8th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to buy up to 2.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.
United Community Banks Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, January 5th. Investors of record on Monday, December 15th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 3.1%. The ex-dividend date is Monday, December 15th. United Community Banks’s payout ratio is currently 39.68%.
Insider Transactions at United Community Banks
In other United Community Banks news, EVP Richard Bradshaw sold 1,654 shares of the stock in a transaction on Monday, October 27th. The shares were sold at an average price of $30.23, for a total transaction of $50,000.42. Following the completion of the transaction, the executive vice president owned 75,226 shares in the company, valued at $2,274,081.98. This trade represents a 2.15% 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. 0.54% of the stock is currently owned by insiders.
Wall Street Analyst Weigh In
Separately, Weiss Ratings reiterated a “hold (c+)” rating on shares of United Community Banks in a research report on Wednesday, October 8th. Three analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $35.40.
Check Out Our Latest Research Report on United Community Banks
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.
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