United Bankshares, Inc. (NASDAQ:UBSI) Shares Sold by Millennium Management LLC

Millennium Management LLC decreased its stake in shares of United Bankshares, Inc. (NASDAQ:UBSI - Free Report) by 65.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,348 shares of the financial services provider's stock after selling 45,131 shares during the quarter. Millennium Management LLC's holdings in United Bankshares were worth $914,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in UBSI. Brighton Jones LLC boosted its position in United Bankshares by 4.6% during the fourth quarter. Brighton Jones LLC now owns 16,873 shares of the financial services provider's stock valued at $634,000 after purchasing an additional 748 shares in the last quarter. Choreo LLC bought a new stake in shares of United Bankshares in the 4th quarter valued at about $206,000. Wilmington Savings Fund Society FSB grew its position in shares of United Bankshares by 1,921.1% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 1,435 shares of the financial services provider's stock worth $54,000 after buying an additional 1,364 shares during the last quarter. Vaughan Nelson Investment Management L.P. grew its position in shares of United Bankshares by 3.5% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 1,612,170 shares of the financial services provider's stock worth $60,538,000 after buying an additional 54,089 shares during the last quarter. Finally, Kestra Private Wealth Services LLC bought a new position in shares of United Bankshares during the 4th quarter worth approximately $419,000. Institutional investors own 70.80% of the company's stock.

United Bankshares Stock Up 0.6%

United Bankshares stock traded up $0.20 during mid-day trading on Monday, hitting $36.56. The company had a trading volume of 532,926 shares, compared to its average volume of 632,928. The stock has a market cap of $5.19 billion, a price-to-earnings ratio of 13.34 and a beta of 0.76. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.11. United Bankshares, Inc. has a 1 year low of $30.51 and a 1 year high of $44.43. The business has a fifty day moving average of $34.77 and a 200 day moving average of $36.74.

United Bankshares (NASDAQ:UBSI - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The financial services provider reported $0.59 earnings per share for the quarter, missing the consensus estimate of $0.66 by ($0.07). United Bankshares had a net margin of 22.94% and a return on equity of 7.60%. The firm had revenue of $289.61 million during the quarter, compared to analyst estimates of $279.02 million. During the same period in the previous year, the company posted $0.64 earnings per share. United Bankshares's revenue was up 13.7% compared to the same quarter last year. On average, sell-side analysts expect that United Bankshares, Inc. will post 2.81 earnings per share for the current fiscal year.

United Bankshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 4.05%. The ex-dividend date of this dividend is Friday, June 13th. United Bankshares's dividend payout ratio is currently 55.02%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on UBSI shares. Wall Street Zen downgraded United Bankshares from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. Piper Sandler reissued a "neutral" rating and issued a $38.50 price target on shares of United Bankshares in a report on Wednesday, March 12th. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of United Bankshares from $42.00 to $40.00 and set a "market perform" rating on the stock in a research note on Monday, April 28th. One analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $40.63.

Insider Activity at United Bankshares

In related news, Director Sara Dumond bought 2,600 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was purchased at an average cost of $35.01 per share, for a total transaction of $91,026.00. Following the completion of the acquisition, the director now owns 5,054 shares in the company, valued at $176,940.54. This trade represents a 105.95% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 3.46% of the stock is currently owned by company insiders.

United Bankshares Company Profile

United Bankshares, Inc, through its subsidiaries, primarily provides commercial and retail banking products and services in the United States. It operates through two segments, Community Banking and Mortgage Banking. The company accepts checking, savings, and time and money market accounts; individual retirement accounts; and demand deposits, statement and special savings, and NOW accounts.