144,393 Shares in United Community Banks, Inc. (NASDAQ:UCB) Purchased by CANADA LIFE ASSURANCE Co

CANADA LIFE ASSURANCE Co bought a new position in shares of United Community Banks, Inc. (NASDAQ:UCB - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 144,393 shares of the company's stock, valued at approximately $4,666,000. CANADA LIFE ASSURANCE Co owned approximately 0.12% of United Community Banks as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in the business. Farther Finance Advisors LLC acquired a new stake in shares of United Community Banks during the fourth quarter valued at about $80,000. Great Lakes Advisors LLC bought a new stake in United Community Banks in the fourth quarter valued at $3,050,000. Swiss National Bank bought a new position in United Community Banks in the 4th quarter worth about $7,573,000. Commonwealth Equity Services LLC acquired a new position in shares of United Community Banks during the fourth quarter worth approximately $273,000. Finally, Natixis Advisors LLC acquired a new position in United Community Banks during the 4th quarter worth $498,000. Hedge funds and other institutional investors own 82.29% of the company's stock.

United Community Banks Stock Up 1.1 %

Shares of United Community Banks stock traded up $0.30 during midday trading on Monday, reaching $27.56. 675,053 shares of the company's stock traded hands, compared to its average volume of 676,488. The company has a market cap of $3.29 billion, a price-to-earnings ratio of 13.51 and a beta of 0.80. United Community Banks, Inc. has a 52 week low of $22.93 and a 52 week high of $35.38. The company's 50 day simple moving average is $27.83 and its 200 day simple moving average is $30.55. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.78 and a current ratio of 0.78.

United Community Banks Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 4th. Investors of record on Friday, March 14th were paid a $0.24 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.96 dividend on an annualized basis and a yield of 3.48%. United Community Banks's payout ratio is presently 45.50%.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. DA Davidson decreased their price objective on shares of United Community Banks from $38.00 to $33.00 and set a "buy" rating for the company in a report on Wednesday, April 23rd. Hovde Group upgraded United Community Banks from a "market perform" rating to an "outperform" rating and cut their price objective for the stock from $32.00 to $31.00 in a report on Monday, April 7th. Stephens reissued an "overweight" rating and set a $36.00 target price on shares of United Community Banks in a research note on Wednesday, April 23rd. Finally, 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. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $33.33.

Insider Activity

In other United Community Banks news, Director Sally Pope Davis purchased 1,800 shares of the firm's stock in a transaction on Tuesday, March 11th. The shares were purchased at an average price of $28.19 per share, for a total transaction of $50,742.00. Following the completion of the purchase, the director now directly owns 3,264 shares of the company's stock, valued at approximately $92,012.16. This represents a 122.95 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO H Lynn Harton sold 31,679 shares of the stock in a transaction on Monday, February 10th. The shares were 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 represents a 21.98 % decrease in their position. The disclosure for this sale can be found here. 0.54% of the stock is currently owned by company insiders.

United Community Banks Profile

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.