United Community Banks, Inc. (UCBI)

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United Community Banks, Inc. (UCBI) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, UCBI's 50-day simple moving average crossed above its 200-day simple moving average, known as a "golden cross.

GREENVILLE, S.C., July 26, 2024 (GLOBE NEWSWIRE) -- United Community Banks, Inc. (NASDAQ: UCBI; UCBIO) (the “Company” or “United”) announced today that the Company will transfer the listing of its common stock and its Depositary Shares (each representing 1/1000th interest in a share of Series I Non-Cumulative Preferred Stock) from the Nasdaq Stock Market LLC (“Nasdaq”) to the New York Stock Exchange (“NYSE”). The Company expects to commence trading as a NYSE-listed company upon market open on August 6, 2024. United's common stock and depositary shares will trade under new ticker symbols, “UCB” and “UCB PRI”, respectively, after the transfer. The Company's common stock and depositary shares will continue to trade on Nasdaq until the close of the market on August 5, 2024.

While the top- and bottom-line numbers for United Community Banks (UCBI) give a sense of how the business performed in the quarter ended June 2024, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.

United Community Banks (UCBI) came out with quarterly earnings of $0.58 per share, beating the Zacks Consensus Estimate of $0.51 per share. This compares to earnings of $0.55 per share a year ago.

GREENVILLE, S.C., June 28, 2024 (GLOBE NEWSWIRE) -- United Community Banks, Inc. (NASDAQ: UCBI) announces it will release its second quarter 2024 financial results on Wednesday, July 24, 2024 before the stock market opens. The company also will hold a conference call at 11:00 a.m. EST on Wednesday, July 24, 2024 to discuss its financial results, business highlights and outlook.

New York Community Bancorp (NYSE: NYCB) has faced turbulence this year as it deals with the fallout from taking significant charge-offs on its loan portfolio, which led to a surprising fourth-quarter loss. Since then, its CEO has stepped down as the bank overhauled its executive team and bolstered its financial position by raising equity capital and selling off large chunks of its loan portfolio. New York Community Bancorp is undergoing a multiyear process to reinvigorate its business. Here's what investors need to know about its plan as they try to decide if it's a buy today. Banks' commercial real estate exposure has been a hot topic over the past few years. Shifting workplace trends and the rise of remote work have changed companies' office space needs all over, but some U.S. markets are feeling the impact far more than others. On top of that, higher interest rates have made it more expensive to finance commercial properties, impacting both the value of those assets and the returns investors demand to view these investments as worthwhile. New York Community Bancorp has significant exposure to commercial real estate, with multifamily properties making up around 44% of its $84.6 billion loan portfolio as of the end of last year. Office loans accounted for 4%, and half of that portfolio is located in Manhattan, where vacancy rates are around 15%, according to Moody's. In the fourth quarter, the bank reported a surprising loss of $260 million, primarily resulting from net charge-offs related to two loans in its portfolio. One loan was an office loan that went non-accrual in the third quarter, while the other was a cooperative loan with "a unique feature that pre-funded capital expenditures." The charge-offs triggered concerns about the bank's other commercial real estate holdings. A lot of the properties underlying its multifamily portfolio are subject to rent control regulations, which can make it harder for landlords to increase rents. If landlords cannot raise rents to account for increased interest costs, their profits get squeezed, making it more challenging to meet their obligations, which could trigger defaults. Things went from bad to worse when the bank announced that its annual 10-K report would be delayed due to "a material weakness in its internal controls." The material weakness was related to the bank's loan review process, which noted "ineffective oversight, risk assessment, and monitoring activities." As a result, the bank took a $2.4 billion goodwill impairment charge, and its revised fourth-quarter loss ballooned to $2.7 billion. New York Community Bancorp has overhauled its executive team to turn things around. Former CEO Thomas Cangemi stepped down and was replaced by Alessandro DiNello, former CEO of Flagstar Bank, for one month. DiNello was replaced by Joseph Otting, a veteran bank industry executive who also served as comptroller of the currency in the Trump administration. In addition, the bank has named George F. Buchanan III as executive vice president and chief risk officer and Colleen McCullum as executive vice president and chief audit executive. Buchanan brings 30 years of experience in risk management and credit, while McCullum was chief audit executive at United Community Bank. The leadership overhaul came as the bank received a $1 billion capital investment backed by Liberty Strategic Capital, Hudson Bay Capital, Citadel Securities, and other institutional investors. In March, taking further actions to shore up its balance sheet, the bank sold that troubled cooperative loan at a gain, and also sold consumer loans with a net book value of $899 million. In May, it agreed to sell about $5 billion in mortgage warehouse loans to JPMorgan Chase, which helped boost its CET1 ratio to 10.8%. Following that sale, analysts at KBW wrote in a note to investors, "This is arguably one of the more profitable businesses, in our view, and the path to a respectable return on tangible equity will continue to be difficult." New York Community Bancorp is taking steps to improve its finances. Between the $1 billion equity infusion from investors and the proceeds from its sold loans, the bank has bolstered its liquidity position, but that came at a cost. The equity raise significantly diluted shareholders, and the loans it sold were some of its more profitable ones. It will take several years for this institution to return to being an efficient, high-performing regional bank. For that reason, most investors should avoid its stock for now. Before you buy stock in New York Community Bancorp, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and New York Community Bancorp wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $566,624!* Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than quadrupled the return of S&P 500 since 2002*. See the 10 stocks » *Stock Advisor returns as of May 13, 2024 JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Courtney Carlsen has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends JPMorgan Chase and Moody's. The Motley Fool has a disclosure policy. Is New York Community Bancorp Stock a Buy? was originally published by The Motley Fool

