BlackRock Inc. Acquires Shares of 20,187,911 United Bankshares, Inc. $UBSI

Key Points

• BlackRock acquired 20.2 million United Bankshares shares in the second quarter, worth approximately $925.2 million, giving it a 14.65% stake. Institutional investors collectively own 70.8% of UBSI.
• United Bankshares reported quarterly EPS of $0.95, exceeding analysts’ $0.89 estimate. The stock opened at $47.81, near its 52-week high of $49.62.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $47.80; several firms recently raised their targets to between $48 and $50.

BlackRock Inc. bought a new position in United Bankshares, Inc. (NASDAQ:UBSI - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The fund bought 20,187,911 shares of the financial services provider's stock, valued at approximately $925,212,000. BlackRock Inc. owned 14.65% of United Bankshares as of its most recent filing with the SEC.

Several other large investors have also recently modified their holdings of UBSI. Brighton Jones LLC lifted its position in United Bankshares by 4.6% in the fourth quarter. Brighton Jones LLC now owns 16,873 shares of the financial services provider's stock worth $634,000 after buying an additional 748 shares during the last quarter. Royal Bank of Canada increased its position in shares of United Bankshares by 2.0% during the first quarter. Royal Bank of Canada now owns 66,649 shares of the financial services provider's stock worth $2,310,000 after acquiring an additional 1,298 shares during the period. Millennium Management LLC increased its stake in shares of United Bankshares by 464.1% during the first quarter. Millennium Management LLC now owns 137,336 shares of the financial services provider's stock valued at $4,761,000 after buying an additional 112,988 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in United Bankshares by 7.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 409,428 shares of the financial services provider's stock valued at $14,195,000 after purchasing an additional 28,366 shares during the period. Finally, Jane Street Group LLC boosted its position in United Bankshares by 564.0% during the 1st quarter. Jane Street Group LLC now owns 182,540 shares of the financial services provider's stock valued at $6,329,000 after acquiring an additional 155,051 shares in the last quarter. Institutional investors own 70.80% of the company's stock.

United Bankshares Stock Up 0.2%

Shares of NASDAQ UBSI opened at $47.81 on Friday. The stock has a market cap of $6.51 billion, a PE ratio of 13.03 and a beta of 0.71. 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 business has a 50-day moving average price of $47.11 and a 200 day moving average price of $44.27.

United Bankshares (NASDAQ:UBSI - Get Free Report) last released its earnings results 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 business had revenue of $35.72 million for the quarter, compared to analyst estimates of $320.07 million. United Bankshares had a return on equity of 9.39% and a net margin of 27.97%.During the same quarter in the previous year, the company posted $0.85 earnings per share. Equities research analysts forecast that United Bankshares, Inc. will post 3.71 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on UBSI. Hovde Group increased their price objective on United Bankshares from $49.00 to $50.00 and gave the company a "market perform" rating in a report on Friday, July 24th. Raymond James Financial boosted their price objective on United Bankshares from $49.00 to $50.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 1st. Weiss Ratings restated a "buy (b)" rating on shares of United Bankshares in a research report on Monday, July 6th. Wall Street Zen upgraded United Bankshares from a "sell" rating to a "hold" rating in a research report on Saturday, July 25th. Finally, Keefe, Bruyette & Woods lifted their target price on United Bankshares from $46.00 to $48.00 and gave the company a "market perform" rating in a research report on Monday, July 27th. Three equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock 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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