NewEdge Advisors LLC Sells 11,080 Shares of United Bankshares, Inc. $UBSI

NewEdge Advisors LLC cut its stake in United Bankshares, Inc. (NASDAQ:UBSI) by 23.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 35,994 shares of the financial services provider’s stock after selling 11,080 shares during the period. NewEdge Advisors LLC’s holdings in United Bankshares were worth $1,491,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in UBSI. Norges Bank purchased a new stake in United Bankshares in the 4th quarter valued at about $68,366,000. Vaughan Nelson Investment Management L.P. purchased a new position in shares of United Bankshares during the first quarter worth approximately $34,476,000. AQR Capital Management LLC increased its position in shares of United Bankshares by 74.7% during 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 period. Goldman Sachs Group Inc. raised its stake in shares of United Bankshares by 75.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,177,051 shares of the financial services provider’s stock valued at $45,199,000 after acquiring an additional 504,986 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in shares of United Bankshares by 20.5% during the first 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 acquiring an additional 277,836 shares in the last quarter. Institutional investors own 70.80% of the company’s stock.

United Bankshares Price Performance

Shares of UBSI opened at $48.45 on Friday. The company has a 50 day moving average price of $45.67 and a 200-day moving average price of $43.51. United Bankshares, Inc. has a fifty-two week low of $34.10 and a fifty-two week high of $49.27. The stock has a market capitalization of $6.68 billion, a PE ratio of 13.20 and a beta of 0.71. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.98 and a current ratio of 0.98.

United Bankshares (NASDAQ:UBSI) last issued 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. The company had revenue of $323.82 million for 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 period last year, the company posted $0.85 earnings per share. Equities analysts predict that United Bankshares, Inc. will post 3.71 earnings per share for the current fiscal year.

United Bankshares Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th were issued a $0.38 dividend. The ex-dividend date was Friday, June 12th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.1%. United Bankshares’s dividend payout ratio (DPR) is currently 41.42%.

Wall Street Analyst Weigh In

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

United Bankshares Profile

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.