ProShare Advisors LLC Purchases 47,065 Shares of United Bankshares, Inc. (UBSI)
ProShare Advisors LLC grew its position in shares of United Bankshares, Inc. (NASDAQ:UBSI) by 27.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 215,571 shares of the financial services provider’s stock after acquiring an additional 47,065 shares during the quarter. ProShare Advisors LLC owned about 0.21% of United Bankshares worth $8,450,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. LS Investment Advisors LLC increased its holdings in shares of United Bankshares by 9.7% during the first quarter. LS Investment Advisors LLC now owns 2,766 shares of the financial services provider’s stock valued at $117,000 after acquiring an additional 244 shares in the last quarter. Elkfork Partners LLC increased its holdings in shares of United Bankshares by 14.5% during the first quarter. Elkfork Partners LLC now owns 3,476 shares of the financial services provider’s stock valued at $147,000 after acquiring an additional 440 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of United Bankshares by 62.8% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,053 shares of the financial services provider’s stock valued at $159,000 after acquiring an additional 1,563 shares in the last quarter. Meadow Creek Investment Management LLC grew its holdings in United Bankshares by 14.5% during the first quarter. Meadow Creek Investment Management LLC now owns 4,424 shares of the financial services provider’s stock worth $187,000 after buying an additional 560 shares in the last quarter. Finally, Piedmont Investment Advisors LLC bought a new stake in United Bankshares during the first quarter worth $205,000. Hedge funds and other institutional investors own 62.25% of the company’s stock.
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Shares of United Bankshares, Inc. (NASDAQ:UBSI) remained flat at $35.05 during midday trading on Tuesday. The company’s stock had a trading volume of 41,177 shares. United Bankshares, Inc. has a 1-year low of $31.70 and a 1-year high of $49.35. The company has a 50 day moving average of $33.63 and a 200-day moving average of $38.33. The company has a market cap of $3.68 billion, a P/E ratio of 18.75 and a beta of 1.05.
United Bankshares (NASDAQ:UBSI) last posted its quarterly earnings data on Thursday, July 27th. The financial services provider reported $0.37 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.51 by ($0.14). United Bankshares had a net margin of 25.20% and a return on equity of 6.42%. The company had revenue of $176.75 million for the quarter, compared to the consensus estimate of $164.09 million. During the same period last year, the business earned $0.44 EPS. On average, analysts predict that United Bankshares, Inc. will post $1.92 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 8th will be given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 3.77%. The ex-dividend date is Thursday, September 7th. United Bankshares’s dividend payout ratio (DPR) is presently 69.47%.
United Bankshares announced that its board has approved a share buyback program on Monday, August 28th that allows the company to repurchase 2,000,000 shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.
Several brokerages recently issued reports on UBSI. Zacks Investment Research downgraded United Bankshares from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. BidaskClub downgraded United Bankshares from a “sell” rating to a “strong sell” rating in a report on Wednesday, July 19th. Two investment analysts have rated the stock with a sell rating and four have given a hold rating to the company’s stock. United Bankshares currently has an average rating of “Hold” and an average price target of $42.63.
In related news, President Richard M. Adams, Jr. acquired 2,342 shares of United Bankshares stock in a transaction that occurred on Monday, August 14th. The stock was bought at an average price of $33.25 per share, with a total value of $77,871.50. Following the transaction, the president now directly owns 51,867 shares in the company, valued at $1,724,577.75. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider William Mark Tatterson acquired 1,000 shares of United Bankshares stock in a transaction that occurred on Monday, August 14th. The shares were bought at an average cost of $32.30 per share, with a total value of $32,300.00. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 15,247 shares of company stock valued at $510,526. 6.23% of the stock is owned by corporate insiders.
About United Bankshares
United Bankshares, Inc (United) is a bank holding company. The Company operates through community banking segment. United’s Banking Subsidiaries offer a range of commercial and retail banking services and products. United, through its subsidiaries, engages in community banking and offers banking products and services permitted by law and regulation.
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