Bank of America Corp DE Acquires Shares of 1,413,963 United Bankshares, Inc. $UBSI

Key Points

• Bank of America acquired 1.41 million United Bankshares shares worth approximately $64.8 million, giving it a 1.04% stake. Other institutions also initiated positions, and institutional investors now own 70.8% of UBSI.
• United Bankshares reported quarterly EPS of $0.95, surpassing the $0.89 analyst estimate, while revenue of $323.8 million also exceeded expectations. Analysts’ consensus rating remains Hold, with an average price target of $47.80.
• The company declared a quarterly dividend of $0.38, equivalent to $1.52 annually and a 3.2% yield. UBSI recently traded at $47.11, near its 52-week high of $49.62.

Bank of America Corp DE purchased a new position in shares of United Bankshares, Inc. (NASDAQ:UBSI - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 1,413,963 shares of the financial services provider's stock, valued at approximately $64,802,000. Bank of America Corp DE owned about 1.04% of United Bankshares as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of UBSI. Basswood Capital Management L.L.C. purchased a new stake in shares of United Bankshares during the 2nd quarter worth approximately $10,680,000. Freestone Grove Partners LP bought a new stake in United Bankshares during the second quarter valued at approximately $450,000. Gallagher Fiduciary Advisors LLC purchased a new position in United Bankshares in the second quarter worth $706,000. Jupiter Topco LLC purchased a new position in shares of United Bankshares in the 2nd quarter worth about $2,820,000. Finally, Legal & General Group Plc purchased a new stake in United Bankshares in the second quarter worth approximately $8,792,000. Institutional investors own 70.80% of the company's stock.

Insider Transactions at United Bankshares

In related news, Director Mark Nesselroad sold 3,200 shares of the business's stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $46.42, for a total value of $148,544.00. Following the transaction, the director directly owned 32,224 shares of the company's stock, valued at approximately $1,495,838.08. The trade was a 9.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 3.16% of the company's stock.

Analyst Upgrades and Downgrades

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

United Bankshares Price Performance

NASDAQ UBSI opened at $47.11 on Friday. The company has a quick ratio of 0.97, a current ratio of 0.98 and a debt-to-equity ratio of 0.10. United Bankshares, Inc. has a 52 week low of $34.10 and a 52 week high of $49.62. The firm has a market capitalization of $6.42 billion, a P/E ratio of 12.84 and a beta of 0.70. The company has a 50-day moving average price of $47.81 and a 200-day moving average price of $44.76.

United Bankshares (NASDAQ:UBSI - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.95 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.89 by $0.06. The firm had revenue of $323.82 million during the quarter, compared to the consensus estimate of $320.07 million. United Bankshares had a net margin of 27.97% and a return on equity of 9.39%. During the same quarter in the previous year, the firm posted $0.85 EPS. Equities research analysts anticipate that United Bankshares, Inc. will post 3.71 earnings per share for the current year.

United Bankshares Announces Dividend

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

About United Bankshares

United Bankshares, Inc is a bank holding company headquartered in Charleston, West Virginia. Through its principal subsidiary, United Bank, the company provides community banking services to individuals, businesses, and institutions. Its offerings include checking and savings accounts, consumer and commercial loans, residential mortgages, treasury management, online and mobile banking, wealth management, trust services, and other financial solutions.

United Bankshares operates a regional banking network serving communities in West Virginia, Virginia, Ohio, Maryland, Pennsylvania, and the District of Columbia.

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