Norges Bank Makes New $42.84 Million Investment in United Community Banks, Inc. (NASDAQ:UCB)

Norges Bank acquired a new position in United Community Banks, Inc. (NASDAQ:UCB - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,325,816 shares of the company's stock, valued at approximately $42,837,000. Norges Bank owned approximately 1.11% of United Community Banks as of its most recent SEC filing.

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

United Community Banks Price Performance

NASDAQ:UCB traded up $1.70 during mid-day trading on Wednesday, reaching $25.44. The stock had a trading volume of 2,290,117 shares, compared to its average volume of 654,459. United Community Banks, Inc. has a 12 month low of $22.37 and a 12 month high of $35.38. The stock has a market capitalization of $3.04 billion, a PE ratio of 12.47 and a beta of 0.80. 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 50-day simple moving average of $29.87 and a two-hundred day simple moving average of $30.79.

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United Community Banks Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 4th. Stockholders of record on Friday, March 14th were issued a dividend of $0.24 per share. The ex-dividend date was Friday, March 14th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.77%. United Community Banks's dividend payout ratio (DPR) is currently 47.06%.

Insider Buying and Selling

In other news, Director Sally Pope Davis acquired 1,800 shares of United Community Banks stock in a transaction that occurred on Tuesday, March 11th. The shares were 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 of the company's stock, valued at approximately $92,012.16. The trade was a 122.95 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Richard Bradshaw sold 1,527 shares of the stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $32.72, for a total value 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 represents a 2.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.54% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts recently commented on UCB shares. Raymond James raised shares of United Community Banks from a "market perform" rating to an "outperform" rating and set a $35.00 price target on the stock in a research report on Thursday, December 19th. Piper Sandler lifted their price target on shares of United Community Banks from $32.00 to $35.00 and gave the company a "neutral" rating in a research report on Thursday, January 23rd. Finally, Hovde Group raised United Community Banks from a "market perform" rating to an "outperform" rating and reduced their price target for the stock from $32.00 to $31.00 in a research report on Monday.

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.