191,834 Shares in United Bankshares, Inc. $UBSI Purchased by Legal & General Group Plc

Legal & General Group Plc acquired a new position in shares of United Bankshares, Inc. (NASDAQ:UBSI) in the 2nd quarter, according to its most recent filing with the SEC. The fund acquired 191,834 shares of the financial services provider’s stock, valued at approximately $8,792,000.

A number of other hedge funds have also made changes to their positions in UBSI. Caitong International Asset Management Co. Ltd purchased a new position in shares of United Bankshares in the third quarter valued at approximately $25,000. Eurizon Capital SGR S.p.A. purchased a new stake in shares of United Bankshares during the fourth quarter worth approximately $26,000. Farther Finance Advisors LLC raised its stake in United Bankshares by 196.2% in 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 last quarter. Root Financial Partners LLC raised its stake in United Bankshares by 64.4% in 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 last quarter. Finally, Allworth Financial LP purchased a new position in United Bankshares in the 2nd quarter valued at $43,000. Institutional investors and hedge funds own 70.80% of the company’s stock.

United Bankshares Stock Down 1.3%

Shares of NASDAQ:UBSI opened at $46.50 on Wednesday. The company has a quick ratio of 0.97, a current ratio of 0.98 and a debt-to-equity ratio of 0.10. The business has a fifty day moving average of $47.47 and a two-hundred day moving average of $44.41. The stock has a market cap of $6.33 billion, a P/E ratio of 12.67 and a beta of 0.70. United Bankshares, Inc. has a 52-week low of $34.10 and a 52-week high of $49.62.

United Bankshares (NASDAQ:UBSI) last issued its earnings results on Thursday, July 23rd. The financial services provider reported $0.95 earnings per share (EPS) for the quarter, topping 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 business had revenue of $323.82 million during the quarter, compared to the consensus estimate of $320.07 million. During the same period last year, the company earned $0.85 EPS. On average, research analysts expect that United Bankshares, Inc. will post 3.71 earnings per share for the current year.

United Bankshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 3.3%. The ex-dividend date is Friday, September 11th. United Bankshares’s dividend payout ratio (DPR) is presently 41.42%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on UBSI shares. Keefe, Bruyette & Woods lifted their target price on shares of United Bankshares from $46.00 to $48.00 and gave the stock a “market perform” rating in a research note on Monday, July 27th. Hovde Group raised their price target on shares of United Bankshares from $49.00 to $50.00 and gave the stock a “market perform” rating in a research note on Friday, July 24th. Wall Street Zen upgraded shares of United Bankshares from a “sell” rating to a “hold” rating in a research report on Saturday, July 25th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of United Bankshares in a research note on Monday, July 6th. Finally, Raymond James Financial increased their price objective on shares of United Bankshares from $49.00 to $50.00 and gave the company 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 assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average 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.