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

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 research report issued on Monday, Marketbeat Ratings reports. The brokerage presently has a $31.00 target price on the stock, down from their previous target price of $32.00. Hovde Group’s price target indicates a potential upside of 30.91% from the stock’s current price.

Several other analysts have also commented on the company. Piper Sandler raised their target price on 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 shares of United Community Banks from a “market perform” rating to an “outperform” rating and set a $35.00 target price for the company in a report on Thursday, December 19th.

United Community Banks Price Performance

Shares of UCB opened at $23.68 on Monday. The business’s 50-day moving average is $30.18 and its two-hundred day moving average is $30.86. The company has a market capitalization of $2.83 billion, a P/E ratio of 11.61 and a beta of 0.80. United Community Banks has a fifty-two week low of $23.38 and a fifty-two week high of $35.38. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.78 and a current ratio of 0.78.

Insider Buying and Selling at United Community Banks

In related news, Director Sally Pope Davis purchased 1,800 shares of the firm’s stock in a transaction that occurred on Tuesday, March 11th. The shares were purchased at an average cost of $28.19 per share, with a total value of $50,742.00. Following the purchase, the director now owns 3,264 shares of the company’s stock, valued at $92,012.16. This represents a 122.95 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Richard Bradshaw sold 1,527 shares of United Community Banks stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $32.72, for a total value of $49,963.44. Following the completion of the sale, the executive vice president now owns 67,876 shares in the company, valued at approximately $2,220,902.72. The trade was a 2.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.54% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On United Community Banks

Several hedge funds and other institutional investors have recently made changes to their positions in UCB. Nomura Asset Management Co. Ltd. acquired a new position in United Community Banks in the 4th quarter valued at $31,000. Versant Capital Management Inc purchased a new stake in shares of United Community Banks during the first quarter worth $37,000. Public Employees Retirement System of Ohio acquired a new stake in shares of United Community Banks in the fourth quarter valued at about $42,000. Quadrant Capital Group LLC purchased a new position in shares of United Community Banks in the fourth quarter worth about $45,000. Finally, MassMutual Private Wealth & Trust FSB acquired a new position in United Community Banks during the first quarter worth about $45,000. Hedge funds and other institutional investors own 82.29% 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.