Envestnet Asset Management Inc. Purchases 8,755 Shares of United Bankshares, Inc. $UBSI

Envestnet Asset Management Inc. grew its position in shares of United Bankshares, Inc. (NASDAQ:UBSI) by 3.5% in the second quarter, HoldingsChannel reports. The fund owned 258,466 shares of the financial services provider’s stock after acquiring an additional 8,755 shares during the period. Envestnet Asset Management Inc.’s holdings in United Bankshares were worth $9,416,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Ameritas Advisory Services LLC bought a new stake in shares of United Bankshares in the second quarter worth $25,000. Signaturefd LLC lifted its position in United Bankshares by 2,281.0% during the 2nd quarter. Signaturefd LLC now owns 1,000 shares of the financial services provider’s stock worth $36,000 after buying an additional 958 shares in the last quarter. Meeder Asset Management Inc. boosted its stake in shares of United Bankshares by 144.2% during the 1st quarter. Meeder Asset Management Inc. now owns 1,155 shares of the financial services provider’s stock worth $40,000 after buying an additional 682 shares during the last quarter. CWM LLC boosted its stake in shares of United Bankshares by 226.9% during the 1st quarter. CWM LLC now owns 1,651 shares of the financial services provider’s stock worth $57,000 after buying an additional 1,146 shares during the last quarter. Finally, Hughes Financial Services LLC bought a new position in shares of United Bankshares in the 1st quarter valued at about $60,000. 70.80% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Zacks Research upgraded United Bankshares to a “hold” rating in a report on Friday, August 8th. Piper Sandler set a $42.50 price objective on United Bankshares and gave the stock an “overweight” rating in a research note on Thursday, October 23rd. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of United Bankshares in a report on Thursday, October 30th. One equities research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $41.83.

United Bankshares Stock Up 1.0%

UBSI opened at $36.55 on Monday. The stock’s fifty day simple moving average is $36.84 and its 200 day simple moving average is $36.61. United Bankshares, Inc. has a 1-year low of $30.50 and a 1-year high of $44.43. The stock has a market cap of $5.18 billion, a PE ratio of 11.98 and a beta of 0.83. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.10.

United Bankshares (NASDAQ:UBSI) last released its quarterly earnings data on Thursday, October 23rd. The financial services provider reported $0.92 EPS for the quarter, beating the consensus estimate of $0.82 by $0.10. The firm had revenue of $280.90 million for the quarter, compared to the consensus estimate of $307.78 million. United Bankshares had a net margin of 24.37% and a return on equity of 8.15%. During the same period in the previous year, the company earned $0.70 earnings per share. As a group, research analysts expect that United Bankshares, Inc. will post 2.81 earnings per share for the current year.

United Bankshares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th were issued a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 4.0%. The ex-dividend date of this dividend was Friday, September 12th. United Bankshares’s dividend payout ratio is currently 48.52%.

United Bankshares Company Profile

United Bankshares, Inc, through its subsidiaries, 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.