21,231 Shares in United Bankshares, Inc. $UBSI Purchased by Freestone Grove Partners LP

Freestone Grove Partners LP bought a new stake in shares of United Bankshares, Inc. (NASDAQ:UBSI) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 21,231 shares of the financial services provider’s stock, valued at approximately $745,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in UBSI. Caitong International Asset Management Co. Ltd acquired a new position in shares of United Bankshares during the third quarter worth approximately $25,000. Eurizon Capital SGR S.p.A. acquired a new stake in shares of United Bankshares in the fourth quarter worth $26,000. Farther Finance Advisors LLC grew its stake in shares of United Bankshares by 196.2% in the fourth quarter. Farther Finance Advisors LLC now owns 856 shares of the financial services provider’s stock worth $33,000 after acquiring an additional 567 shares during the last quarter. Root Financial Partners LLC increased its position in United Bankshares by 64.4% during the first quarter. Root Financial Partners LLC now owns 786 shares of the financial services provider’s stock worth $33,000 after acquiring an additional 308 shares during the period. Finally, Allworth Financial LP bought a new position in United Bankshares during the second quarter worth $43,000. Institutional investors and hedge funds own 70.80% of the company’s stock.

United Bankshares Price Performance

Shares of United Bankshares stock opened at $47.60 on Friday. The firm has a market cap of $6.48 billion, a P/E ratio of 12.97 and a beta of 0.71. The firm’s 50-day simple moving average is $47.40 and its 200-day simple moving average is $44.38. United Bankshares, Inc. has a twelve month low of $34.10 and a twelve month high of $49.62. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.97 and a current ratio of 0.98.

United Bankshares (NASDAQ:UBSI) last posted its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.06. The firm had revenue of $323.82 million during the quarter, compared to analyst estimates of $320.07 million. United Bankshares had a net margin of 27.97% and a return on equity of 9.39%. During the same quarter in the prior year, the business posted $0.85 earnings per share. As a group, research analysts expect that United Bankshares, Inc. will post 3.71 EPS for the current fiscal year.

United Bankshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be issued a $0.38 dividend. The ex-dividend date of this dividend is Friday, September 11th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.2%. United Bankshares’s dividend payout ratio is presently 41.42%.

Analyst Upgrades and Downgrades

UBSI has been the subject of a number of research reports. Weiss Ratings reissued a “buy (b)” rating on shares of United Bankshares in a report on Monday, July 6th. Raymond James Financial boosted their price objective on shares of United Bankshares from $49.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday, July 1st. Wall Street Zen raised shares of United Bankshares from a “sell” rating to a “hold” rating in a research report on Saturday, July 25th. Hovde Group increased their target price on shares of United Bankshares from $49.00 to $50.00 and gave the company a “market perform” rating in a research note on Friday, July 24th. Finally, Keefe, Bruyette & Woods lifted their target price on United Bankshares from $46.00 to $48.00 and gave the stock a “market perform” rating in a research report on Monday, July 27th. Three research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $47.80.

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.