New York State Teachers Retirement System Trims Holdings in United Bankshares, Inc. $UBSI

New York State Teachers Retirement System lessened its holdings in United Bankshares, Inc. (NASDAQ:UBSI) by 9.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 126,800 shares of the financial services provider’s stock after selling 13,781 shares during the quarter. New York State Teachers Retirement System’s holdings in United Bankshares were worth $5,252,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the business. JPMorgan Chase & Co. grew its holdings in United Bankshares by 64.6% during the third quarter. JPMorgan Chase & Co. now owns 782,292 shares of the financial services provider’s stock worth $29,109,000 after acquiring an additional 307,159 shares during the period. SG Americas Securities LLC lifted its holdings in United Bankshares by 168.3% in the fourth quarter. SG Americas Securities LLC now owns 56,866 shares of the financial services provider’s stock valued at $2,184,000 after acquiring an additional 35,673 shares during the period. 1834 Investment Advisors Co. purchased a new stake in United Bankshares in the 4th quarter worth approximately $3,700,000. Artemis Investment Management LLP purchased a new stake in United Bankshares in the 4th quarter worth approximately $1,801,000. Finally, OLD National Bancorp IN acquired a new stake in shares of United Bankshares during the 4th quarter worth approximately $4,895,000. 70.80% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently issued reports on UBSI. Hovde Group began coverage on shares of United Bankshares in a research note on Wednesday, June 24th. They issued a “market perform” rating and a $49.00 target price for the company. Weiss Ratings restated a “buy (b)” rating on shares of United Bankshares in a research report on Monday. 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 report on Wednesday, July 1st. Wall Street Zen lowered shares of United Bankshares from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. Finally, Zacks Research cut United Bankshares from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 26th. Three analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $46.60.

United Bankshares Stock Performance

NASDAQ:UBSI opened at $46.14 on Wednesday. The company has a market cap of $6.36 billion, a P/E ratio of 12.92 and a beta of 0.71. United Bankshares, Inc. has a twelve month low of $34.10 and a twelve month high of $47.25. The company’s 50-day moving average price is $44.14 and its 200-day moving average price is $42.54. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.10.

United Bankshares (NASDAQ:UBSI) last announced its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.04. The company had revenue of $316.58 million during the quarter, compared to analysts’ expectations of $315.15 million. United Bankshares had a net margin of 27.45% and a return on equity of 9.26%. During the same quarter in the prior year, the company earned $0.59 EPS. On average, sell-side analysts forecast that United Bankshares, Inc. will post 3.64 earnings per share for the current fiscal year.

United Bankshares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th were given 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 3.3%. United Bankshares’s dividend payout ratio is 42.58%.

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.