Norges Bank Makes New $42.84 Million Investment in United Community Banks, Inc. (NASDAQ:UCB)

Norges Bank acquired a new stake in shares of United Community Banks, Inc. (NASDAQ:UCB) during the fourth quarter, Holdings Channel reports. The fund acquired 1,325,816 shares of the company’s stock, valued at approximately $42,837,000.

Other large investors have also recently modified their holdings of the company. Vanguard Group Inc. purchased a new stake in United Community Banks during the 4th quarter valued at about $450,141,000. Segall Bryant & Hamill LLC purchased a new stake in shares of United Community Banks during the fourth quarter valued at approximately $27,535,000. JPMorgan Chase & Co. bought a new position in shares of United Community Banks in the fourth quarter worth approximately $21,599,000. Sei Investments Co. purchased a new position in shares of United Community Banks in the fourth quarter worth $11,881,000. Finally, Swiss National Bank bought a new stake in United Community Banks during the 4th quarter valued at $7,573,000. Hedge funds and other institutional investors own 82.29% of the company’s stock.

United Community Banks Stock Down 5.0 %

Shares of NASDAQ UCB opened at $24.18 on Friday. The firm has a fifty day simple moving average of $30.75 and a two-hundred day simple moving average of $30.97. United Community Banks, Inc. has a 12 month low of $23.41 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. The firm has a market capitalization of $2.89 billion, a PE ratio of 11.85 and a beta of 0.80.

United Community Banks Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 4th. Shareholders 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 yield of 3.97%. United Community Banks’s dividend payout ratio (DPR) is presently 47.06%.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at United Community Banks

In other United Community Banks news, CEO H Lynn Harton sold 31,679 shares of the firm’s stock in a transaction on 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 completion of the transaction, the chief executive officer now owns 112,444 shares of the company’s stock, valued at approximately $3,805,104.96. This trade represents a 21.98 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Sally Pope Davis bought 1,800 shares of United Community Banks stock in a transaction dated Tuesday, March 11th. The stock was acquired at an average cost of $28.19 per share, for a total transaction of $50,742.00. Following the completion of the transaction, the director now directly owns 3,264 shares in the company, valued at approximately $92,012.16. This trade represents a 122.95 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.54% of the company’s stock.

About United Community Banks

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.