Principal Financial Group Inc. Increases Stock Holdings in United Bankshares, Inc. (NASDAQ:UBSI)

Principal Financial Group Inc. increased its holdings in shares of United Bankshares, Inc. (NASDAQ:UBSI - Free Report) by 6.7% in the first quarter, according to its most recent filing with the SEC. The fund owned 330,223 shares of the financial services provider's stock after acquiring an additional 20,600 shares during the period. Principal Financial Group Inc. owned about 0.23% of United Bankshares worth $11,449,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Amalgamated Bank lifted its stake in shares of United Bankshares by 1.1% during the 1st quarter. Amalgamated Bank now owns 62,509 shares of the financial services provider's stock worth $2,167,000 after acquiring an additional 698 shares during the last quarter. New York State Teachers Retirement System lifted its stake in shares of United Bankshares by 0.5% during the 1st quarter. New York State Teachers Retirement System now owns 133,107 shares of the financial services provider's stock worth $4,615,000 after acquiring an additional 600 shares during the last quarter. State of Alaska Department of Revenue lifted its stake in shares of United Bankshares by 8.6% during the 1st quarter. State of Alaska Department of Revenue now owns 16,719 shares of the financial services provider's stock worth $579,000 after acquiring an additional 1,330 shares during the last quarter. Nomura Holdings Inc. bought a new stake in shares of United Bankshares during the 4th quarter worth approximately $671,000. Finally, Janus Henderson Group PLC increased its holdings in United Bankshares by 5.3% during the 4th quarter. Janus Henderson Group PLC now owns 61,534 shares of the financial services provider's stock worth $2,310,000 after purchasing an additional 3,100 shares during the period. 70.80% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on UBSI. Wall Street Zen downgraded United Bankshares from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Keefe, Bruyette & Woods reduced their price objective on United Bankshares from $42.00 to $40.00 and set a "market perform" rating on the stock in a report on Monday, April 28th. One investment analyst has rated the stock with a sell rating and four have given a hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $40.63.

United Bankshares Trading Up 2.0%

UBSI traded up $0.75 during trading on Thursday, hitting $37.48. 946,013 shares of the stock were exchanged, compared to its average volume of 669,368. The firm has a 50 day simple moving average of $36.61 and a 200 day simple moving average of $36.03. The firm has a market cap of $5.32 billion, a price-to-earnings ratio of 13.93 and a beta of 0.76. United Bankshares, Inc. has a 1 year low of $30.51 and a 1 year high of $44.43. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.98 and a current ratio of 0.98.

United Bankshares (NASDAQ:UBSI - Get Free Report) last announced its quarterly earnings results 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 22.35% and a return on equity of 7.36%. The company had revenue of $289.61 million during the quarter, compared to analysts' expectations of $279.02 million. During the same quarter in the prior year, the business posted $0.64 earnings per share. The company's revenue was up 13.7% compared to the same quarter last year. As a group, equities analysts expect that United Bankshares, Inc. will post 2.81 EPS for the current year.

United Bankshares Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th were issued a $0.37 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.95%. United Bankshares's dividend payout ratio is presently 55.02%.

United Bankshares 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.