DA Davidson Equities Analysts Lower Earnings Estimates for United Community Banks, Inc. (NASDAQ:UCBI)

United Community Banks, Inc. (NASDAQ:UCBI) – Equities research analysts at DA Davidson cut their FY2024 earnings per share estimates for shares of United Community Banks in a research note issued on Wednesday, April 17th. DA Davidson analyst G. Tenner now forecasts that the financial services provider will post earnings per share of $2.20 for the year, down from their prior forecast of $2.45. DA Davidson currently has a “Buy” rating on the stock. The consensus estimate for United Community Banks’ current full-year earnings is $2.19 per share.

Other research analysts have also issued reports about the stock. Truist Financial decreased their price target on shares of United Community Banks from $31.00 to $28.00 and set a “hold” rating on the stock in a research note on Monday, April 1st. StockNews.com raised shares of United Community Banks to a “sell” rating in a research note on Wednesday, January 17th. TheStreet lowered shares of United Community Banks from a “b” rating to a “c+” rating in a research note on Wednesday, January 24th. Finally, Piper Sandler raised their target price on shares of United Community Banks from $28.00 to $30.00 and gave the stock a “neutral” rating in a research note on Thursday, January 25th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, United Community Banks presently has an average rating of “Hold” and an average price target of $31.00.

United Community Banks Trading Up 0.5 %

Shares of United Community Banks stock opened at $24.70 on Friday. The firm has a market capitalization of $2.94 billion, a PE ratio of 15.94 and a beta of 0.94. United Community Banks has a twelve month low of $20.37 and a twelve month high of $30.75. The firm’s 50-day moving average price is $25.72 and its 200 day moving average price is $26.19. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.10.

United Community Banks (NASDAQ:UCBI) last issued its quarterly earnings results on Wednesday, January 24th. The financial services provider reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.01. The firm had revenue of $165.70 million for the quarter, compared to analyst estimates of $226.07 million. United Community Banks had a net margin of 14.29% and a return on equity of 8.32%. United Community Banks’s quarterly revenue was down 25.8% compared to the same quarter last year. During the same period last year, the company posted $0.75 EPS.

Institutional Trading of United Community Banks

Several institutional investors have recently made changes to their positions in UCBI. BlackRock Inc. raised its position in shares of United Community Banks by 19.1% during the 1st quarter. BlackRock Inc. now owns 15,623,173 shares of the financial services provider’s stock valued at $543,687,000 after buying an additional 2,505,834 shares during the period. Capital Research Global Investors acquired a new stake in United Community Banks in the 1st quarter valued at approximately $75,829,000. State Street Corp increased its holdings in United Community Banks by 34.7% in the 1st quarter. State Street Corp now owns 6,258,337 shares of the financial services provider’s stock valued at $218,903,000 after purchasing an additional 1,611,842 shares during the last quarter. Norges Bank acquired a new stake in United Community Banks in the 4th quarter valued at approximately $37,723,000. Finally, FMR LLC increased its holdings in United Community Banks by 15.1% in the 3rd quarter. FMR LLC now owns 8,518,870 shares of the financial services provider’s stock valued at $216,464,000 after purchasing an additional 1,117,539 shares during the last quarter. Hedge funds and other institutional investors own 82.29% of the company’s stock.

United Community Banks Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Friday, March 15th were given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 3.72%. The ex-dividend date was Thursday, March 14th. United Community Banks’s payout ratio is presently 59.36%.

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.