Family Legacy Inc. acquired a new position in shares of United Bankshares, Inc. (NASDAQ:UBSI - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 38,793 shares of the financial services provider's stock, valued at approximately $1,361,000.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Revolve Wealth Partners LLC acquired a new position in shares of United Bankshares in the second quarter valued at about $351,000. Hennion & Walsh Asset Management Inc. bought a new position in United Bankshares during the second quarter worth about $226,000. GAMMA Investing LLC raised its stake in United Bankshares by 21.7% in the 2nd quarter. GAMMA Investing LLC now owns 3,867 shares of the financial services provider's stock worth $177,000 after purchasing an additional 690 shares in the last quarter. Empowered Funds LLC raised its stake in United Bankshares by 8.1% in the 1st quarter. Empowered Funds LLC now owns 5,336 shares of the financial services provider's stock worth $221,000 after purchasing an additional 402 shares in the last quarter. Finally, Bank of America Corp DE boosted its holdings in United Bankshares by 20.5% in the 1st quarter. Bank of America Corp DE now owns 1,631,894 shares of the financial services provider's stock valued at $67,593,000 after purchasing an additional 277,836 shares during the period. Institutional investors and hedge funds own 70.80% of the company's stock.
United Bankshares Price Performance
UBSI stock opened at $49.27 on Friday. 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, Inc. has a 12 month low of $34.10 and a 12 month high of $49.62. The firm has a market cap of $6.71 billion, a P/E ratio of 13.43 and a beta of 0.71. The company's 50-day moving average price is $46.76 and its two-hundred day moving average price is $44.05.
United Bankshares (NASDAQ:UBSI - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.95 earnings per share for the quarter, topping analysts' consensus estimates of $0.89 by $0.06. The company had revenue of $35.72 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 prior year, the firm posted $0.85 EPS. On average, analysts anticipate that United Bankshares, Inc. will post 3.71 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades
A number of research analysts have issued reports on UBSI shares. Hovde Group increased 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. Weiss Ratings reiterated a "buy (b)" rating on shares of United Bankshares in a research report on Monday, July 6th. Raymond James Financial boosted their price target on United Bankshares from $49.00 to $50.00 and gave the company an "outperform" rating in a research note on Wednesday, July 1st. Wall Street Zen raised United Bankshares from a "sell" rating to a "hold" rating in a research report on Saturday, July 25th. Finally, Keefe, Bruyette & Woods raised their price objective 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. Three research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, United Bankshares currently has an average rating of "Hold" and a consensus target price of $47.80.
Check Out Our Latest Stock Analysis on United Bankshares
United Bankshares Company Profile
(
Free Report)
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.
Further Reading
Want to see what other hedge funds are holding UBSI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for United Bankshares, Inc. (NASDAQ:UBSI - Free Report).
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