KLP Kapitalforvaltning AS Takes Position in United Community Banks, Inc. (NASDAQ:UCB)

KLP Kapitalforvaltning AS purchased a new position in shares of United Community Banks, Inc. (NASDAQ:UCB - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 23,700 shares of the company's stock, valued at approximately $771,000.

Other hedge funds have also made changes to their positions in the company. Farther Finance Advisors LLC bought a new stake in United Community Banks during the fourth quarter worth approximately $80,000. Lee Danner & Bass Inc. bought a new stake in shares of United Community Banks during the 4th quarter worth $174,000. Patten & Patten Inc. TN bought a new stake in shares of United Community Banks during the 4th quarter worth $255,000. Commonwealth Equity Services LLC acquired a new position in United Community Banks in the 4th quarter valued at $273,000. Finally, Xponance Inc. bought a new position in United Community Banks in the 4th quarter worth $278,000. Institutional investors and hedge funds own 82.29% of the company's stock.

United Community Banks Stock Performance

Shares of NASDAQ UCB traded down $1.28 during mid-day trading on Friday, hitting $24.18. The company had a trading volume of 1,269,296 shares, compared to its average volume of 637,245. United Community Banks, Inc. has a 12 month low of $23.41 and a 12 month high of $35.38. The firm has a market cap of $2.89 billion, a P/E ratio of 11.85 and a beta of 0.80. The business's 50-day simple moving average is $30.75 and its 200-day simple moving average is $30.98. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.78 and a quick ratio of 0.78.

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United Community Banks Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 4th. Stockholders of record on Friday, March 14th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.97%. The ex-dividend date of this dividend was Friday, March 14th. United Community Banks's dividend payout ratio is presently 47.06%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Raymond James upgraded 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. Hovde Group lowered their target price 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, Piper Sandler upped their price target on United Community Banks from $32.00 to $35.00 and gave the stock a "neutral" rating in a report on Thursday, January 23rd.

Insider Activity

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

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.