The Manufacturers Life Insurance Company Purchases Shares of 128,183 United Bankshares, Inc. $UBSI

The Manufacturers Life Insurance Company purchased a new position in United Bankshares, Inc. (NASDAQ:UBSI) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 128,183 shares of the financial services provider’s stock, valued at approximately $5,875,000. The Manufacturers Life Insurance Company owned approximately 0.09% of United Bankshares as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd purchased a new position in United Bankshares during the 3rd quarter valued at approximately $25,000. Eurizon Capital SGR S.p.A. bought a new position in United Bankshares during the fourth quarter valued at $26,000. Farther Finance Advisors LLC increased its holdings in shares of United Bankshares by 196.2% in the 4th quarter. Farther Finance Advisors LLC now owns 856 shares of the financial services provider’s stock worth $33,000 after buying an additional 567 shares during the last quarter. Root Financial Partners LLC raised its position in shares of United Bankshares by 64.4% during the 1st quarter. Root Financial Partners LLC now owns 786 shares of the financial services provider’s stock valued at $33,000 after buying an additional 308 shares in the last quarter. Finally, Allworth Financial LP purchased a new stake in shares of United Bankshares during the 2nd quarter valued at about $43,000. Hedge funds and other institutional investors own 70.80% of the company’s stock.

United Bankshares Stock Down 1.0%

Shares of NASDAQ UBSI opened at $47.13 on Tuesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.98 and a quick ratio of 0.97. The company has a market cap of $6.42 billion, a P/E ratio of 12.84 and a beta of 0.71. United Bankshares, Inc. has a 1 year low of $34.10 and a 1 year high of $49.62. The firm has a 50-day simple moving average of $47.45 and a two-hundred day simple moving average of $44.39.

United Bankshares (NASDAQ:UBSI) last released its earnings results on Thursday, July 23rd. The financial services provider reported $0.95 EPS for the quarter, beating analysts’ consensus estimates of $0.89 by $0.06. United Bankshares had a return on equity of 9.39% and a net margin of 27.97%.The firm had revenue of $323.82 million for the quarter, compared to analysts’ expectations of $320.07 million. During the same quarter in the prior year, the firm posted $0.85 earnings per share. Research analysts anticipate that United Bankshares, Inc. will post 3.71 earnings per share for the current year.

United Bankshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be issued a $0.38 dividend. The ex-dividend date is Friday, September 11th. This represents a $1.52 annualized dividend and a dividend yield of 3.2%. United Bankshares’s payout ratio is currently 41.42%.

Wall Street Analysts Forecast Growth

UBSI has been the subject of several recent research reports. Wall Street Zen upgraded United Bankshares from a “sell” rating to a “hold” rating in a research report on Saturday, July 25th. Keefe, Bruyette & Woods raised their price objective on United Bankshares from $46.00 to $48.00 and gave the company a “market perform” rating in a research note on Monday, July 27th. Hovde Group lifted their target price on United Bankshares from $49.00 to $50.00 and gave the stock a “market perform” rating in a report on Friday, July 24th. Weiss Ratings reissued a “buy (b)” rating on shares of United Bankshares in a research report on Monday, July 6th. Finally, Raymond James Financial increased their price target on United Bankshares from $49.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, July 1st. Three analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $47.80.

About United Bankshares

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.