Rafferty Asset Management LLC Cuts Stock Position in United Bankshares, Inc. (NASDAQ:UBSI)

Rafferty Asset Management LLC lowered its stake in United Bankshares, Inc. (NASDAQ:UBSI) by 5.5% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 105,960 shares of the financial services provider’s stock after selling 6,206 shares during the period. Rafferty Asset Management LLC owned 0.08% of United Bankshares worth $3,979,000 as of its most recent filing with the Securities & Exchange Commission.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Keefe, Bruyette & Woods dropped their price target on United Bankshares from $42.00 to $40.00 and set a “market perform” rating on the stock in a research note on Monday, April 28th. StockNews.com upgraded United Bankshares from a “sell” rating to a “hold” rating in a research note on Tuesday, May 13th. Stephens restated an “equal weight” rating and issued a $43.00 price target on shares of United Bankshares in a research note on Monday, January 27th. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $38.50 target price on shares of United Bankshares in a report on Wednesday, March 12th. Five investment analysts have rated the stock with a hold rating, According to data from MarketBeat, United Bankshares currently has a consensus rating of “Hold” and an average target price of $40.63.

United Bankshares Price Performance

NASDAQ:UBSI opened at $37.22 on Monday. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.11. The business’s 50-day simple moving average is $34.29 and its two-hundred day simple moving average is $37.25. The stock has a market cap of $5.29 billion, a PE ratio of 13.58 and a beta of 0.74. United Bankshares, Inc. has a 52 week low of $30.51 and a 52 week high of $44.43.

United Bankshares (NASDAQ:UBSI) last posted its quarterly earnings results on Thursday, April 24th. The financial services provider reported $0.59 EPS for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.07). The business had revenue of $289.61 million for the quarter, compared to the consensus estimate of $279.02 million. United Bankshares had a net margin of 22.94% and a return on equity of 7.60%. United Bankshares’s revenue was up 13.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.64 earnings per share. As a group, analysts forecast that United Bankshares, Inc. will post 2.81 EPS for the current fiscal year.

United Bankshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be issued a dividend of $0.37 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $1.48 dividend on an annualized basis and a yield of 3.98%. United Bankshares’s dividend payout ratio is presently 55.02%.

Insider Buying and Selling at United Bankshares

In other United Bankshares news, Director Sara Dumond purchased 2,600 shares of the firm’s stock in a transaction 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 completion of the acquisition, the director now directly owns 5,054 shares in the company, valued at $176,940.54. The trade was a 105.95% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 3.46% of the company’s stock.

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.