Bank of America Corp DE Grows Position in United Bankshares, Inc. (UBSI)
Bank of America Corp DE increased its position in shares of United Bankshares, Inc. (NASDAQ:UBSI) by 1.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,031,464 shares of the financial services provider’s stock after purchasing an additional 10,138 shares during the period. Bank of America Corp DE owned approximately 0.99% of United Bankshares worth $37,545,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also recently added to or reduced their stakes in the company. Millennium Management LLC acquired a new stake in United Bankshares during the 1st quarter worth approximately $7,919,000. Raymond James Financial Services Advisors Inc. raised its holdings in United Bankshares by 35.1% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 32,382 shares of the financial services provider’s stock valued at $1,179,000 after acquiring an additional 8,408 shares in the last quarter. Swiss National Bank raised its holdings in United Bankshares by 5.2% in the 2nd quarter. Swiss National Bank now owns 182,782 shares of the financial services provider’s stock valued at $6,653,000 after acquiring an additional 9,100 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in United Bankshares by 469.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 218,002 shares of the financial services provider’s stock valued at $7,684,000 after acquiring an additional 179,690 shares in the last quarter. Finally, W.E. Donoghue & Co. LLC acquired a new position in United Bankshares in the 2nd quarter valued at $473,000. 72.37% of the stock is owned by institutional investors and hedge funds.
In other news, Director Peter A. Converse sold 2,500 shares of United Bankshares stock in a transaction on Tuesday, August 21st. The stock was sold at an average price of $39.50, for a total value of $98,750.00. Following the transaction, the director now owns 471,810 shares in the company, valued at approximately $18,636,495. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Peter A. Converse sold 5,000 shares of United Bankshares stock in a transaction on Tuesday, August 14th. The shares were sold at an average price of $39.00, for a total value of $195,000.00. Following the completion of the transaction, the director now owns 474,310 shares in the company, valued at approximately $18,498,090. The disclosure for this sale can be found here. Company insiders own 5.15% of the company’s stock.
United Bankshares (NASDAQ:UBSI) last issued its quarterly earnings results on Thursday, July 26th. The financial services provider reported $0.63 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.61 by $0.02. United Bankshares had a return on equity of 7.40% and a net margin of 24.38%. The company had revenue of $185.13 million for the quarter, compared to analyst estimates of $184.65 million. During the same quarter last year, the company posted $0.37 EPS. equities research analysts forecast that United Bankshares, Inc. will post 2.49 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 1st. Stockholders of record on Friday, September 14th will be paid a $0.34 dividend. The ex-dividend date of this dividend is Thursday, September 13th. This represents a $1.36 annualized dividend and a dividend yield of 3.74%. United Bankshares’s payout ratio is 71.58%.
Several brokerages have weighed in on UBSI. TheStreet raised United Bankshares from a “c+” rating to a “b-” rating in a report on Wednesday, June 6th. BidaskClub raised United Bankshares from a “hold” rating to a “buy” rating in a report on Saturday, September 8th. Zacks Investment Research raised United Bankshares from a “hold” rating to a “buy” rating and set a $42.00 price objective for the company in a report on Tuesday, July 31st. Finally, ValuEngine raised United Bankshares from a “sell” rating to a “hold” rating in a report on Monday, July 30th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. United Bankshares currently has an average rating of “Hold” and a consensus target price of $39.33.
United Bankshares Profile
United Bankshares, Inc, a financial holding company, primarily provides commercial and retail banking products and services in the United States. It operates through two segments, Community Banking and Mortgage Banking. The company accepts checking, savings, and time and money market accounts; individual retirement accounts; and demand deposits, statement and special savings, and NOW accounts.
Further Reading: Fundamental Analysis and Individual Investors
Receive News & Ratings for United Bankshares Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for United Bankshares and related companies with MarketBeat.com's FREE daily email newsletter.