PNC Financial Services Group Inc. Reduces Position in United Community Banks, Inc. (NASDAQ:UCBI)

PNC Financial Services Group Inc. lessened its holdings in shares of United Community Banks, Inc. (NASDAQ:UCBI) by 4.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,851 shares of the financial services provider’s stock after selling 846 shares during the period. PNC Financial Services Group Inc.’s holdings in United Community Banks were worth $581,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in United Community Banks by 2.1% during the 4th quarter. Vanguard Group Inc. now owns 13,552,982 shares of the financial services provider’s stock valued at $396,560,000 after acquiring an additional 274,275 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of United Community Banks by 4.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,549,690 shares of the financial services provider’s stock valued at $45,344,000 after buying an additional 67,399 shares during the period. Mendon Capital Advisors Corp purchased a new stake in shares of United Community Banks in the 4th quarter valued at approximately $878,000. CIBC Private Wealth Group LLC purchased a new stake in shares of United Community Banks in the 4th quarter valued at approximately $960,000. Finally, Rafferty Asset Management LLC grew its stake in shares of United Community Banks by 85.2% in the 4th quarter. Rafferty Asset Management LLC now owns 157,743 shares of the financial services provider’s stock valued at $4,616,000 after buying an additional 72,582 shares during the period. Hedge funds and other institutional investors own 82.29% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on UCBI shares. Truist Financial dropped their price target on shares of United Community Banks from $31.00 to $28.00 and set a “hold” rating for the company in a research note on Monday, April 1st. Piper Sandler dropped their price target on shares of United Community Banks from $30.00 to $28.00 and set a “neutral” rating for the company in a research note on Thursday, April 25th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $30.60.

United Community Banks Stock Performance

NASDAQ:UCBI opened at $24.87 on Thursday. 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 $2.96 billion, a P/E ratio of 16.15 and a beta of 0.92. The company has a 50 day moving average price of $25.63 and a 200 day moving average price of $26.62. United Community Banks, Inc. has a fifty-two week low of $21.63 and a fifty-two week high of $30.75.

United Community Banks (NASDAQ:UCBI) last posted its quarterly earnings data on Wednesday, April 24th. The financial services provider reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.02. The firm had revenue of $225.80 million during the quarter, compared to analysts’ expectations of $232.00 million. United Community Banks had a net margin of 13.62% and a return on equity of 8.02%. The firm’s quarterly revenue was down 6.6% on a year-over-year basis. During the same quarter last year, the company posted $0.58 EPS. Equities research analysts forecast that United Community Banks, Inc. will post 2.12 EPS for the current year.

United Community Banks Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 5th. Shareholders of record on Saturday, June 15th will be issued a dividend of $0.23 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.92 dividend on an annualized basis and a yield of 3.70%. United Community Banks’s dividend payout ratio (DPR) is presently 59.74%.

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.