Hovde Group Issues Pessimistic Forecast for United Community Banks (NASDAQ:UCB) Stock Price

United Community Banks (NASDAQ:UCB - Get Free Report) had its price target decreased by equities research analysts at Hovde Group from $36.00 to $32.00 in a note issued to investors on Thursday, MarketBeat Ratings reports. The firm currently has a "market perform" rating on the stock. Hovde Group's price objective would indicate a potential upside of 10.67% from the company's previous close.

UCB has been the subject of a number of other research reports. Piper Sandler lifted their price objective 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. Raymond James raised shares of United Community Banks from a "market perform" rating to an "outperform" rating and set a $35.00 price target for the company in a report on Thursday, December 19th.

United Community Banks Stock Performance

NASDAQ:UCB traded up $0.94 during trading hours on Thursday, reaching $28.92. 867,030 shares of the stock were exchanged, compared to its average volume of 560,916. The stock has a market capitalization of $3.45 billion, a P/E ratio of 14.17 and a beta of 0.90. The firm has a 50 day simple moving average of $31.66 and a 200-day simple moving average of $31.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.08. United Community Banks has a 52 week low of $26.00 and a 52 week high of $35.38.

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Insiders Place Their Bets

In related news, Director Sally Pope Davis purchased 1,800 shares of the company's stock in a transaction on Tuesday, March 11th. The shares were bought at an average cost of $28.19 per share, for a total transaction of $50,742.00. Following the transaction, the director now owns 3,264 shares of the company's stock, valued at $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 through this link. Also, CEO H Lynn Harton sold 31,679 shares of the stock in a transaction that occurred 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 $3,805,104.96. This trade represents a 21.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.54% of the stock is owned by insiders.

Hedge Funds Weigh In On United Community Banks

Hedge funds have recently modified their holdings of the company. Great Lakes Advisors LLC bought a new stake in shares of United Community Banks in the 4th quarter worth approximately $3,050,000. Raymond James Financial Inc. acquired a new stake in shares of United Community Banks during the 4th quarter valued at $8,675,000. Maryland State Retirement & Pension System bought a new stake in shares of United Community Banks during the 4th quarter worth $1,301,000. Swiss National Bank acquired a new position in shares of United Community Banks in the 4th quarter worth $7,573,000. Finally, Farther Finance Advisors LLC purchased a new stake in shares of United Community Banks during the fourth quarter valued at $80,000. 82.29% of the stock is currently owned by institutional investors and hedge funds.

United Community Banks Company 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.