Insider Selling: United Bankshares (NASDAQ:UBSI) Director Sells 3,200 Shares

Key Points

• Insider sale: United Bankshares Director Mark Nesselroad sold 3,200 shares at an average price of $46.42, generating $148,544 and reducing his direct ownership by 9.03% to 32,224 shares.
• Stock and earnings: UBSI shares recently traded at $47.42, near their 52-week high of $49.62. The company exceeded quarterly expectations, reporting earnings per share of $0.95 versus the $0.89 consensus and revenue of $323.82 million.
• Dividend and outlook: United Bankshares declared a quarterly dividend of $0.38 per share, equivalent to a 3.2% annualized yield. Analysts have a consensus “Hold” rating with an average price target of $47.80, while institutional investors own 70.8% of the stock.

United Bankshares, Inc. (NASDAQ:UBSI - Get Free Report) Director Mark Nesselroad sold 3,200 shares of the business's stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $46.42, for a total transaction of $148,544.00. Following the transaction, the director directly owned 32,224 shares of the company's stock, valued at $1,495,838.08. The trade was a 9.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

United Bankshares Stock Performance

NASDAQ UBSI traded up $0.92 on Wednesday, hitting $47.42. The stock had a trading volume of 343,230 shares, compared to its average volume of 932,956. The company's 50-day moving average is $47.47 and its two-hundred day moving average is $44.41. United Bankshares, Inc. has a one year low of $34.10 and a one year high of $49.62. The stock has a market cap of $6.46 billion, a price-to-earnings ratio of 12.92 and a beta of 0.70. The company has a quick ratio of 0.97, a current ratio of 0.98 and a debt-to-equity ratio of 0.10.

United Bankshares (NASDAQ:UBSI - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.95 earnings per share for the quarter, beating analysts' consensus estimates of $0.89 by $0.06. United Bankshares had a return on equity of 9.39% and a net margin of 27.97%.The company had revenue of $323.82 million for the quarter, compared to analysts' expectations of $320.07 million. During the same quarter in the previous year, the company posted $0.85 earnings per share. On average, analysts expect that United Bankshares, Inc. will post 3.71 earnings per share for the current year.

United Bankshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 11th will be given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date is Friday, September 11th. United Bankshares's payout ratio is 41.42%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on UBSI. Raymond James Financial raised their price target on United Bankshares from $49.00 to $50.00 and gave the company an "outperform" rating in a report on Wednesday, July 1st. Hovde Group increased their target price on shares of United Bankshares from $49.00 to $50.00 and gave the company a "market perform" rating in a research report on Friday, July 24th. Weiss Ratings restated a "buy (b)" rating on shares of United Bankshares in a research report on Monday, July 6th. Wall Street Zen raised shares of United Bankshares from a "sell" rating to a "hold" rating in a research note on Saturday, July 25th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of United Bankshares from $46.00 to $48.00 and gave the company a "market perform" rating in a report on Monday, July 27th. Three equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $47.80.

Hedge Funds Weigh In On United Bankshares

Institutional investors have recently bought and sold shares of the stock. Bank of America Corp DE lifted its position in shares of United Bankshares by 20.5% in the first quarter. Bank of America Corp DE now owns 1,631,894 shares of the financial services provider's stock worth $67,593,000 after buying an additional 277,836 shares during the last quarter. EP Wealth Advisors LLC acquired a new position in shares of United Bankshares during the 2nd quarter valued at about $3,979,000. Deutsche Bank AG bought a new position in shares of United Bankshares in the 2nd quarter valued at approximately $6,697,000. NFJ Investment Group LLC bought a new position in shares of United Bankshares in the 2nd quarter valued at approximately $2,930,000. Finally, Amundi lifted its holdings in United Bankshares by 204.8% in the 1st quarter. Amundi now owns 49,874 shares of the financial services provider's stock worth $2,066,000 after purchasing an additional 33,511 shares during the last quarter. Hedge funds and other institutional investors own 70.80% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source