New York State Common Retirement Fund Increases Holdings in United Bankshares, Inc. (UBSI)
New York State Common Retirement Fund raised its stake in United Bankshares, Inc. (NASDAQ:UBSI) by 11.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 440,680 shares of the financial services provider’s stock after acquiring an additional 45,610 shares during the period. New York State Common Retirement Fund owned approximately 0.42% of United Bankshares worth $17,275,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in UBSI. Bank of New York Mellon Corp boosted its holdings in shares of United Bankshares by 23.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,358,100 shares of the financial services provider’s stock valued at $53,238,000 after purchasing an additional 254,351 shares during the last quarter. Swiss National Bank grew its position in shares of United Bankshares by 22.3% during the second quarter. Swiss National Bank now owns 164,582 shares of the financial services provider’s stock valued at $6,452,000 after purchasing an additional 30,001 shares in the last quarter. NTV Asset Management LLC grew its position in shares of United Bankshares by 3.6% during the second quarter. NTV Asset Management LLC now owns 69,506 shares of the financial services provider’s stock valued at $2,725,000 after purchasing an additional 2,389 shares in the last quarter. HighTower Advisors LLC purchased a new position in shares of United Bankshares during the first quarter valued at about $254,000. Finally, Bbva Compass Bancshares Inc. purchased a new position in shares of United Bankshares during the second quarter valued at about $284,000. Institutional investors and hedge funds own 62.25% of the company’s stock.
Several equities research analysts have recently issued reports on the company. BidaskClub raised United Bankshares from a “sell” rating to a “hold” rating in a report on Saturday, June 10th. Zacks Investment Research downgraded United Bankshares from a “buy” rating to a “hold” rating in a research report on Thursday, June 29th. One research analyst has rated the stock with a sell rating and five have issued a hold rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $42.63.
United Bankshares, Inc. (UBSI) opened at 37.15 on Monday. The company has a market capitalization of $3.90 billion, a P/E ratio of 19.88 and a beta of 1.06. United Bankshares, Inc. has a 52-week low of $31.70 and a 52-week high of $49.35. The stock’s 50 day moving average price is $33.65 and its 200-day moving average price is $38.26.
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 Zacks’ consensus estimate of $0.51 by ($0.14). The company had revenue of $176.75 million for the quarter, compared to analyst estimates 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 prior year, the company posted $0.44 earnings per share. Analysts predict that United Bankshares, Inc. will post $1.92 earnings per share for the current fiscal year.
United Bankshares announced that its board has approved a stock buyback program on Monday, August 28th that permits the company to buyback 2,000,000 shares. This buyback authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.
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 given a $0.33 dividend. The ex-dividend date of this dividend is Thursday, September 7th. This represents a $1.32 annualized dividend and a dividend yield of 3.55%. United Bankshares’s dividend payout ratio (DPR) is 69.47%.
In related news, insider William Mark Tatterson purchased 1,000 shares of United Bankshares stock in a transaction that occurred on Monday, August 14th. The stock was purchased at an average price of $32.30 per share, for a total transaction of $32,300.00. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Peter A. Converse purchased 3,000 shares of United Bankshares stock in a transaction that occurred on Monday, August 14th. The shares were bought at an average price of $33.15 per share, with a total value of $99,450.00. The disclosure for this purchase can be found here. In the last quarter, insiders bought 15,247 shares of company stock worth $510,526. Company insiders own 6.23% of the company’s stock.
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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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