United Community Banks posts Q3 net loss

Overview

• US regional bank's posts Q3 net loss

• Company approved incremental $100 mln share repurchase authorization

Outlook

• Company did not provide specific financial guidance for the current or future periods in the press release

Result Drivers

• STRATEGIC ACTIONS - Co said Q3 results were shaped by the sale of its equipment finance business, investment portfolio restructuring, and the acquisition of Peach State Bank

• LOAN AND DEPOSIT GROWTH - Co cited high single-digit growth in core loans and deposits, supported by new loan production and hiring

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy"

• Wall Street's median 12-month price target for United Community Banks Inc is $40.50, about 19.9% above its October 19 closing price of $33.78

• The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 11 three months ago

Reuters Recommended Reads

• Oct 19 - Western Alliance Bancorp Q3 revenue slightly beats estimates, profit rises on wider interest margin

• Oct 19 - Fifth Third Bancorp Q3 net interest income jumps on Comerica acquisition

• Oct 20 - KeyCorp Q3 revenue rises 8% to record, profit up 24%

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)