DA Davidson Issues Pessimistic Outlook for UCB Earnings

United Community Banks, Inc. (NASDAQ:UCB) – DA Davidson lowered their FY2024 earnings per share (EPS) estimates for United Community Banks in a research note issued on Thursday, October 24th. DA Davidson analyst G. Tenner now anticipates that the company will earn $2.26 per share for the year, down from their prior forecast of $2.29. The consensus estimate for United Community Banks’ current full-year earnings is $2.25 per share.

United Community Banks (NASDAQ:UCB) last released its quarterly earnings results on Wednesday, October 23rd. The company reported $0.57 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by ($0.01). United Community Banks had a return on equity of 8.04% and a net margin of 13.36%. The firm had revenue of $384.39 million during the quarter, compared to analysts’ expectations of $237.90 million. During the same period in the prior year, the firm posted $0.45 earnings per share.

UCB has been the topic of a number of other research reports. Piper Sandler dropped their price target on United Community Banks from $29.00 to $28.00 and set a “neutral” rating on the stock in a research note on Friday. Truist Financial dropped their price target on United Community Banks from $32.00 to $30.00 and set a “hold” rating on the stock in a research note on Friday.

United Community Banks Price Performance

Shares of NASDAQ:UCB opened at $27.65 on Friday. The company’s 50-day simple moving average is $28.99. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 0.10. United Community Banks has a 1 year low of $21.63 and a 1 year high of $31.96. The firm has a market cap of $3.30 billion, a price-to-earnings ratio of 17.84 and a beta of 0.89.

United Community Banks Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 4th. Investors of record on Monday, September 16th were given a $0.24 dividend. The ex-dividend date was Monday, September 16th. This represents a $0.96 dividend on an annualized basis and a yield of 3.47%. This is a positive change from United Community Banks’s previous quarterly dividend of $0.23. United Community Banks’s dividend payout ratio is currently 61.94%.

About United Community Banks

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.