Family Legacy Inc. acquired a new position in shares of United Bankshares, Inc. (NASDAQ:UBSI – Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 38,793 shares of the financial services provider’s stock, valued at approximately $1,361,000.
Several other institutional investors and hedge funds have also modified their holdings of the business. Norges Bank bought a new position in United Bankshares in the fourth quarter valued at about $68,366,000. Vaughan Nelson Investment Management L.P. bought a new position in shares of United Bankshares in the first quarter worth about $34,476,000. AQR Capital Management LLC lifted its holdings in shares of United Bankshares by 74.7% in the fourth quarter. AQR Capital Management LLC now owns 1,625,205 shares of the financial services provider’s stock worth $62,408,000 after acquiring an additional 694,953 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of United Bankshares by 75.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,177,051 shares of the financial services provider’s stock valued at $45,199,000 after purchasing an additional 504,986 shares in the last quarter. Finally, Bank of America Corp DE boosted its stake in shares of United Bankshares by 20.5% in 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 purchasing an additional 277,836 shares in the last quarter. 70.80% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
Several equities research analysts recently issued reports on UBSI shares. Wall Street Zen raised shares of United Bankshares from a “sell” rating to a “hold” rating in a report on Saturday, July 25th. Raymond James Financial increased their price objective on shares of United Bankshares from $49.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday, July 1st. Keefe, Bruyette & Woods raised 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 report on Monday, July 27th. Hovde Group boosted their target price 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. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of United Bankshares in a report on Monday, July 6th. Three equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $47.80.
United Bankshares Stock Performance
NASDAQ:UBSI opened at $49.27 on Friday. The stock has a market cap of $6.71 billion, a P/E ratio of 13.43 and a beta of 0.71. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.10. The stock’s 50-day moving average is $46.76 and its 200-day moving average is $44.05. United Bankshares, Inc. has a 1-year low of $34.10 and a 1-year high of $49.62.
United Bankshares (NASDAQ:UBSI – Get Free Report) last released its quarterly earnings data 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 $35.72 million during the quarter, compared to the consensus estimate of $320.07 million. During the same quarter in the prior year, the firm posted $0.85 earnings per share. Equities research analysts anticipate that United Bankshares, Inc. will post 3.71 earnings per share for the current year.
About United Bankshares
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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