Hovde Group Upgrades United Community Banks (NASDAQ:UCB) to “Outperform”

United Community Banks (NASDAQ:UCB) was upgraded by equities research analysts at Hovde Group from a “market perform” rating to an “outperform” rating in a report released on Monday. The firm currently has a $31.00 target price on the stock, down from their prior target price of $32.00. Hovde Group’s target price points to a potential upside of 28.23% from the company’s previous close.

Several other brokerages have also recently commented on UCB. Raymond James upgraded United Community Banks from a “market perform” rating to an “outperform” rating and set a $35.00 target price on the stock in a report on Thursday, December 19th. Piper Sandler increased their price target on United Community Banks from $32.00 to $35.00 and gave the stock a “neutral” rating in a report on Thursday, January 23rd.

United Community Banks Stock Down 5.0 %

Shares of NASDAQ UCB opened at $24.18 on Monday. The stock has a 50-day moving average price of $30.75 and a two-hundred day moving average price of $30.99. The company has a market cap of $2.89 billion, a price-to-earnings ratio of 11.85 and a beta of 0.80. United Community Banks has a 12 month low of $23.27 and a 12 month high of $35.38. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.08.

Insider Buying and Selling

In related news, CEO H Lynn Harton sold 31,679 shares of the stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $33.84, for a total transaction of $1,072,017.36. Following the sale, the chief executive officer now owns 112,444 shares of the company’s stock, valued at approximately $3,805,104.96. This represents a 21.98 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Richard Bradshaw sold 1,527 shares of United Community Banks stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $32.72, for a total value of $49,963.44. Following the transaction, the executive vice president now directly owns 67,876 shares of the company’s stock, valued at $2,220,902.72. The trade was a 2.20 % decrease in their position. The disclosure for this sale can be found here. 0.54% of the stock is currently owned by insiders.

Hedge Funds Weigh In On United Community Banks

Several hedge funds have recently bought and sold shares of the company. Raymond James Financial Inc. purchased a new stake in United Community Banks in the 4th quarter worth approximately $8,675,000. Thrivent Financial for Lutherans bought a new position in shares of United Community Banks during the 4th quarter valued at about $3,243,000. Great Lakes Advisors LLC bought a new position in shares of United Community Banks during the 4th quarter valued at about $3,050,000. Swiss National Bank purchased a new position in shares of United Community Banks during the 4th quarter valued at about $7,573,000. Finally, Corebridge Financial Inc. purchased a new stake in United Community Banks in the fourth quarter worth approximately $2,057,000. Hedge funds and other institutional investors 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.