Van ECK Associates Corp bought a new position in United Bankshares, Inc. (NASDAQ:UBSI – Free Report) in the 2nd quarter, HoldingsChannel.com reports. The firm bought 110,068 shares of the financial services provider’s stock, valued at approximately $5,044,000.
A number of other institutional investors have also recently bought and sold shares of UBSI. BlackRock Inc. acquired a new stake in United Bankshares during the second quarter worth $925,212,000. Dimensional Fund Advisors LP raised its stake in shares of United Bankshares by 0.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 7,661,331 shares of the financial services provider’s stock valued at $317,327,000 after buying an additional 56,808 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of United Bankshares by 5.1% during the 4th quarter. Geode Capital Management LLC now owns 3,802,338 shares of the financial services provider’s stock worth $146,030,000 after acquiring an additional 183,950 shares during the period. Norges Bank bought a new position in shares of United Bankshares during the 4th quarter worth about $68,366,000. Finally, Bank of America Corp DE boosted its position in shares of United Bankshares by 20.5% during the 1st quarter. Bank of America Corp DE now owns 1,631,894 shares of the financial services provider’s stock valued at $67,593,000 after acquiring an additional 277,836 shares in the last quarter. Institutional investors and hedge funds own 70.80% of the company’s stock.
United Bankshares Stock Up 1.7%
UBSI opened at $47.30 on Thursday. The firm has a market cap of $6.44 billion, a price-to-earnings ratio of 12.89 and a beta of 0.70. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.97 and a current ratio of 0.98. The firm’s 50-day simple moving average is $47.50 and its 200-day simple moving average is $44.43. United Bankshares, Inc. has a twelve month low of $34.10 and a twelve month high of $49.62.
United Bankshares Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be paid a $0.38 dividend. The ex-dividend date is Friday, September 11th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.2%. United Bankshares’s payout ratio is 41.42%.
Insider Activity
In other news, Director Mark R. Nesselroad sold 3,200 shares of the business’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $46.42, for a total value of $148,544.00. Following the transaction, the director directly owned 32,224 shares of the company’s stock, valued at $1,495,838.08. The trade was a 9.03% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 3.16% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of research firms recently weighed in on UBSI. Keefe, Bruyette & Woods upped their target price on shares of United Bankshares from $46.00 to $48.00 and gave the company a “market perform” rating in a research note on Monday, July 27th. Hovde Group raised their price target on shares of United Bankshares from $49.00 to $50.00 and gave the stock a “market perform” rating in a research note on Friday, July 24th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of United Bankshares in a report on Monday, July 6th. Raymond James Financial upped their price objective on United Bankshares from $49.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday, July 1st. Finally, Wall Street Zen upgraded United Bankshares from a “sell” rating to a “hold” rating in a research report on Saturday, July 25th. Three equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $47.80.
View Our Latest Analysis on UBSI
United Bankshares 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.
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