The Manufacturers Life Insurance Company reduced its stake in the shares of United Bankshares, Inc. (NASDAQ: UBSI – Get a rating) by 43.3% during the third quarter, according to its last filing with the Securities and Exchange Commission. The company held 158,878 shares of the financial services provider after selling 121,432 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.12% of the shares of United Bank worth $5,680,000 at the end of the most recent reporting period.
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A number of other institutional investors and hedge funds also bought and sold shares of UBSI. State Street Corp increased its position in United Bankshares by 24.5% during the first quarter. State Street Corp now owns 14,156,275 shares of the financial services provider worth $498,550,000 after acquiring an additional 2,782,694 shares during the period. Vanguard Group Inc. increased its position in United Bankshares by 4.8% during the first quarter. Vanguard Group Inc. now owns 13,508,712 shares of the financial services provider worth $471,184,000 after acquiring an additional 624,816 shares during the period. BlackRock Inc. increased its stake in United Bankshares by 2.7% in the 1st quarter. BlackRock Inc. now owns 18,874,678 shares of the financial services provider valued at $658,348,000 after purchasing an additional 495,652 shares during the period. Invesco Ltd. increased its stake in United Bankshares by 18.1% in the 1st quarter. Invesco Ltd. now owns 1,020,806 shares of the financial services provider valued at $35,605,000 after purchasing an additional 156,640 shares during the period. Finally, Principal Financial Group Inc. increased its stake in United Bankshares by 14.4% in the second quarter. Principal Financial Group Inc. now owns 527,267 shares of the financial services provider valued at $18,491,000 after purchasing an additional 66,233 shares during the period. Institutional investors hold 68.73% of the company’s shares.
United Bankshares shares down 0.6%
Shares of NASDAQ: UBSI opened at $39.37 on Monday. United Bankshares, Inc. has a 52-week low of $33.11 and a 52-week high of $44.15. The company has a debt ratio of 0.49, a quick ratio of 0.96 and a current ratio of 0.96. The company’s fifty-day moving average is $40.57 and its 200-day moving average is $39.25. The company has a market capitalization of $5.30 billion, a PE ratio of 14.01 and a beta of 1.07.
United Bankshares (NASDAQ: UBSI – Get a rating) last released its quarterly results on Thursday, January 26. The financial services provider reported earnings per share (EPS) of $0.74 for the quarter, missing the consensus estimate of $0.78 per ($0.04). The company posted revenue of $338.62 million for the quarter, versus analyst estimates of $275.77 million. United Bankshares had a return on equity of 8.42% and a net margin of 32.86%. In the same quarter last year, the company achieved EPS of $0.56. Equity research analysts expect United Bankshares, Inc. to post earnings per share of 2.93 for the current fiscal year.
United Bankshares announces dividend
The company also recently declared a quarterly dividend, which was paid on Tuesday, January 3. Investors of record on Friday, December 9 received a dividend of $0.36 per share. The ex-dividend date was Thursday, December 8. This represents an annualized dividend of $1.44 and a yield of 3.66%. United Bankshares’ dividend payout ratio (DPR) is 51.25%.
Insider buying and selling
In related news, the director J Paul Mcnamara sold 2,500 shares of the company in a transaction dated Tuesday, November 15. The shares were sold at an average price of $42.75, for a total transaction of $106,875.00. As a result of the transaction, the administrator now owns 62,699 shares of the company, valued at approximately $2,680,382.25. The sale was disclosed in a filing with the SEC, accessible via this link. 4.22% of the shares are held by company insiders.
Changes to analyst ratings
Several brokerages have published reports on UBSI. Piper Sandler reissued a “neutral” rating and posted a $45.00 price target on United Bankshares shares in a Monday, Dec. 5 report. StockNews.com downgraded shares of United Bankshares from a “hold” rating to a “sell” rating in a Wednesday, Jan. 11, report. One analyst rated the stock with a sell rating, two issued a hold rating and two issued a buy rating for the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $41.33.
United Bankshares Company Profile
United Bankshares, Inc is a bank holding company that provides commercial and retail banking services and products. It operates through the following segments: Community Banking, Mortgage Banking and Other. The Community Banking segment includes both commercial and consumer loans and offers customers products such as commercial loans, home loans, business financing and consumer loans.
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