17,508,114 Shares in United Bankshares, Inc. $UBSI Acquired by BlackRock Inc.

Key Points

• BlackRock acquired a major UBSI stake, purchasing 17.5 million shares worth approximately $614.4 million and representing 12.71% of United Bankshares. Institutional investors collectively own 70.8% of the company.
• Analysts maintain a generally cautious outlook, with three Buy ratings and four Hold ratings. The consensus rating is Hold, with an average price target of $47.80.
• United Bankshares exceeded quarterly earnings expectations, reporting $0.95 EPS versus the $0.89 consensus estimate. The stock opened at $47.81, near its 52-week high of $49.62.

BlackRock Inc. purchased a new stake in shares of United Bankshares, Inc. (NASDAQ:UBSI - Free Report) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 17,508,114 shares of the financial services provider's stock, valued at approximately $614,360,000. BlackRock Inc. owned 12.71% of United Bankshares as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Caitong International Asset Management Co. Ltd bought a new position in United Bankshares during the third quarter valued at approximately $25,000. Eurizon Capital SGR S.p.A. bought a new position in shares of United Bankshares during the fourth quarter valued at about $26,000. Farther Finance Advisors LLC raised its stake in shares of United Bankshares by 196.2% during the fourth quarter. Farther Finance Advisors LLC now owns 856 shares of the financial services provider's stock valued at $33,000 after acquiring an additional 567 shares during the last quarter. Root Financial Partners LLC boosted its holdings in shares of United Bankshares by 64.4% during the first quarter. Root Financial Partners LLC now owns 786 shares of the financial services provider's stock worth $33,000 after purchasing an additional 308 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its holdings in United Bankshares by 528.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,175 shares of the financial services provider's stock worth $43,000 after buying an additional 988 shares during the period. Hedge funds and other institutional investors own 70.80% of the company's stock.

Analysts Set New Price Targets

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

United Bankshares Stock Performance

NASDAQ:UBSI opened at $47.81 on Monday. The firm has a market capitalization of $6.51 billion, a P/E ratio of 13.03 and a beta of 0.71. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.98 and a quick ratio of 0.97. United Bankshares, Inc. has a one year low of $34.10 and a one year high of $49.62. The company's 50-day simple moving average is $47.11 and its 200 day simple moving average is $44.28.

United Bankshares (NASDAQ:UBSI - Get Free Report) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $0.95 earnings per share for the quarter, beating analysts' consensus estimates of $0.89 by $0.06. United Bankshares had a net margin of 27.97% and a return on equity of 9.39%. The business had revenue of $35.72 million during the quarter, compared to the consensus estimate of $320.07 million. During the same quarter last year, the firm earned $0.85 earnings per share. As a group, analysts forecast that United Bankshares, Inc. will post 3.71 EPS for the current fiscal year.

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.

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