Bank of America Corp DE Buys 277,836 Shares of United Bankshares, Inc. $UBSI

Key Points

• Bank of America increased its United Bankshares stake by 20.5%, purchasing 277,836 shares and bringing its holdings to 1.63 million shares, or 1.18% of UBSI. Institutional investors collectively own 70.8% of the company.
• United Bankshares reported quarterly EPS of $0.95, exceeding the $0.89 consensus estimate, while maintaining a quarterly dividend of $0.38, equivalent to a 3.2% annualized yield.
• UBSI shares opened at $48.05, near their 52-week high of $49.62. Analysts maintain a consensus “Hold” rating with an average price target of $47.80.

Bank of America Corp DE boosted its stake in United Bankshares, Inc. (NASDAQ:UBSI - Free Report) by 20.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,631,894 shares of the financial services provider's stock after buying an additional 277,836 shares during the period. Bank of America Corp DE owned 1.18% of United Bankshares worth $67,593,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of UBSI. Caitong International Asset Management Co. Ltd purchased a new position in United Bankshares during the third quarter valued at $25,000. Eurizon Capital SGR S.p.A. purchased a new stake in shares of United Bankshares in the 4th quarter worth about $26,000. Farther Finance Advisors LLC grew its position 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 period. Root Financial Partners LLC increased its stake in shares of United Bankshares by 64.4% in the 1st quarter. Root Financial Partners LLC now owns 786 shares of the financial services provider's stock worth $33,000 after acquiring an additional 308 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its stake in shares of 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 acquiring an additional 988 shares in the last quarter. 70.80% of the stock is owned by institutional investors.

United Bankshares Price Performance

Shares of NASDAQ UBSI opened at $48.05 on Tuesday. United Bankshares, Inc. has a twelve month low of $34.10 and a twelve month high of $49.62. The firm has a market cap of $6.62 billion, a P/E ratio of 13.09 and a beta of 0.71. The company has a 50 day moving average of $46.32 and a 200 day moving average of $43.87. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.10.

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

United Bankshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Friday, June 12th were issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 3.2%. The ex-dividend date was Friday, June 12th. United Bankshares's dividend payout ratio (DPR) is presently 41.42%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Keefe, Bruyette & Woods upped their price objective on shares of United Bankshares from $46.00 to $48.00 and gave the stock a "market perform" rating in a report on Monday, July 27th. Hovde Group lifted their target price on shares of United Bankshares from $49.00 to $50.00 and gave the company 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. Raymond James Financial upped their price target on United Bankshares from $49.00 to $50.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 1st. Finally, Wall Street Zen upgraded United Bankshares from a "sell" rating to a "hold" rating in a research note on Saturday, July 25th. Three equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, United Bankshares currently has a consensus rating of "Hold" and a consensus price target of $47.80.

United Bankshares Company Profile

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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