United Bankshares, Inc. (UBSI) Rating Lowered to Sell at Zacks Investment Research
United Bankshares, Inc. (NASDAQ:UBSI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “United Bankshares, Inc. is a bank holding company whose business is the operation of its bank subsidiaries. All of United’s subsidiary banks are full-service commercial banks. Included among the banking services offered are the acceptance of deposits in checking, savings, time and money market accounts; the making and servicing of personal, commercial, floor plan and student loans; and the making of construction and real estate loans. Also offered are individual retirement accounts, safe deposit boxes, wire transfers and other standard banking products and services. “
Several other brokerages also recently commented on UBSI. BidaskClub downgraded shares of United Bankshares from a “hold” rating to a “sell” rating in a report on Saturday, July 8th. Boenning Scattergood reaffirmed a “hold” rating on shares of United Bankshares in a report on Friday, October 27th. Two analysts have rated the stock with a sell rating and four have issued a hold rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $42.50.
United Bankshares (NASDAQ:UBSI) last announced its quarterly earnings data on Thursday, October 26th. The financial services provider reported $0.54 EPS for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.01). United Bankshares had a net margin of 24.94% and a return on equity of 6.25%. The firm had revenue of $188.51 million during the quarter, compared to the consensus estimate of $193.87 million. During the same period last year, the business earned $0.54 EPS. The business’s revenue was up 44.9% on a year-over-year basis.
United Bankshares announced that its board has initiated a share buyback plan on Monday, August 28th that allows the company to repurchase 2,000,000 shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
In other news, Director Gary G. White bought 1,000 shares of the company’s stock in a transaction dated Monday, September 11th. The stock was bought at an average cost of $33.33 per share, for a total transaction of $33,330.00. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Richard M. Sr Adams, Sr. bought 7,405 shares of the company’s stock in a transaction dated Tuesday, August 15th. The stock was purchased at an average price of $33.85 per share, with a total value of $250,659.25. Following the completion of the transaction, the chairman now directly owns 631,170 shares in the company, valued at approximately $21,365,104.50. The disclosure for this purchase can be found here. Insiders acquired a total of 15,247 shares of company stock valued at $510,526 in the last three months. Insiders own 6.23% of the company’s stock.
Several large investors have recently modified their holdings of the company. BlackRock Inc. raised its position in shares of United Bankshares by 9.2% in the 2nd quarter. BlackRock Inc. now owns 13,701,878 shares of the financial services provider’s stock valued at $537,113,000 after buying an additional 1,150,017 shares in the last quarter. State Street Corp raised its position in shares of United Bankshares by 31.2% in the 2nd quarter. State Street Corp now owns 10,855,612 shares of the financial services provider’s stock valued at $425,538,000 after buying an additional 2,578,520 shares in the last quarter. Vanguard Group Inc. raised its position in shares of United Bankshares by 20.7% in the 2nd quarter. Vanguard Group Inc. now owns 8,674,789 shares of the financial services provider’s stock valued at $340,052,000 after buying an additional 1,488,580 shares in the last quarter. Northern Trust Corp raised its position in shares of United Bankshares by 60.3% in the 2nd quarter. Northern Trust Corp now owns 2,939,523 shares of the financial services provider’s stock valued at $115,229,000 after buying an additional 1,105,697 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of United Bankshares by 52.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,877,091 shares of the financial services provider’s stock valued at $112,787,000 after buying an additional 989,666 shares in the last quarter. Institutional investors own 62.22% of the company’s stock.
United Bankshares Company 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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