Rafferty Asset Management LLC Has $4.96 Million Holdings in United Bankshares, Inc. $UBSI

Rafferty Asset Management LLC raised its position in shares of United Bankshares, Inc. (NASDAQ:UBSI) by 12.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 133,234 shares of the financial services provider’s stock after purchasing an additional 14,420 shares during the period. Rafferty Asset Management LLC owned 0.09% of United Bankshares worth $4,958,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Geode Capital Management LLC increased its holdings in United Bankshares by 3.2% in the second quarter. Geode Capital Management LLC now owns 3,590,552 shares of the financial services provider’s stock worth $130,817,000 after buying an additional 110,305 shares during the last quarter. First Trust Advisors LP lifted its stake in United Bankshares by 367.5% in the second quarter. First Trust Advisors LP now owns 1,935,979 shares of the financial services provider’s stock valued at $70,528,000 after acquiring an additional 1,521,864 shares during the last quarter. Norges Bank bought a new stake in United Bankshares in the second quarter worth approximately $60,618,000. Bank of New York Mellon Corp grew its position in United Bankshares by 3.5% in the second quarter. Bank of New York Mellon Corp now owns 1,420,027 shares of the financial services provider’s stock worth $51,732,000 after acquiring an additional 48,561 shares in the last quarter. Finally, Bank of America Corp DE increased its stake in shares of United Bankshares by 2.8% during the 2nd quarter. Bank of America Corp DE now owns 1,227,673 shares of the financial services provider’s stock worth $44,724,000 after purchasing an additional 33,943 shares during the last quarter. 70.80% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on UBSI shares. Piper Sandler reaffirmed an “overweight” rating and issued a $47.00 price objective on shares of United Bankshares in a research note on Monday, January 26th. Stephens raised their target price on United Bankshares from $40.00 to $44.00 and gave the company an “equal weight” rating in a report on Friday, January 23rd. Keefe, Bruyette & Woods boosted their price target on United Bankshares from $40.00 to $43.00 and gave the stock a “market perform” rating in a research report on Monday, January 26th. Zacks Research upgraded United Bankshares from a “hold” rating to a “strong-buy” rating in a research note on Monday, February 2nd. Finally, Weiss Ratings raised United Bankshares from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, February 13th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $44.67.

United Bankshares Stock Up 1.3%

United Bankshares stock opened at $41.84 on Tuesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.99 and a quick ratio of 0.99. United Bankshares, Inc. has a fifty-two week low of $30.50 and a fifty-two week high of $45.92. The firm has a fifty day moving average price of $41.80 and a two-hundred day moving average price of $38.88. The firm has a market cap of $5.88 billion, a price-to-earnings ratio of 12.80 and a beta of 0.76.

United Bankshares (NASDAQ:UBSI) last posted its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.05. United Bankshares had a return on equity of 8.60% and a net margin of 25.51%.The business had revenue of $430.85 million for the quarter, compared to analyst estimates of $315.50 million. During the same period in the previous year, the company posted $0.69 earnings per share. As a group, analysts forecast that United Bankshares, Inc. will post 2.81 earnings per share for the current year.

United Bankshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be issued a dividend of $0.38 per share. The ex-dividend date is Friday, March 13th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.6%. United Bankshares’s payout ratio is 46.48%.

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.