UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Cuts Holdings in United Bankshares, Inc. $UBSI

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lowered its position in United Bankshares, Inc. (NASDAQ:UBSI) by 5.8% in the second quarter, HoldingsChannel reports. The fund owned 280,295 shares of the financial services provider’s stock after selling 17,295 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in United Bankshares were worth $12,846,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Caitong International Asset Management Co. Ltd acquired a new stake in shares of United Bankshares during the 3rd quarter valued at about $25,000. Eurizon Capital SGR S.p.A. acquired a new position in United Bankshares in the 4th quarter worth about $26,000. Root Financial Partners LLC raised its holdings in United Bankshares by 64.4% in the 1st quarter. Root Financial Partners LLC now owns 786 shares of the financial services provider’s stock worth $33,000 after purchasing an additional 308 shares during the period. Farther Finance Advisors LLC boosted its position in United Bankshares by 196.2% during the fourth quarter. Farther Finance Advisors LLC now owns 856 shares of the financial services provider’s stock worth $33,000 after purchasing an additional 567 shares in the last quarter. Finally, Allworth Financial LP acquired a new stake in United Bankshares in the second quarter valued at approximately $43,000. 70.80% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently commented on UBSI. Weiss Ratings restated a “buy (b)” rating on shares of United Bankshares in a research report on Monday, July 6th. Keefe, Bruyette & Woods upped their price objective on shares of United Bankshares from $46.00 to $48.00 and gave the stock a “market perform” rating in a research report on Monday, July 27th. Wall Street Zen raised shares of United Bankshares from a “sell” rating to a “hold” rating in a report on Saturday, July 25th. Hovde Group increased their price objective on shares of United Bankshares from $49.00 to $50.00 and gave the company a “market perform” rating in a report on Friday, July 24th. Finally, Raymond James Financial lifted their target price on shares of United Bankshares from $49.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, July 1st. Three equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $47.80.

United Bankshares Trading Up 0.5%

Shares of United Bankshares stock opened at $47.83 on Friday. The stock’s 50 day simple moving average is $47.56 and its 200-day simple moving average is $44.48. The stock has a market cap of $6.51 billion, a P/E ratio of 13.03 and a beta of 0.70. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.98 and a quick ratio of 0.97. United Bankshares, Inc. has a 1-year low of $34.10 and a 1-year high of $49.62.

United Bankshares (NASDAQ:UBSI) last issued its earnings results on Thursday, July 23rd. The financial services provider reported $0.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.06. United Bankshares had a return on equity of 9.39% and a net margin of 27.97%.The company had revenue of $323.82 million during the quarter, compared to analysts’ expectations of $320.07 million. During the same period in the prior year, the business earned $0.85 EPS. Analysts predict that United Bankshares, Inc. will post 3.71 EPS for the current fiscal year.

United Bankshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be given a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 3.2%. The ex-dividend date is Friday, September 11th. United Bankshares’s dividend payout ratio is presently 41.42%.

Insiders Place Their Bets

In other United Bankshares news, Director Mark Nesselroad sold 3,200 shares of the firm’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $46.42, for a total transaction of $148,544.00. Following the completion of the sale, the director owned 32,224 shares of the company’s stock, valued at $1,495,838.08. This trade represents a 9.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 3.16% of the company’s stock.

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.