Why United Community Banks Stock Dropped 10.1% This Week
The share price of United Community Banks (NASDAQ: UCBI) fell 10.1% this week, as of 1 p.m. ET, from last Friday's close, according to S&P Global Market Intelligence. The stock is trading at about $31.67 per share, down about 6.3% year to date as of Jan. 20.
It was a down week for the markets, too, as the S&P 500 fell 1.7%, the Dow Jones Industrial Average dropped 3.4%, and the Nasdaq Composite sank 0.6% this week during the same time frame.
United Community Banks, based in Greenville, South Carolina, released its fourth-quarter and year-end earnings on Jan. 17, and that was one of the catalysts for the decline this week. The bank posted diluted adjusted earnings per share of $0.75, which was up from $0.64 a year ago, but below the consensus estimate of $0.83 per share.
Source Fool.com
