Ameriprise Financial Inc. Sells 621,941 Shares of United Bankshares, Inc. (UBSI)
Ameriprise Financial Inc. lowered its holdings in shares of United Bankshares, Inc. (NASDAQ:UBSI) by 19.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,600,039 shares of the financial services provider’s stock after selling 621,941 shares during the period. Ameriprise Financial Inc. owned about 2.48% of United Bankshares worth $102,221,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also bought and sold shares of the company. LS Investment Advisors LLC boosted its stake in United Bankshares by 9.7% during the first quarter. LS Investment Advisors LLC now owns 2,766 shares of the financial services provider’s stock worth $117,000 after buying an additional 244 shares in the last quarter. Elkfork Partners LLC boosted its stake in United Bankshares by 14.5% during the first quarter. Elkfork Partners LLC now owns 3,476 shares of the financial services provider’s stock worth $147,000 after buying an additional 440 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in United Bankshares by 62.8% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,053 shares of the financial services provider’s stock worth $159,000 after buying an additional 1,563 shares in the last quarter. Meadow Creek Investment Management LLC boosted its stake in United Bankshares by 14.5% during the first quarter. Meadow Creek Investment Management LLC now owns 4,424 shares of the financial services provider’s stock worth $187,000 after buying an additional 560 shares in the last quarter. Finally, Piedmont Investment Advisors LLC acquired a new stake in United Bankshares during the first quarter worth $205,000. Hedge funds and other institutional investors own 62.25% of the company’s stock.
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UBSI has been the topic of a number of recent research reports. BidaskClub downgraded shares of United Bankshares from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 19th. Zacks Investment Research downgraded shares of United Bankshares from a “buy” rating to a “hold” rating in a research note on Thursday, June 29th. Two analysts have rated the stock with a sell rating and four have issued a hold rating to the company. The stock currently has an average rating of “Hold” and an average price target of $42.63.
In related news, Director Peter A. Converse bought 3,000 shares of United Bankshares stock in a transaction dated Monday, August 14th. The shares were bought at an average cost of $33.15 per share, with a total value of $99,450.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Gary G. White bought 1,000 shares of United Bankshares stock in a transaction dated Monday, September 11th. The shares were bought at an average cost of $33.33 per share, for a total transaction of $33,330.00. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 15,247 shares of company stock worth $510,526. 6.23% of the stock is currently owned by insiders.
Shares of United Bankshares, Inc. (NASDAQ:UBSI) opened at 34.40 on Friday. United Bankshares, Inc. has a 52 week low of $31.70 and a 52 week high of $49.35. The stock has a 50 day moving average of $33.61 and a 200 day moving average of $38.50. The firm has a market cap of $3.61 billion, a P/E ratio of 18.41 and a beta of 1.05.
United Bankshares (NASDAQ:UBSI) last posted its quarterly earnings data on Thursday, July 27th. The financial services provider reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.14). The firm had revenue of $176.75 million for the quarter, compared to the consensus estimate of $164.09 million. United Bankshares had a return on equity of 6.42% and a net margin of 25.20%. During the same quarter in the previous year, the business earned $0.44 EPS. Analysts anticipate that United Bankshares, Inc. will post $1.92 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 8th will be issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 3.84%. The ex-dividend date of this dividend is Thursday, September 7th. United Bankshares’s dividend payout ratio (DPR) is currently 69.47%.
United Bankshares announced that its board has initiated a stock repurchase program on Monday, August 28th that authorizes the company to buyback 2,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.
United Bankshares Profile
United Bankshares, Inc (United) is a bank holding company. The Company operates through community banking segment. United’s Banking Subsidiaries offer a range of commercial and retail banking services and products. United, through its subsidiaries, engages in community banking and offers banking products and services permitted by law and regulation.
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