GREENVILLE, S.C. - United Community Banks , Inc. (NASDAQ:UCBI), a financial holding company, has announced its plans to transfer the listing of its common stock and Depositary Shares from the NASDAQ to the New York Stock Exchange (NYSE). The transition is scheduled to take place with the start of trading on August 6, 2024. Following the move, the company's common stock and depositary shares will be listed under the new ticker symbols "UCB" and "UCB PRI", respectively.
The shift to the NYSE is anticipated to enhance visibility for United Community Banks among investors and stakeholders. CEO Lynn Harton expressed enthusiasm about the move, stating that joining the world's largest stock exchange aligns with the company's goals for increased shareholder visibility. The company also plans to celebrate the transition by ringing the Opening Bell at the NYSE with its Board of Directors later that month.
United Community Banks, Inc. operates across six Southeastern states and as of June 30, 2024, reported assets totaling $27.1 billion. The company has been recognized for its customer satisfaction, trustworthiness, and workplace environment, receiving multiple awards including J.D. Power's award for best customer satisfaction among consumer banks in the Southeast region for the tenth time in 2024.
United Community Banks reported stable operating earnings per share at $0.52 for the first quarter of 2024. The bank's net interest margin saw a slight improvement, and while loan growth was a modest 1.2%, the bank's credit quality remained robust. DA Davidson maintained a Buy rating on United Community Banks, raising its price target to $35.00, citing the bank's strong liquidity position and potential for accelerated loan growth by 2025.
Federal Reserve Governor Lisa Cook affirmed the robust financial health of U.S. sectors, including banks, in a recent address. Highlighting the resilience of the commercial real estate sector, Cook described the risks associated with such loans as "sizable but manageable." Additionally, she expressed vigilance over certain areas, including an uptick in consumer auto and credit card delinquency rates.
InvestingPro Insights
As United Community Banks, Inc. (NASDAQ:UCBI) prepares for its transition to the New York Stock Exchange, the company's financial metrics and analyst sentiment provide a comprehensive picture of its market position. With a robust market capitalization of $3.72 billion, UCBI showcases a significant presence in the financial sector. The company's P/E ratio stands at 20.35, reflecting investor expectations of future earnings growth. Additionally, United Community Banks has demonstrated a commitment to its shareholders, maintaining a consistent dividend payment record over the past 11 years, a testament to its financial stability and shareholder-friendly approach.
Analyzing recent performance, UCBI has experienced strong returns, with a 1-month price total return of 25.37% and a 3-month price total return of 21.14%, indicating a positive trend in investor sentiment. Furthermore, the company's stock is trading near its 52-week high, at 98.76% of the peak value, signaling that investors are valuing the stock highly in the current market.
InvestingPro Tips reveal that six analysts have revised their earnings estimates upwards for UCBI, reflecting a bullish outlook on the company's financial prospects. Additionally, the company has been profitable over the last twelve months, which may inspire confidence among investors looking for stable and growing financial institutions. For those interested in deeper insights, InvestingPro offers a range of additional tips on UCBI, available at https://www.investing.com/pro/UCBI. With the use of coupon code PRONEWS24, readers can get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, unlocking valuable information to guide investment decisions. Currently, there are 9 additional InvestingPro Tips available for UCBI.
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