GREENVILLE, S.C., May 16, 2024 (GLOBE NEWSWIRE) -- United Community Banks, Inc. (NASDAQ: UCBI) (“United”), reported that its Board of Directors approved a quarterly cash dividend of $0.23 per share on the Company's common stock. The dividend is payable July 5, 2024 to shareholders of record as of June 15, 2023.

United Community Banks, Inc. (UCBI) Q1 2024 Earnings Call Transcript

Although the revenue and EPS for United Community Banks (UCBI) give a sense of how its business performed in the quarter ended March 2024, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.

GREENVILLE, S.C., April 24, 2024 (GLOBE NEWSWIRE) -- United Community Banks, Inc. (NASDAQ: UCBI) (United) today announced that net income for the first quarter was $62.6 million and pre-tax, pre-provision income was $93.7 million. Diluted earnings per share of $0.51 for the quarter represented a decrease of $0.01 or 2%, from the first quarter a year ago and an increase of $0.40 from the fourth quarter of 2023, during which merger charges, losses from a bond portfolio restructuring, and an FDIC special assessment had a significant negative impact on earnings.

GREENVILLE, S.C., April 01, 2024 (GLOBE NEWSWIRE) -- United Community Banks, Inc. (NASDAQ: UCBI) announces it will release its first quarter 2024 financial results on Wednesday, April 24, 2024 before the stock market opens. The company also will hold a conference call at 11:00 a.m. ET on Wednesday, April 24, 2024 to discuss its financial results, business highlights and outlook.

GREENVILLE, S.C., March 28, 2024 /PRNewswire/ -- United Community has once again topped the J.D.

GREENVILLE, S.C., Feb. 23, 2024 (GLOBE NEWSWIRE) -- United Community Banks, Inc. (NASDAQ: UCBI) (“United”), reported that its Board of Directors approved a quarterly cash dividend of $0.23 per share on the Company's common stock. The dividend is payable April 5, 2024 to shareholders of record as of March 15, 2024.

GREENVILLE, S.C. , Feb. 21, 2024 /PRNewswire/ -- For the eighth consecutive year, United Community is proud to be honored with multiple Greenwich Excellence and Best Brand Awards for providing trust, value, and overall satisfaction to its middle market and small business clients.

GREENVILLE, S.C., Feb. 16, 2024 (GLOBE NEWSWIRE) -- United Community Banks, Inc. (NASDAQ: UCBI) (“United”), reported that its Board of Directors approved a quarterly cash dividend of $429.6875 per share (equivalent to $0.4296875 per depositary share or 1/1000th interest per share) on the Company's 6.875% Non-Cumulative Perpetual Preferred Stock, Series I (NASDAQ: UCBIO). The dividend is payable March 15, 2024 to shareholders of record on February 29, 2024.