Basswood Capital Management L.L.C. Buys New Shares in United Bankshares, Inc. $UBSI

Basswood Capital Management L.L.C. bought a new position in United Bankshares, Inc. (NASDAQ:UBSI) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 233,034 shares of the financial services provider’s stock, valued at approximately $10,680,000. Basswood Capital Management L.L.C. owned 0.17% of United Bankshares as of its most recent filing with the SEC.

A number of other institutional investors have also bought and sold shares of the business. Caitong International Asset Management Co. Ltd purchased a new position in shares of United Bankshares in the third quarter valued at about $25,000. Eurizon Capital SGR S.p.A. purchased a new stake in shares of United Bankshares during the fourth quarter worth about $26,000. Farther Finance Advisors LLC raised its stake in United Bankshares by 196.2% during the 4th quarter. Farther Finance Advisors LLC now owns 856 shares of the financial services provider’s stock valued at $33,000 after purchasing an additional 567 shares during the period. Root Financial Partners LLC raised its stake in United Bankshares by 64.4% during the 1st quarter. Root Financial Partners LLC now owns 786 shares of the financial services provider’s stock valued at $33,000 after purchasing an additional 308 shares during the period. Finally, Allworth Financial LP purchased a new position in United Bankshares in the 2nd quarter worth approximately $43,000. Hedge funds and other institutional investors own 70.80% of the company’s stock.

United Bankshares Stock Performance

Shares of NASDAQ:UBSI opened at $47.45 on Thursday. The firm’s 50 day simple moving average is $47.28 and its 200-day simple moving average is $44.34. 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, Inc. has a one year low of $34.10 and a one year high of $49.62. The firm has a market cap of $6.46 billion, a PE ratio of 12.93 and a beta of 0.71.

United Bankshares (NASDAQ:UBSI) last announced its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.95 earnings per share (EPS) 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 $323.82 million during the quarter, compared to analyst estimates of $320.07 million. During the same quarter in the previous year, the business earned $0.85 earnings per share. As a group, equities analysts predict that United Bankshares, Inc. will post 3.71 EPS for the current year.

United Bankshares Announces Dividend

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

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Wall Street Zen upgraded shares of United Bankshares from a “sell” rating to a “hold” rating in a report on Saturday, July 25th. Weiss Ratings reissued a “buy (b)” rating on shares of United Bankshares in a report on Monday, July 6th. Hovde Group raised their price objective on United Bankshares from $49.00 to $50.00 and gave the company a “market perform” rating in a research report on Friday, July 24th. Keefe, Bruyette & Woods raised their price objective on United Bankshares from $46.00 to $48.00 and gave the company a “market perform” rating in a research report on Monday, July 27th. Finally, Raymond James Financial lifted their target price on United Bankshares from $49.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday, July 1st. Three equities 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, United Bankshares currently 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.