Rafferty Asset Management LLC Cuts Stock Position in United Bankshares, Inc. $UBSI

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 position in shares of United Bankshares, Inc. (NASDAQ:UBSI - Free Report) by 12.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 92,596 shares of the financial services provider's stock after selling 13,364 shares during the quarter. Rafferty Asset Management LLC owned 0.06% of United Bankshares worth $3,210,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Corebridge Financial Inc. grew its stake in United Bankshares by 1.9% during the first quarter. Corebridge Financial Inc. now owns 221,506 shares of the financial services provider's stock worth $7,680,000 after buying an additional 4,057 shares in the last quarter. MetLife Investment Management LLC grew its position in shares of United Bankshares by 0.4% during the 1st quarter. MetLife Investment Management LLC now owns 153,917 shares of the financial services provider's stock worth $5,336,000 after buying an additional 676 shares during the period. Synovus Financial Corp grew its position in United Bankshares by 26.0% in the 1st quarter. Synovus Financial Corp now owns 28,285 shares of the financial services provider's stock valued at $981,000 after purchasing an additional 5,840 shares during the period. Systematic Financial Management LP grew its position in United Bankshares by 5.9% in the 1st quarter. Systematic Financial Management LP now owns 423,479 shares of the financial services provider's stock valued at $14,682,000 after purchasing an additional 23,747 shares during the period. Finally, Kestra Advisory Services LLC boosted its holdings in United Bankshares by 284.0% during the 1st quarter. Kestra Advisory Services LLC now owns 28,748 shares of the financial services provider's stock worth $997,000 after acquiring an additional 21,261 shares during the last quarter. 70.80% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

United Bankshares Price Performance

NASDAQ UBSI traded down $0.12 during trading hours on Monday, reaching $38.34. The company's stock had a trading volume of 512,627 shares, compared to its average volume of 599,401. The company has a market capitalization of $5.43 billion, a price-to-earnings ratio of 13.55 and a beta of 0.82. United Bankshares, Inc. has a 1 year low of $30.50 and a 1 year high of $44.43. The firm's 50-day moving average price is $37.10 and its 200-day moving average price is $35.77. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.10.

United Bankshares (NASDAQ:UBSI - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The financial services provider reported $0.85 EPS for the quarter, beating the consensus estimate of $0.77 by $0.08. The company had revenue of $306.00 million for the quarter, compared to the consensus estimate of $297.98 million. United Bankshares had a return on equity of 7.65% and a net margin of 23.14%.During the same quarter in the prior year, the company posted $0.71 EPS. On average, equities research analysts predict that United Bankshares, Inc. will post 2.81 EPS for the current fiscal year.

United Bankshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th will be issued a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend is Friday, September 12th. United Bankshares's dividend payout ratio (DPR) is presently 52.30%.

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.