OLD National Bancorp IN Takes Position in United Bankshares, Inc. $UBSI

Key Points

• OLD National Bancorp IN bought a new stake of 127,461 shares in United Bankshares (NASDAQ:UBSI) in Q4, valued at about $4.895 million, bringing its ownership to roughly 0.09%; institutional investors hold about 70.8% of the company.
• United Bankshares beat Q1 estimates with EPS $0.89 (vs. $0.85) and revenue $318.1M, pays a $0.38 quarterly dividend (a 3.5% yield), trades at a P/E of 13.43 with a $6.13B market cap, and carries a consensus "Hold" rating with an average price target of $44.67.

OLD National Bancorp IN purchased a new stake in United Bankshares, Inc. (NASDAQ:UBSI - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 127,461 shares of the financial services provider's stock, valued at approximately $4,895,000. OLD National Bancorp IN owned approximately 0.09% of United Bankshares as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of the business. Dimensional Fund Advisors LP raised its holdings in shares of United Bankshares by 0.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 7,741,908 shares of the financial services provider's stock valued at $288,076,000 after purchasing an additional 24,631 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of United Bankshares by 1.2% in the 3rd quarter. Victory Capital Management Inc. now owns 3,624,628 shares of the financial services provider's stock valued at $134,872,000 after purchasing an additional 42,255 shares in the last quarter. Bank of America Corp DE raised its holdings in shares of United Bankshares by 11.4% in the 3rd quarter. Bank of America Corp DE now owns 1,367,319 shares of the financial services provider's stock valued at $50,878,000 after purchasing an additional 139,646 shares in the last quarter. Fisher Asset Management LLC raised its holdings in shares of United Bankshares by 10.1% in the 3rd quarter. Fisher Asset Management LLC now owns 1,275,425 shares of the financial services provider's stock valued at $47,459,000 after purchasing an additional 116,647 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in shares of United Bankshares by 11.8% in the 2nd quarter. Invesco Ltd. now owns 1,096,626 shares of the financial services provider's stock valued at $39,950,000 after purchasing an additional 116,073 shares in the last quarter. Institutional investors own 70.80% of the company's stock.

United Bankshares Trading Up 1.2%

NASDAQ UBSI opened at $43.91 on Friday. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 0.10. The firm has a market cap of $6.13 billion, a PE ratio of 13.43 and a beta of 0.73. The company has a 50 day moving average price of $41.99 and a 200 day moving average price of $39.90. United Bankshares, Inc. has a 52 week low of $33.70 and a 52 week high of $45.92.

United Bankshares (NASDAQ:UBSI - Get Free Report) last posted its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.89 EPS for the quarter, topping the consensus estimate of $0.85 by $0.04. The firm had revenue of $318.14 million during the quarter, compared to analyst estimates of $315.15 million. United Bankshares had a net margin of 25.51% and a return on equity of 8.60%. During the same quarter in the previous year, the business posted $0.59 EPS. As a group, sell-side analysts forecast that United Bankshares, Inc. will post 3.54 EPS for the current fiscal year.

United Bankshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 1st. Investors of record on Friday, March 13th were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 3.5%. The ex-dividend date was Friday, March 13th. United Bankshares's payout ratio is 46.48%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Keefe, Bruyette & Woods boosted their price target on shares of United Bankshares from $40.00 to $43.00 and gave the company a "market perform" rating in a report on Monday, January 26th. Piper Sandler restated an "overweight" rating and issued a $47.00 price target on shares of United Bankshares in a report on Monday, January 26th. Stephens boosted their price target on shares of United Bankshares from $40.00 to $44.00 and gave the company an "equal weight" rating in a report on Friday, January 23rd. Zacks Research lowered shares of United Bankshares from a "strong-buy" rating to a "hold" rating in a report on Thursday, March 26th. Finally, Weiss Ratings upgraded shares of United Bankshares from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, February 13th. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $44.67.

United Bankshares 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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