NewEdge Advisors LLC Cuts Stock Position in United Bankshares, Inc. $UBSI

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

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Caitong International Asset Management Co. Ltd acquired a new stake in United Bankshares in the 3rd quarter valued at $25,000. Eurizon Capital SGR S.p.A. purchased a new position in United Bankshares in the fourth quarter valued at about $26,000. Farther Finance Advisors LLC lifted its stake in shares of United Bankshares by 196.2% during the fourth quarter. Farther Finance Advisors LLC now owns 856 shares of the financial services provider’s stock worth $33,000 after purchasing an additional 567 shares in the last quarter. Root Financial Partners LLC boosted its position in shares of United Bankshares by 64.4% in the first quarter. Root Financial Partners LLC now owns 786 shares of the financial services provider’s stock worth $33,000 after buying an additional 308 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its position in shares of United Bankshares by 528.3% in the second quarter. EverSource Wealth Advisors LLC now owns 1,175 shares of the financial services provider’s stock worth $43,000 after buying an additional 988 shares during the period. Institutional investors and hedge funds own 70.80% of the company’s stock.

Wall Street Analyst Weigh In

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

United Bankshares Stock Performance

NASDAQ:UBSI opened at $49.27 on Monday. The stock has a market cap of $6.71 billion, a price-to-earnings ratio of 13.43 and a beta of 0.71. United Bankshares, Inc. has a one year low of $34.10 and a one year 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. The business’s 50-day simple moving average is $46.76 and its 200 day simple moving average is $44.06.

United Bankshares (NASDAQ:UBSI) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.95 earnings per share for the quarter, beating analysts’ consensus estimates of $0.89 by $0.06. United Bankshares had a return on equity of 9.39% and a net margin of 27.97%.The firm had revenue of $35.72 million during the quarter, compared to analyst estimates of $320.07 million. During the same quarter last year, the firm earned $0.85 EPS. As a group, sell-side analysts predict that United Bankshares, Inc. will post 3.71 earnings per share for the current fiscal year.

United Bankshares Company 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.