United Community Banks posts Q3 net loss

By Reuters News


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

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Net Loss

$139.75 mln

Q3 Credit Loss Provision

$10.01 mln


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.)

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