OLD National Bancorp IN Purchases 19,463 Shares of United Bankshares, Inc. $UBSI

OLD National Bancorp IN lifted its position in shares of United Bankshares, Inc. (NASDAQ:UBSI) by 15.3% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 146,924 shares of the financial services provider’s stock after buying an additional 19,463 shares during the quarter. OLD National Bancorp IN’s holdings in United Bankshares were worth $6,086,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in United Bankshares in the 4th quarter worth $68,366,000. Vaughan Nelson Investment Management L.P. purchased a new position in shares of United Bankshares in the 1st quarter worth $34,476,000. AQR Capital Management LLC increased its holdings in shares of United Bankshares by 74.7% in the 4th quarter. AQR Capital Management LLC now owns 1,625,205 shares of the financial services provider’s stock worth $62,408,000 after buying an additional 694,953 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of United Bankshares by 75.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,177,051 shares of the financial services provider’s stock worth $45,199,000 after buying an additional 504,986 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of United Bankshares by 64.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 782,292 shares of the financial services provider’s stock valued at $29,109,000 after buying an additional 307,159 shares in the last quarter. Institutional investors own 70.80% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on UBSI. Zacks Research lowered United Bankshares from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 26th. Wall Street Zen downgraded United Bankshares from a “hold” rating to a “sell” rating in a research report on Saturday, June 13th. Hovde Group started coverage on United Bankshares in a research note on Wednesday. They issued a “market perform” rating and a $49.00 price objective for the company. Finally, Raymond James Financial reiterated an “outperform” rating and issued a $49.00 target price on shares of United Bankshares in a report on Monday, April 27th. Three research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $46.40.

United Bankshares Price Performance

United Bankshares stock opened at $46.21 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.98 and a quick ratio of 0.98. The stock has a market cap of $6.37 billion, a price-to-earnings ratio of 12.94 and a beta of 0.71. The firm has a 50-day moving average of $43.79 and a two-hundred day moving average of $42.17. United Bankshares, Inc. has a 1 year low of $34.10 and a 1 year high of $46.50.

United Bankshares (NASDAQ:UBSI) last issued its earnings results on Thursday, April 23rd. The financial services provider reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.04. The business had revenue of $316.58 million for the quarter, compared to analyst estimates of $315.15 million. United Bankshares had a net margin of 27.45% and a return on equity of 9.26%. During the same period last year, the company posted $0.59 earnings per share. On average, research analysts forecast that United Bankshares, Inc. will post 3.64 earnings per share for the current year.

United Bankshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Friday, June 12th will be given a dividend of $0.38 per share. The ex-dividend date of this dividend is Friday, June 12th. This represents a $1.52 dividend on an annualized basis and a yield of 3.3%. United Bankshares’s payout ratio is 42.58%.

United Bankshares Profile

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.