JPMorgan Chase & Co. Boosts Stake in United Bankshares, Inc. $UBSI

JPMorgan Chase & Co. increased its holdings in shares of United Bankshares, Inc. (NASDAQ:UBSI) by 64.6% during the third quarter, HoldingsChannel.com reports. The fund owned 782,292 shares of the financial services provider’s stock after buying an additional 307,159 shares during the period. JPMorgan Chase & Co.’s holdings in United Bankshares were worth $29,109,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of UBSI. Norges Bank purchased a new position in United Bankshares in the 2nd quarter worth approximately $60,618,000. First Trust Advisors LP boosted its stake in United Bankshares by 367.5% during the second quarter. First Trust Advisors LP now owns 1,935,979 shares of the financial services provider’s stock worth $70,528,000 after buying an additional 1,521,864 shares during the last quarter. AQR Capital Management LLC grew its holdings in United Bankshares by 100.1% in the 2nd quarter. AQR Capital Management LLC now owns 562,111 shares of the financial services provider’s stock valued at $20,478,000 after buying an additional 281,190 shares in the last quarter. Jupiter Asset Management Ltd. increased its stake in shares of United Bankshares by 518.0% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 285,811 shares of the financial services provider’s stock worth $10,412,000 after acquiring an additional 239,567 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its holdings in shares of United Bankshares by 673.5% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 196,067 shares of the financial services provider’s stock worth $7,143,000 after acquiring an additional 170,720 shares during the period. Hedge funds and other institutional investors own 70.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on UBSI shares. Keefe, Bruyette & Woods raised their price objective on shares of United Bankshares from $40.00 to $43.00 and gave the stock a “market perform” rating in a research report on Monday, January 26th. Weiss Ratings raised shares of United Bankshares from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, February 13th. Stephens raised their price target on shares of United Bankshares from $40.00 to $44.00 and gave the stock an “equal weight” rating in a report on Friday, January 23rd. Piper Sandler reiterated an “overweight” rating and issued a $47.00 price objective on shares of United Bankshares in a report on Monday, January 26th. Finally, Zacks Research upgraded United Bankshares from a “hold” rating to a “strong-buy” rating in a research report on Monday, February 2nd. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $44.67.

United Bankshares Trading Down 5.2%

Shares of NASDAQ UBSI opened at $41.30 on Friday. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $5.80 billion, a PE ratio of 12.63 and a beta of 0.78. United Bankshares, Inc. has a twelve month low of $30.50 and a twelve month high of $45.92. The stock has a fifty day simple moving average of $41.77 and a 200-day simple moving average of $38.84.

United Bankshares (NASDAQ:UBSI) last posted its earnings results on Thursday, January 22nd. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.05. United Bankshares had a return on equity of 8.60% and a net margin of 25.51%.The firm had revenue of $430.85 million for the quarter, compared to analyst estimates of $315.50 million. During the same quarter in the prior year, the company earned $0.69 EPS. On average, equities analysts forecast that United Bankshares, Inc. will post 2.81 earnings per share for the current year.

United Bankshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be paid a $0.38 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $1.52 annualized dividend and a dividend yield of 3.7%. United Bankshares’s dividend payout ratio (DPR) is presently 46.48%.

United Bankshares Company Profile

United Bankshares, Inc, headquartered in Charleston, West Virginia, is a bank holding company that provides a full range of financial services through its primary subsidiary, United Bank. The company’s core offerings include retail and commercial banking products such as checking and savings accounts, certificates of deposit, personal and business loans, mortgages, and treasury management services. In addition, United Bankshares delivers private banking, wealth management, trust and fiduciary solutions, and investment advisory services to meet the needs of individual, corporate, and institutional clients.

United Bankshares operates an extensive branch network across West Virginia, Virginia, Maryland, the District of Columbia, Ohio, Pennsylvania, and South Carolina.