Bank of New York Mellon Corp Purchases Shares of 1,330,314 United Bankshares, Inc. $UBSI

Key Points

• Bank of New York Mellon purchased 1.33 million shares of United Bankshares worth approximately $61.0 million, taking a 0.97% stake. Institutional investors collectively own 70.8% of the company.
• United Bankshares exceeded quarterly expectations, reporting $0.95 in EPS versus the $0.89 consensus and $323.82 million in revenue versus $320.07 million expected.
• The company declared a quarterly dividend of $0.38 per share, equivalent to an annualized $1.52 payout and a 3.2% yield. Analysts maintain a consensus “Hold” rating with an average price target of $47.80.

Bank of New York Mellon Corp purchased a new stake in United Bankshares, Inc. (NASDAQ:UBSI - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 1,330,314 shares of the financial services provider's stock, valued at approximately $60,968,000. Bank of New York Mellon Corp owned 0.97% of United Bankshares as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Inspire Investing LLC grew its holdings in United Bankshares by 2.0% in the 1st quarter. Inspire Investing LLC now owns 12,389 shares of the financial services provider's stock valued at $513,000 after buying an additional 245 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of United Bankshares by 24.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,492 shares of the financial services provider's stock valued at $57,000 after acquiring an additional 292 shares during the period. Kestra Private Wealth Services LLC boosted its position in shares of United Bankshares by 1.1% in the fourth quarter. Kestra Private Wealth Services LLC now owns 27,609 shares of the financial services provider's stock valued at $1,060,000 after acquiring an additional 297 shares during the period. Root Financial Partners LLC grew its stake in shares of United Bankshares by 64.4% in the first 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 during the last quarter. Finally, Rothschild Investment LLC grew its stake in shares of United Bankshares by 47.5% in the fourth quarter. Rothschild Investment LLC now owns 1,236 shares of the financial services provider's stock worth $47,000 after acquiring an additional 398 shares during the last quarter. Institutional investors and hedge funds own 70.80% of the company's stock.

United Bankshares Price Performance

Shares of United Bankshares stock opened at $47.45 on Thursday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.97 and a current ratio of 0.98. The firm's 50-day simple moving average is $47.28 and its 200-day simple moving average is $44.34. 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 $6.46 billion, a P/E ratio of 12.93 and a beta of 0.71.

United Bankshares (NASDAQ:UBSI - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.95 EPS for the quarter, topping 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 firm had revenue of $323.82 million during the quarter, compared to analysts' expectations of $320.07 million. During the same quarter last year, the company earned $0.85 earnings per share. As a group, research analysts expect that United Bankshares, Inc. will post 3.71 EPS for the current fiscal year.

United Bankshares Announces Dividend

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

Wall Street Analyst Weigh In

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

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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