United Bankshares, Inc. $UBSI Position Reduced by Rafferty Asset Management LLC

Key Points

• Rafferty Asset Management LLC reduced its holdings in United Bankshares by 12.6%, selling 13,364 shares and now holds 92,596 shares valued at approximately $3.21 million.
• United Bankshares recently reported earnings of $0.85 per share for the last quarter, exceeding analysts' expectations, and announced a quarterly dividend of $0.37 to be paid to shareholders on October 1st.
• Institutional investors currently hold 70.80% of United Bankshares' stock, reflecting significant interest from various hedge funds and investment managers.

Rafferty Asset Management LLC reduced its stake in United Bankshares, Inc. (NASDAQ:UBSI - Free Report) by 12.6% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 92,596 shares of the financial services provider's stock after selling 13,364 shares during the period. Rafferty Asset Management LLC owned 0.06% of United Bankshares worth $3,210,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Farther Finance Advisors LLC boosted its stake in United Bankshares by 726.5% in the first quarter. Farther Finance Advisors LLC now owns 967 shares of the financial services provider's stock valued at $33,000 after acquiring an additional 850 shares during the period. Meeder Asset Management Inc. boosted its stake in United Bankshares by 144.2% in the first quarter. Meeder Asset Management Inc. now owns 1,155 shares of the financial services provider's stock valued at $40,000 after acquiring an additional 682 shares during the period. CWM LLC boosted its stake in United Bankshares by 226.9% in the first quarter. CWM LLC now owns 1,651 shares of the financial services provider's stock valued at $57,000 after acquiring an additional 1,146 shares during the period. Fifth Third Bancorp boosted its stake in United Bankshares by 44.4% in the first quarter. Fifth Third Bancorp now owns 1,699 shares of the financial services provider's stock valued at $59,000 after acquiring an additional 522 shares during the period. Finally, Hughes Financial Services LLC acquired a new position in United Bankshares in the first quarter valued at approximately $60,000. 70.80% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

UBSI has been the subject of a number of research reports. Wall Street Zen downgraded United Bankshares from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Zacks Research raised United Bankshares to a "hold" rating in a report on Friday, August 8th. Four research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $40.50.

United Bankshares Price Performance

NASDAQ:UBSI traded up $0.60 during midday trading on Thursday, hitting $38.65. 397,643 shares of the stock were exchanged, compared to its average volume of 544,640. United Bankshares, Inc. has a one year low of $30.50 and a one year high of $44.43. The company has a market capitalization of $5.47 billion, a price-to-earnings ratio of 13.66 and a beta of 0.82. The business has a 50-day moving average price of $37.21 and a two-hundred day moving average price of $35.81. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.10.

United Bankshares (NASDAQ:UBSI - Get Free Report) last announced its earnings results on Thursday, July 24th. The financial services provider reported $0.85 EPS for the quarter, topping the consensus estimate of $0.77 by $0.08. United Bankshares had a return on equity of 7.65% and a net margin of 23.14%.The firm had revenue of $306.00 million for the quarter, compared to analysts' expectations of $297.98 million. During the same quarter in the previous year, the company earned $0.71 earnings per share. Sell-side analysts predict that United Bankshares, Inc. will post 2.81 EPS for the current year.

United Bankshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 12th will be issued a dividend of $0.37 per share. The ex-dividend date of this dividend is Friday, September 12th. This represents a $1.48 annualized dividend and a yield of 3.8%. United Bankshares's payout ratio is presently 52.30%.

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.