Massachusetts Financial Services Co. MA Buys New Stake in United Community Banks, Inc. (NASDAQ:UCB)

Massachusetts Financial Services Co. MA purchased a new position in shares of United Community Banks, Inc. (NASDAQ:UCB) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,872,318 shares of the company’s stock, valued at approximately $60,495,000. Massachusetts Financial Services Co. MA owned approximately 1.57% of United Community Banks as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Nomura Asset Management Co. Ltd. purchased a new stake in shares of United Community Banks in the fourth quarter valued at approximately $31,000. Farther Finance Advisors LLC purchased a new stake in United Community Banks in the 4th quarter worth $80,000. Lee Danner & Bass Inc. acquired a new position in United Community Banks during the fourth quarter worth $174,000. Orion Portfolio Solutions LLC acquired a new stake in shares of United Community Banks in the fourth quarter valued at about $232,000. Finally, Patten & Patten Inc. TN acquired a new stake in shares of United Community Banks in the fourth quarter valued at about $255,000. Institutional investors and hedge funds own 82.29% of the company’s stock.

Insider Buying and Selling

In other news, EVP Richard Bradshaw sold 1,527 shares of the firm’s stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $32.72, for a total transaction of $49,963.44. Following the completion of the sale, the executive vice president now owns 67,876 shares in the company, valued at $2,220,902.72. This trade represents a 2.20 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO H Lynn Harton sold 31,679 shares of the company’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $33.84, for a total value of $1,072,017.36. Following the completion of the transaction, the chief executive officer now owns 112,444 shares in the company, valued at $3,805,104.96. This represents a 21.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.54% of the stock is currently owned by company insiders.

United Community Banks Stock Down 5.0 %

Shares of NASDAQ UCB opened at $24.18 on Friday. The stock has a market cap of $2.89 billion, a PE ratio of 11.85 and a beta of 0.80. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.08. United Community Banks, Inc. has a 12-month low of $23.41 and a 12-month high of $35.38. The company has a 50-day moving average of $30.75 and a 200 day moving average of $30.98.

United Community Banks Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 4th. Investors of record on Friday, March 14th were issued a $0.24 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.96 annualized dividend and a dividend yield of 3.97%. United Community Banks’s dividend payout ratio is presently 47.06%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on UCB. Hovde Group decreased their price target on shares of United Community Banks from $36.00 to $32.00 and set a “market perform” rating on the stock in a research note on Thursday, March 20th. Piper Sandler raised their target price on United Community Banks from $32.00 to $35.00 and gave the company a “neutral” rating in a research report on Thursday, January 23rd. Finally, Raymond James upgraded United Community Banks from a “market perform” rating to an “outperform” rating and set a $35.00 price target for the company in a research report on Thursday, December 19th.

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.