United Services Automobile Association Takes Position in United Bankshares, Inc. $UBSI

Key Points

• United Services Automobile Association has acquired a new position in United Bankshares, Inc. worth approximately $296,000 by buying 8,592 shares during the first quarter.
• Several institutional investors have also increased their stakes in United Bankshares, with notable growth seen from Millennium Management LLC, which raised its holdings by 464.1% during the same period.
• The quarterly dividend of $0.37 per share will be paid on October 1st, representing an annualized dividend of $1.48 and a yield of 4.0%.

United Services Automobile Association bought a new position in shares of United Bankshares, Inc. (NASDAQ:UBSI - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 8,592 shares of the financial services provider's stock, valued at approximately $296,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Earnest Partners LLC raised its stake in shares of United Bankshares by 0.4% during the first quarter. Earnest Partners LLC now owns 4,214,634 shares of the financial services provider's stock valued at $146,121,000 after acquiring an additional 15,498 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of United Bankshares by 1.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,733,488 shares of the financial services provider's stock valued at $60,100,000 after acquiring an additional 22,900 shares during the last quarter. ProShare Advisors LLC raised its stake in shares of United Bankshares by 3.9% during the fourth quarter. ProShare Advisors LLC now owns 1,123,987 shares of the financial services provider's stock valued at $42,206,000 after acquiring an additional 41,819 shares during the last quarter. Invesco Ltd. raised its stake in shares of United Bankshares by 8.9% during the first quarter. Invesco Ltd. now owns 980,553 shares of the financial services provider's stock valued at $33,996,000 after acquiring an additional 80,176 shares during the last quarter. Finally, Nuveen LLC bought a new position in shares of United Bankshares during the first quarter valued at $28,526,000. Institutional investors own 70.80% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on UBSI. Wall Street Zen downgraded shares of 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 note on Friday, August 8th. Four analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $40.50.

United Bankshares Trading Down 0.7%

Shares of NASDAQ:UBSI traded down $0.28 during mid-day trading on Monday, hitting $37.15. The company had a trading volume of 608,797 shares, compared to its average volume of 472,138. The firm has a fifty day moving average price of $37.25 and a 200 day moving average price of $35.88. The company has a market capitalization of $5.26 billion, a PE ratio of 13.13 and a beta of 0.82. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.98 and a quick ratio of 0.98. United Bankshares, Inc. has a one year low of $30.50 and a one year high of $44.43.

United Bankshares (NASDAQ:UBSI - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The financial services provider reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.08. The company had revenue of $306.00 million during the quarter, compared to analyst estimates of $297.98 million. United Bankshares had a net margin of 23.14% and a return on equity of 7.65%. During the same quarter in the previous year, the business posted $0.71 EPS. As a group, research analysts forecast that United Bankshares, Inc. will post 2.81 EPS for the current 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 dividend of $0.37 per share. The ex-dividend date is Friday, September 12th. This represents a $1.48 annualized dividend and a yield of 4.0%. United Bankshares's dividend payout ratio is presently 52.30%.

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.