United Bankshares, Inc. (UBSI) Shares Bought by Amalgamated Bank
Amalgamated Bank lifted its stake in United Bankshares, Inc. (NASDAQ:UBSI) by 51.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,049 shares of the financial services provider’s stock after buying an additional 4,750 shares during the period. Amalgamated Bank’s holdings in United Bankshares were worth $551,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. BlackRock Inc. raised its stake in United Bankshares by 9.2% during the 2nd quarter. BlackRock Inc. now owns 13,701,878 shares of the financial services provider’s stock worth $537,113,000 after acquiring an additional 1,150,017 shares in the last quarter. Nationwide Fund Advisors boosted its stake in United Bankshares by 511.0% in the second quarter. Nationwide Fund Advisors now owns 246,818 shares of the financial services provider’s stock valued at $9,675,000 after acquiring an additional 206,425 shares in the last quarter. TIAA CREF Investment Management LLC boosted its stake in United Bankshares by 58.2% in the second quarter. TIAA CREF Investment Management LLC now owns 309,225 shares of the financial services provider’s stock valued at $12,122,000 after acquiring an additional 113,797 shares in the last quarter. Teachers Advisors LLC boosted its stake in United Bankshares by 46.6% in the second quarter. Teachers Advisors LLC now owns 195,244 shares of the financial services provider’s stock valued at $7,654,000 after acquiring an additional 62,030 shares in the last quarter. Finally, Stephens Inc. AR grew its holdings in shares of United Bankshares by 28.3% during the second quarter. Stephens Inc. AR now owns 8,750 shares of the financial services provider’s stock worth $343,000 after purchasing an additional 1,928 shares during the last quarter. 62.25% of the stock is currently owned by hedge funds and other institutional investors.
In other United Bankshares news, Chairman Richard M. Sr Adams, Sr. acquired 7,405 shares of the company’s stock in a transaction that occurred on Tuesday, August 15th. The shares were purchased at an average price of $33.85 per share, for a total transaction of $250,659.25. Following the completion of the purchase, the chairman now directly owns 631,170 shares in the company, valued at $21,365,104.50. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Gary G. White acquired 1,000 shares of the company’s stock in a transaction that occurred on Monday, September 11th. The shares were acquired at an average price of $33.33 per share, for a total transaction of $33,330.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 15,247 shares of company stock worth $510,526. Insiders own 6.23% of the company’s stock.
United Bankshares, Inc. (NASDAQ:UBSI) opened at 37.30 on Wednesday. United Bankshares, Inc. has a 12 month low of $31.70 and a 12 month high of $49.35. The firm’s 50-day moving average is $34.43 and its 200 day moving average is $37.72. The stock has a market capitalization of $3.92 billion, a P/E ratio of 19.96 and a beta of 1.07.
United Bankshares (NASDAQ:UBSI) last issued its quarterly earnings results 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 firm had revenue of $176.75 million during the quarter, compared to the consensus estimate of $164.09 million. United Bankshares had a net margin of 25.20% and a return on equity of 6.42%. During the same quarter last year, the firm posted $0.44 earnings per share. On average, equities analysts anticipate that United Bankshares, Inc. will post $1.92 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, October 2nd. Shareholders of record on Friday, September 8th were issued a dividend of $0.33 per share. The ex-dividend date of this dividend was Thursday, September 7th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 3.54%. United Bankshares’s dividend payout ratio (DPR) is 69.47%.
United Bankshares announced that its Board of Directors has authorized a share repurchase program on Monday, August 28th that authorizes the company to buyback 2,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.
UBSI has been the topic of a number of research analyst reports. Zacks Investment Research cut United Bankshares from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. BidaskClub downgraded United Bankshares from a “sell” rating to a “strong sell” rating in a report on Wednesday, July 19th. One equities research analyst has rated the stock with a sell rating and five have given a hold rating to the company’s stock. United Bankshares presently has a consensus rating of “Hold” and a consensus target price of $42.63.
About United Bankshares
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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