Corebridge Financial Inc. Makes New Investment in United Community Banks, Inc. (NASDAQ:UCB)

Corebridge Financial Inc. purchased a new position in shares of United Community Banks, Inc. (NASDAQ:UCB - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 63,675 shares of the company's stock, valued at approximately $2,057,000. Corebridge Financial Inc. owned about 0.05% of United Community Banks at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of UCB. Farther Finance Advisors LLC acquired a new stake in United Community Banks in the 4th quarter valued at about $80,000. Lee Danner & Bass Inc. bought a new stake in shares of United Community Banks during the fourth quarter valued at approximately $174,000. Patten & Patten Inc. TN acquired a new stake in shares of United Community Banks in the fourth quarter valued at approximately $255,000. Commonwealth Equity Services LLC bought a new position in United Community Banks in the 4th quarter worth approximately $273,000. Finally, Xponance Inc. bought a new position in United Community Banks in the 4th quarter worth approximately $278,000. 82.29% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Sally Pope Davis acquired 1,800 shares of the stock in a transaction that occurred on Tuesday, March 11th. The stock was acquired at an average price of $28.19 per share, for a total transaction of $50,742.00. Following the transaction, the director now directly owns 3,264 shares in the company, valued at approximately $92,012.16. This represents a 122.95 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, CEO H Lynn Harton sold 31,679 shares of United Community Banks stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $33.84, for a total value of $1,072,017.36. Following the transaction, the chief executive officer now owns 112,444 shares in the company, valued at approximately $3,805,104.96. This represents a 21.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.54% of the company's stock.

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United Community Banks Trading Down 5.0 %

Shares of United Community Banks stock traded down $1.28 on Friday, hitting $24.18. 1,269,296 shares of the company's stock traded hands, compared to its average volume of 637,245. The firm's 50-day moving average price is $30.75 and its two-hundred day moving average price is $30.99. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.78 and a quick ratio of 0.78. The stock has a market capitalization of $2.89 billion, a PE ratio of 11.85 and a beta of 0.80. United Community Banks, Inc. has a one year low of $23.41 and a one year high of $35.38.

United Community Banks Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, April 4th. Shareholders of record on Friday, March 14th were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 3.97%. The ex-dividend date was Friday, March 14th. United Community Banks's payout ratio is 47.06%.

Analyst Upgrades and Downgrades

UCB has been the subject of several research reports. Piper Sandler lifted their target price on United Community Banks from $32.00 to $35.00 and gave the company a "neutral" rating in a research note on Thursday, January 23rd. Hovde Group decreased their price target on United Community Banks from $36.00 to $32.00 and set a "market perform" rating on the stock in a report on Thursday, March 20th. Finally, Raymond James raised United Community Banks from a "market perform" rating to an "outperform" rating and set a $35.00 price objective for the company in a report on Thursday, December 19th.

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.