NorthCrest Asset Manangement LLC Buys New Stake in United Bankshares, Inc. (NASDAQ:UBSI)

NorthCrest Asset Manangement LLC bought a new stake in shares of United Bankshares, Inc. (NASDAQ:UBSI - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 8,742 shares of the financial services provider's stock, valued at approximately $303,000.

Several other institutional investors and hedge funds have also recently modified their holdings of UBSI. Vanguard Group Inc. increased its stake in shares of United Bankshares by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 14,310,562 shares of the financial services provider's stock worth $537,362,000 after purchasing an additional 115,681 shares in the last quarter. Earnest Partners LLC increased its stake in United Bankshares by 0.7% during the 4th quarter. Earnest Partners LLC now owns 4,199,136 shares of the financial services provider's stock worth $157,678,000 after buying an additional 29,898 shares in the last quarter. Northern Trust Corp raised its holdings in shares of United Bankshares by 13.7% during the fourth quarter. Northern Trust Corp now owns 1,774,018 shares of the financial services provider's stock valued at $66,614,000 after acquiring an additional 213,441 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of United Bankshares by 2.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,710,588 shares of the financial services provider's stock valued at $64,233,000 after acquiring an additional 37,532 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of United Bankshares in the fourth quarter valued at approximately $54,712,000. Hedge funds and other institutional investors own 70.80% of the company's stock.

United Bankshares Trading Down 0.8%

NASDAQ UBSI traded down $0.27 on Monday, reaching $34.96. 792,632 shares of the company were exchanged, compared to its average volume of 635,657. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.11. The business's fifty day moving average price is $35.16 and its 200 day moving average price is $36.51. The stock has a market capitalization of $4.97 billion, a P/E ratio of 12.76 and a beta of 0.76. United Bankshares, Inc. has a fifty-two week low of $30.51 and a fifty-two week high of $44.43.

United Bankshares (NASDAQ:UBSI - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The financial services provider reported $0.59 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 analysts' expectations of $279.02 million. During the same period in the prior year, the company posted $0.64 EPS. The company's revenue for the quarter was up 13.7% compared to the same quarter last year. Analysts forecast that United Bankshares, Inc. will post 2.81 earnings per share for the current year.

United Bankshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be paid a $0.37 dividend. The ex-dividend date is Friday, June 13th. This represents a $1.48 annualized dividend and a dividend yield of 4.23%. United Bankshares's dividend payout ratio (DPR) is 55.02%.

Analyst Ratings Changes

Several analysts recently commented on UBSI shares. Piper Sandler reiterated a "neutral" rating and set a $38.50 price target on shares of United Bankshares in a research report on Wednesday, March 12th. Wall Street Zen lowered shares of United Bankshares from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Finally, Keefe, Bruyette & Woods decreased their price target 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 equities research analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $40.63.

Insider Activity

In other United Bankshares news, Director Sara Dumond purchased 2,600 shares of the stock in a transaction dated Monday, March 24th. The stock was acquired at an average cost of $35.01 per share, for a total transaction of $91,026.00. Following 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 position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 3.46% of the company's stock.

About United Bankshares

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.