A new investor has entered the banking sector by purchasing a significant number of shares in United Community Banks, Inc. (UCBI), a regional bank holding company based in Georgia.
O Dell Group LLC Buys 115,078 Shares of UCBI
According to a recent filing with the Securities and Exchange Commission (SEC), O Dell Group LLC, a private investment firm, bought 115,078 shares of UCBI in the first quarter of 2023. The transaction was valued at approximately $3.24 million, making UCBI the 15th largest position in O Dell Group LLC’s portfolio. The firm now owns about 0.10% of UCBI’s outstanding shares.
UCBI is one of the largest community banks in the Southeast, with over 200 branches across Georgia, North Carolina, South Carolina, and Tennessee. The bank offers a range of financial services, including personal and business banking, wealth management, mortgage lending, and insurance. UCBI reported a net income of $63.29 million for the second quarter of 2023, down 5.32% from the same period last year. The bank also declared a quarterly dividend of $0.19 per share, payable on October 5, 2023.
UCBI Attracts Other Institutional Investors
O Dell Group LLC is not the only institutional investor that has shown interest in UCBI in recent months. Several other hedge funds and asset managers have also increased their stakes in the bank, according to SEC filings.
- Advisor Group Holdings Inc. grew its stake in UCBI by 6.8% in the first quarter of 2023. The firm now owns 5,498 shares of UCBI, worth $173,000.
- Raymond James Financial Services Advisors Inc. acquired a new stake in UCBI in the first quarter of 2023. The firm bought 11,434 shares of UCBI, valued at $373,000.
- Cetera Advisor Networks LLC acquired a new stake in UCBI in the first quarter of 2023. The firm purchased 6,381 shares of UCBI, worth $210,000.
- Citigroup Inc. grew its stake in UCBI by 23% in the first quarter of 2023. The firm now owns 94,139 shares of UCBI, worth $3.28 million.
- PNC Financial Services Group Inc. grew its stake in UCBI by 21% in the first quarter of 2023. The firm now owns 17,403 shares of UCBI, worth $606,000.
In total, institutional investors and hedge funds own 80.99% of UCBI’s stock.
UCBI Stock Performance and Outlook
UCBI’s stock has been trading on the Nasdaq under the ticker symbol UCBI since 2002. The stock has a market capitalization of $3.23 billion and a price-to-earnings ratio of 10.79 as of August 30, 2023. The stock has a 52-week low of $20.37 and a 52-week high of $39.50.
UCBI’s stock closed at $27.14 on August 30, 2023, down $0.15 or 0.55% from the previous day’s close. The stock has a beta of 1.00, meaning that it is as volatile as the market average.
UCBI’s management expects to achieve an annualized return on average assets (ROAA) of between 1.35% and 1.45% for the full year of 2023. The bank also expects to maintain a strong capital position and a high-quality loan portfolio.
