Synovus Financial Corp Grows Stake in United Bankshares, Inc. (NASDAQ:UBSI)

Synovus Financial Corp grew its holdings in shares of United Bankshares, Inc. (NASDAQ:UBSI) by 8.3% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 22,445 shares of the financial services provider’s stock after buying an additional 1,718 shares during the period. Synovus Financial Corp’s holdings in United Bankshares were worth $843,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. SBI Securities Co. Ltd. purchased a new position in United Bankshares during the 4th quarter valued at $26,000. Jones Financial Companies Lllp boosted its stake in shares of United Bankshares by 55.8% during the 4th quarter. Jones Financial Companies Lllp now owns 866 shares of the financial services provider’s stock valued at $33,000 after purchasing an additional 310 shares in the last quarter. Wilmington Savings Fund Society FSB increased its position in shares of United Bankshares by 1,921.1% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 1,435 shares of the financial services provider’s stock valued at $54,000 after buying an additional 1,364 shares during the period. Nomura Asset Management Co. Ltd. increased its position in shares of United Bankshares by 37.0% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 1,480 shares of the financial services provider’s stock valued at $56,000 after buying an additional 400 shares during the period. Finally, Headlands Technologies LLC bought a new position in United Bankshares in the fourth quarter worth about $85,000. Institutional investors own 70.80% of the company’s stock.

Insider Activity

In other United Bankshares news, Director Sara Dumond acquired 2,600 shares of the stock in a transaction that occurred on Monday, March 24th. The shares were acquired at an average cost of $35.01 per share, with a total value of $91,026.00. Following the transaction, the director now owns 5,054 shares of the company’s stock, valued at $176,940.54. The trade was a 105.95 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 3.66% of the company’s stock.

United Bankshares Stock Up 2.7 %

UBSI stock opened at $33.44 on Thursday. The business has a 50 day moving average of $34.87 and a 200 day moving average of $37.54. The firm has a market cap of $4.80 billion, a PE ratio of 12.20 and a beta of 0.91. United Bankshares, Inc. has a twelve month low of $30.51 and a twelve month high of $44.43. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.11.

United Bankshares (NASDAQ:UBSI) last issued its quarterly earnings results on Friday, January 24th. The financial services provider reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.68 by $0.01. United Bankshares had a return on equity of 7.60% and a net margin of 22.94%. During the same quarter in the prior year, the firm earned $0.59 earnings per share. On average, research analysts forecast that United Bankshares, Inc. will post 2.81 EPS for the current fiscal year.

United Bankshares Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were paid a $0.37 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $1.48 annualized dividend and a dividend yield of 4.43%. United Bankshares’s dividend payout ratio is presently 54.01%.

Analysts Set New Price Targets

A number of research firms have weighed in on UBSI. Piper Sandler reiterated a “neutral” rating and set a $38.50 target price on shares of United Bankshares in a report on Wednesday, March 12th. Stephens reaffirmed an “equal weight” rating and issued a $43.00 price target on shares of United Bankshares in a research note on Monday, January 27th. StockNews.com lowered United Bankshares from a “hold” rating to a “sell” rating in a research report on Monday, January 27th. Finally, Keefe, Bruyette & Woods reduced their target price on shares of United Bankshares from $46.00 to $45.00 and set a “market perform” rating on the stock in a research report on Monday, January 27th. One equities research analyst has rated the stock with a sell rating and four have issued a hold rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $41.88.

United Bankshares Profile

United Bankshares, Inc, through its subsidiaries, primarily provides commercial and retail banking products and services in the United States. It operates through two segments, Community Banking and Mortgage Banking. The company accepts checking, savings, and time and money market accounts; individual retirement accounts; and demand deposits, statement and special savings, and NOW accounts.