Earnest Partners LLC grew its position in United Bankshares, Inc. (NASDAQ:UBSI) by 0.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,441,701 shares of the financial services provider’s stock after acquiring an additional 12,377 shares during the quarter. Earnest Partners LLC owned about 1.37% of United Bankshares worth $56,515,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently made changes to their positions in the company. BlackRock Inc. raised its stake in shares of United Bankshares by 9.2% in the second quarter. BlackRock Inc. now owns 13,701,878 shares of the financial services provider’s stock valued at $537,113,000 after acquiring an additional 1,150,017 shares during the period. State Street Corp raised its stake in shares of United Bankshares by 31.2% in the second quarter. State Street Corp now owns 10,855,612 shares of the financial services provider’s stock valued at $425,538,000 after acquiring an additional 2,578,520 shares during the period. Vanguard Group Inc. raised its stake in shares of United Bankshares by 20.7% in the second quarter. Vanguard Group Inc. now owns 8,674,789 shares of the financial services provider’s stock valued at $340,052,000 after acquiring an additional 1,488,580 shares during the period. Northern Trust Corp raised its stake in shares of United Bankshares by 60.3% in the second quarter. Northern Trust Corp now owns 2,939,523 shares of the financial services provider’s stock valued at $115,229,000 after acquiring an additional 1,105,697 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in shares of United Bankshares by 52.4% in the second quarter. Dimensional Fund Advisors LP now owns 2,877,091 shares of the financial services provider’s stock valued at $112,787,000 after acquiring an additional 989,666 shares during the period. 62.25% of the stock is currently owned by institutional investors and hedge funds.
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UBSI has been the topic of several recent analyst reports. BidaskClub downgraded shares of United Bankshares from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 19th. Zacks Investment Research downgraded shares of United Bankshares from a “hold” rating to a “sell” rating in a research note on Tuesday, August 1st. One research analyst has rated the stock with a sell rating and five have issued a hold rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $42.50.
Shares of United Bankshares, Inc. (NASDAQ UBSI) traded down 0.13% during midday trading on Friday, hitting $37.25. 471,745 shares of the stock traded hands. The stock has a market cap of $3.91 billion, a price-to-earnings ratio of 19.93 and a beta of 1.07. The company’s 50 day moving average price is $34.76 and its 200-day moving average price is $37.67. United Bankshares, Inc. has a 12-month low of $31.70 and a 12-month high of $49.35.
United Bankshares (NASDAQ:UBSI) last issued its quarterly earnings data on Thursday, July 27th. The financial services provider reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.14). The company had revenue of $176.75 million during the quarter, compared to analysts’ expectations of $164.09 million. United Bankshares had a net margin of 25.20% and a return on equity of 6.42%. During the same quarter last year, the firm posted $0.44 earnings per share. On average, equities research analysts expect that United Bankshares, Inc. will post $1.92 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Investors of record on Friday, September 8th were issued a $0.33 dividend. The ex-dividend date of this dividend was Thursday, September 7th. This represents a $1.32 annualized dividend and a yield of 3.54%. United Bankshares’s dividend payout ratio (DPR) is currently 69.47%.
United Bankshares announced that its Board of Directors has initiated a stock repurchase plan on Monday, August 28th that authorizes the company to repurchase 2,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.
In related news, Director Peter A. Converse acquired 3,000 shares of United Bankshares stock in a transaction that occurred on Monday, August 14th. The shares were purchased at an average cost of $33.15 per share, for a total transaction of $99,450.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider William Mark Tatterson acquired 1,000 shares of United Bankshares stock in a transaction that occurred on Monday, August 14th. The stock was bought at an average price of $32.30 per share, for a total transaction of $32,300.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 15,247 shares of company stock worth $510,526. 6.23% of the stock is owned by insiders.
United Bankshares Profile
United Bankshares, Inc (United) is a bank holding company. The Company operates through community banking segment. United’s Banking Subsidiaries offer a range of commercial and retail banking services and products. United, through its subsidiaries, engages in community banking and offers banking products and services permitted by law and regulation.
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