Verity Asset Management Inc. Reduces Holdings in United Bankshares, Inc. $UBSI

Key Points

• Verity Asset Management cut its stake in United Bankshares by 49.7% in Q4, selling 30,703 shares and leaving 31,135 shares valued at about $1.20 million.
• United Bankshares beat estimates with $0.89 EPS (vs. $0.85) and $318.14M revenue for the quarter, and pays a $0.38 quarterly dividend (annualized $1.52, ~3.5% yield).
• Several large institutions notably increased positions (e.g., AQR +65.5%, JPMorgan +64.6%, Jane Street +564%), institutional ownership is ~70.8%, and analysts hold a consensus "Moderate Buy" with a $45.75 target.

Verity Asset Management Inc. decreased its holdings in shares of United Bankshares, Inc. (NASDAQ:UBSI - Free Report) by 49.7% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 31,135 shares of the financial services provider's stock after selling 30,703 shares during the period. Verity Asset Management Inc.'s holdings in United Bankshares were worth $1,196,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of UBSI. AQR Capital Management LLC grew its stake in shares of United Bankshares by 65.5% during the third quarter. AQR Capital Management LLC now owns 930,252 shares of the financial services provider's stock worth $34,615,000 after acquiring an additional 368,141 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of United Bankshares by 64.6% during the third quarter. JPMorgan Chase & Co. now owns 782,292 shares of the financial services provider's stock worth $29,109,000 after acquiring an additional 307,159 shares during the last quarter. Verition Fund Management LLC grew its stake in shares of United Bankshares by 89.5% during the third quarter. Verition Fund Management LLC now owns 520,964 shares of the financial services provider's stock worth $19,385,000 after acquiring an additional 246,006 shares during the last quarter. Jane Street Group LLC grew its stake in shares of United Bankshares by 564.0% during the first quarter. Jane Street Group LLC now owns 182,540 shares of the financial services provider's stock worth $6,329,000 after acquiring an additional 155,051 shares during the last quarter. Finally, Bank of America Corp DE grew its stake in shares of United Bankshares by 11.4% during the third quarter. Bank of America Corp DE now owns 1,367,319 shares of the financial services provider's stock worth $50,878,000 after acquiring an additional 139,646 shares during the last quarter. Hedge funds and other institutional investors own 70.80% of the company's stock.

United Bankshares Stock Performance

NASDAQ UBSI traded up $0.55 during trading hours on Thursday, reaching $43.88. The stock had a trading volume of 64,788 shares, compared to its average volume of 946,146. The stock has a fifty day moving average of $41.96 and a 200 day moving average of $40.11. The stock has a market cap of $6.13 billion, a P/E ratio of 12.29 and a beta of 0.73. United Bankshares, Inc. has a 52-week low of $33.87 and a 52-week high of $45.92. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.98 and a current ratio of 0.99.

United Bankshares (NASDAQ:UBSI - Get Free Report) last issued its earnings results on Thursday, April 23rd. The financial services provider reported $0.89 EPS for the quarter, beating analysts' consensus estimates of $0.85 by $0.04. The firm had revenue of $318.14 million for the quarter, compared to analyst estimates of $315.15 million. United Bankshares had a return on equity of 9.26% and a net margin of 27.45%.During the same quarter in the prior year, the firm earned $0.59 earnings per share. Sell-side analysts predict that United Bankshares, Inc. will post 3.64 earnings per share for the current year.

United Bankshares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th were given a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 3.5%. The ex-dividend date was Friday, March 13th. United Bankshares's dividend payout ratio is currently 42.58%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Raymond James Financial restated an "outperform" rating and set a $49.00 price target on shares of United Bankshares in a research note on Monday. Piper Sandler restated an "overweight" rating and set a $47.00 price target on shares of United Bankshares in a research note on Monday, January 26th. Zacks Research lowered United Bankshares from a "strong-buy" rating to a "hold" rating in a research report on Thursday, March 26th. Keefe, Bruyette & Woods upped their target price on United Bankshares from $40.00 to $43.00 and gave the company a "market perform" rating in a research report on Monday, January 26th. Finally, Stephens upped their target price on United Bankshares from $40.00 to $44.00 and gave the company an "equal weight" rating in a research report on Friday, January 23rd. Three equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, United Bankshares has a consensus rating of "Moderate Buy" and a consensus target price of $45.75.

United Bankshares Company Profile

United Bankshares, Inc, headquartered in Charleston, West Virginia, is a bank holding company that provides a full range of financial services through its primary subsidiary, United Bank. The company's core offerings include retail and commercial banking products such as checking and savings accounts, certificates of deposit, personal and business loans, mortgages, and treasury management services. In addition, United Bankshares delivers private banking, wealth management, trust and fiduciary solutions, and investment advisory services to meet the needs of individual, corporate, and institutional clients.

United Bankshares operates an extensive branch network across West Virginia, Virginia, Maryland, the District of Columbia, Ohio, Pennsylvania, and South Carolina.

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