Patten & Patten Inc. TN Takes Position in United Community Banks, Inc. (NASDAQ:UCB)

Patten & Patten Inc. TN acquired a new stake in shares of United Community Banks, Inc. (NASDAQ:UCB) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 7,891 shares of the company’s stock, valued at approximately $255,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Swiss National Bank purchased a new stake in United Community Banks during the fourth quarter valued at approximately $7,573,000. Great Lakes Advisors LLC purchased a new stake in United Community Banks during the fourth quarter valued at approximately $3,050,000. Natixis Advisors LLC purchased a new stake in United Community Banks during the fourth quarter valued at approximately $498,000. Commonwealth Equity Services LLC purchased a new stake in United Community Banks during the fourth quarter valued at approximately $273,000. Finally, Farther Finance Advisors LLC purchased a new stake in United Community Banks during the fourth quarter valued at approximately $80,000. 82.29% of the stock is currently owned by institutional investors.

United Community Banks Trading Up 2.2 %

NASDAQ UCB opened at $28.53 on Monday. The company has a fifty day simple moving average of $31.95 and a two-hundred day simple moving average of $31.14. The stock has a market cap of $3.41 billion, a P/E ratio of 13.98 and a beta of 0.90. United Community Banks, Inc. has a 12-month low of $26.00 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.

United Community Banks Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 4th. Shareholders of record on Friday, March 14th will be issued a $0.24 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.37%. United Community Banks’s dividend payout ratio is currently 47.06%.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

UCB has been the subject of a number of analyst reports. 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 research report on Thursday, December 19th. 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.

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.