Sequoia Financial Advisors LLC Takes $850,000 Position in United Bankshares, Inc. (NASDAQ:UBSI)

Sequoia Financial Advisors LLC acquired a new stake in shares of United Bankshares, Inc. (NASDAQ:UBSI - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 24,518 shares of the financial services provider's stock, valued at approximately $850,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Oppenheimer Asset Management Inc. raised its holdings in shares of United Bankshares by 1.9% during the first quarter. Oppenheimer Asset Management Inc. now owns 109,931 shares of the financial services provider's stock valued at $3,811,000 after purchasing an additional 2,015 shares during the period. Retirement Systems of Alabama increased its position in United Bankshares by 5.9% in the first quarter. Retirement Systems of Alabama now owns 173,760 shares of the financial services provider's stock worth $6,024,000 after buying an additional 9,728 shares during the last quarter. State of Alaska Department of Revenue raised its position in shares of United Bankshares by 8.6% in the first quarter. State of Alaska Department of Revenue now owns 16,719 shares of the financial services provider's stock valued at $579,000 after purchasing an additional 1,330 shares during the period. Dover Advisors LLC purchased a new stake in United Bankshares during the 1st quarter worth about $3,015,000. Finally, Wealth Enhancement Advisory Services LLC boosted its stake in United Bankshares by 5.1% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 23,068 shares of the financial services provider's stock valued at $800,000 after buying an additional 1,110 shares during the period. 70.80% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

UBSI has been the topic of several research analyst reports. Piper Sandler restated a "neutral" rating and issued a $38.50 price objective on shares of United Bankshares in a research report on Wednesday, March 12th. 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 report on Monday, April 28th. Finally, Wall Street Zen cut shares of United Bankshares from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. One research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $40.63.

United Bankshares Price Performance

NASDAQ:UBSI traded up $0.36 during mid-day trading on Friday, reaching $38.41. The stock had a trading volume of 568,118 shares, compared to its average volume of 662,619. United Bankshares, Inc. has a one year low of $30.51 and a one 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. The firm has a 50 day moving average price of $36.11 and a two-hundred day moving average price of $36.05. The stock has a market capitalization of $5.46 billion, a P/E ratio of 14.28 and a beta of 0.76.

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 for the quarter, missing analysts' consensus estimates of $0.66 by ($0.07). United Bankshares had a return on equity of 7.36% and a net margin of 22.35%. The business had revenue of $289.61 million during the quarter, compared to the consensus estimate of $279.02 million. During the same quarter in the previous year, the firm posted $0.64 earnings per share. The company's revenue was up 13.7% compared to the same quarter last year. As a group, analysts expect that United Bankshares, Inc. will post 2.81 earnings per share for the current year.

United Bankshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th were given a dividend of $0.37 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $1.48 annualized dividend and a yield of 3.85%. United Bankshares's payout ratio is 55.02%.

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.