The United Bankshares Inc. (UBSI) Upgrade to “Hold” by The Zacks Investment Research

The United Bankshares Inc. (UBSI) Upgrade to “Hold” by The Zacks Investment Research

United Bankshares Inc. (NASDAQ:UBSI) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Wednesday.

According to Zacks, “United Bankshares, Inc. is a bank holding company whose business is the operation of its bank subsidiaries. All of United’s subsidiary banks are full-service commercial banks. Included among the banking services offered are the acceptance of deposits in checking, savings, time and money market accounts; the making and servicing of personal, commercial, floor plan and student loans; and the making of construction and real estate loans. Also offered are individual retirement accounts, safe deposit boxes, wire transfers and other standard banking products and services. “

Separately, Keefe, Bruyette & Woods raised their price objective on United Bankshares from $36.00 to $38.00 and gave the company a “market perform” rating in a research report on Monday, August 22nd.

United Bankshares (NASDAQ:UBSI) traded up 0.54% on Wednesday, reaching $46.60. The company’s stock had a trading volume of 130,387 shares. The firm has a 50-day moving average of $39.90 and a 200-day moving average of $38.62. The company has a market capitalization of $3.56 billion, a PE ratio of 23.78 and a beta of 0.89. United Bankshares has a one year low of $32.22 and a one year high of $46.75.

United Bankshares (NASDAQ:UBSI) last issued its quarterly earnings results on Thursday, October 27th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.52 by $0.02. United Bankshares had a return on equity of 7.55% and a net margin of 27.02%. During the same period last year, the firm posted $0.50 earnings per share. Analysts predict that United Bankshares will post $1.99 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 3rd. Stockholders of record on Friday, December 9th will be given a dividend of $0.33 per share. The ex-dividend date of this dividend is Wednesday, December 7th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.83%. United Bankshares’s payout ratio is 67.35%.

In other news, Director Michael P. Fitzgerald sold 79,586 shares of the firm’s stock in a transaction dated Wednesday, November 16th. The stock was sold at an average price of $45.06, for a total transaction of $3,586,145.16. Following the completion of the transaction, the director now owns 272,067 shares in the company, valued at $12,259,339.02. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Peter A. Converse sold 21,000 shares of the firm’s stock in a transaction dated Tuesday, November 15th. The shares were sold at an average price of $44.92, for a total value of $943,320.00. Following the transaction, the director now owns 598,882 shares of the company’s stock, valued at approximately $26,901,779.44. The disclosure for this sale can be found here. Insiders own 7.50% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Great West Life Assurance Co. Can raised its position in United Bankshares by 10.5% in the third quarter. Great West Life Assurance Co. Can now owns 91,897 shares of the financial services provider’s stock valued at $3,460,000 after buying an additional 8,700 shares in the last quarter. Aperio Group LLC raised its position in United Bankshares by 61.1% in the first quarter. Aperio Group LLC now owns 11,827 shares of the financial services provider’s stock valued at $434,000 after buying an additional 4,484 shares in the last quarter. State Street Corp raised its position in United Bankshares by 6.9% in the first quarter. State Street Corp now owns 5,652,819 shares of the financial services provider’s stock valued at $207,459,000 after buying an additional 366,062 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its position in United Bankshares by 1.6% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,681,097 shares of the financial services provider’s stock valued at $61,696,000 after buying an additional 26,336 shares in the last quarter. Finally, Texas Permanent School Fund raised its position in United Bankshares by 3.3% in the third quarter. Texas Permanent School Fund now owns 51,203 shares of the financial services provider’s stock valued at $1,929,000 after buying an additional 1,631 shares in the last quarter. Institutional investors own 54.28% of the company’s stock.

About United Bankshares

United Bankshares, Inc (United) is a bank holding company. The Company has approximately two banking subsidiaries (the Banking Subsidiaries) doing business under the name of United Bank, one operating under the laws of West Virginia referred to as United Bank (WV) and the other operating under the laws of Virginia referred to as United Bank (VA).

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