Prudential Financial Inc. Sells 127,401 Shares of United Community Banks, Inc. (NASDAQ:UCBI)

Prudential Financial Inc. cut its stake in shares of United Community Banks, Inc. (NASDAQ:UCBI) by 37.2% during the 2nd quarter, HoldingsChannel reports. The firm owned 215,120 shares of the financial services provider’s stock after selling 127,401 shares during the period. Prudential Financial Inc.’s holdings in United Community Banks were worth $6,144,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Acadian Asset Management LLC boosted its position in United Community Banks by 86.1% during the 2nd quarter. Acadian Asset Management LLC now owns 262,405 shares of the financial services provider’s stock worth $7,494,000 after buying an additional 121,433 shares during the period. Smith Asset Management Group LP acquired a new stake in United Community Banks during the 2nd quarter worth approximately $1,163,000. Janus Henderson Group PLC boosted its position in United Community Banks by 10.5% during the 2nd quarter. Janus Henderson Group PLC now owns 1,839,743 shares of the financial services provider’s stock worth $52,543,000 after buying an additional 175,070 shares during the period. Wells Fargo & Company MN boosted its position in United Community Banks by 2.5% during the 2nd quarter. Wells Fargo & Company MN now owns 653,347 shares of the financial services provider’s stock worth $18,660,000 after buying an additional 16,168 shares during the period. Finally, Stone Ridge Asset Management LLC boosted its position in United Community Banks by 9.0% during the 2nd quarter. Stone Ridge Asset Management LLC now owns 21,702 shares of the financial services provider’s stock worth $620,000 after buying an additional 1,800 shares during the period. 92.26% of the stock is currently owned by institutional investors.

UCBI has been the topic of several recent research reports. Zacks Investment Research downgraded shares of United Community Banks from a “hold” rating to a “sell” rating in a research report on Wednesday, August 14th. SunTrust Banks cut their target price on shares of United Community Banks from $30.00 to $29.00 and set a “hold” rating on the stock in a research report on Tuesday, August 27th. ValuEngine downgraded shares of United Community Banks from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. DA Davidson initiated coverage on shares of United Community Banks in a research report on Tuesday, August 20th. They set a “neutral” rating on the stock. Finally, BidaskClub downgraded shares of United Community Banks from a “buy” rating to a “hold” rating in a research report on Tuesday, July 9th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $29.40.

In other news, CAO Alan H. Kumler sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $27.06, for a total value of $81,180.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders sold a total of 4,684 shares of company stock worth $130,150 in the last 90 days. Corporate insiders own 1.18% of the company’s stock.

NASDAQ:UCBI traded down $0.57 during mid-day trading on Thursday, hitting $27.65. 14,474 shares of the company’s stock were exchanged, compared to its average volume of 428,065. The company has a 50 day simple moving average of $26.94 and a 200-day simple moving average of $27.11. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.26. United Community Banks, Inc. has a fifty-two week low of $20.23 and a fifty-two week high of $30.09. The firm has a market capitalization of $2.13 billion, a P/E ratio of 12.94 and a beta of 1.28.

United Community Banks (NASDAQ:UCBI) last posted its earnings results on Tuesday, July 23rd. The financial services provider reported $0.59 EPS for the quarter, topping the consensus estimate of $0.58 by $0.01. The business had revenue of $142.32 million for the quarter, compared to the consensus estimate of $142.30 million. United Community Banks had a net margin of 27.88% and a return on equity of 12.24%. During the same period last year, the company earned $0.53 EPS. As a group, analysts expect that United Community Banks, Inc. will post 2.3 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Saturday, October 5th. Stockholders of record on Sunday, September 15th will be given a $0.17 dividend. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.46%. United Community Banks’s dividend payout ratio (DPR) is currently 31.78%.

About United Community Banks

United Community Banks, Inc operates as the bank holding company for United Community Bank that provides retail and corporate banking services to individuals and businesses. It offers various deposit accounts, such as checking accounts, savings and time deposits accounts, NOW accounts, money market deposits, and certificates of deposit.

Further Reading: Recession

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Institutional Ownership by Quarter for United Community Banks (NASDAQ:UCBI)

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