Schwab Charles Investment Management Inc. Increases Position in United Bankshares, Inc. (NASDAQ:UBSI)
Schwab Charles Investment Management Inc. boosted its stake in United Bankshares, Inc. (NASDAQ:UBSI) by 19.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 393,654 shares of the financial services provider’s stock after buying an additional 65,406 shares during the period. Schwab Charles Investment Management Inc. owned about 0.49% of United Bankshares worth $16,632,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Amalgamated Bank increased its position in shares of United Bankshares by 4.5% in the first quarter. Amalgamated Bank now owns 9,299 shares of the financial services provider’s stock valued at $393,000 after buying an additional 402 shares during the last quarter. BlackRock Inc. boosted its stake in shares of United Bankshares by 9,877.0% in the first quarter. BlackRock Inc. now owns 12,551,861 shares of the financial services provider’s stock worth $530,316,000 after buying an additional 12,426,053 shares during the last quarter. Geode Capital Management LLC boosted its position in United Bankshares by 8.6% in the first quarter. Geode Capital Management LLC now owns 644,297 shares of the financial services provider’s stock worth $27,221,000 after buying an additional 51,184 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its position in United Bankshares by 12.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 9,186 shares of the financial services provider’s stock worth $388,000 after buying an additional 1,030 shares in the last quarter. Finally, Marshall Wace LLP bought a new position in United Bankshares during the first quarter worth $250,000. 51.86% of the stock is owned by institutional investors and hedge funds.
Shares of United Bankshares, Inc. (NASDAQ UBSI) traded down 0.86% during midday trading on Monday, reaching $34.60. The company had a trading volume of 712,763 shares. United Bankshares, Inc. has a 52-week low of $34.17 and a 52-week high of $49.35. The firm has a market cap of $3.63 billion, a P/E ratio of 18.51 and a beta of 1.05. The company’s 50-day moving average is $38.20 and its 200-day moving average is $40.92.
United Bankshares (NASDAQ:UBSI) last issued its quarterly earnings results on Thursday, July 27th. The financial services provider reported $0.37 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.51 by $0.14. The company had revenue of $176.75 million for the quarter, compared to analyst estimates of $164.09 million. United Bankshares had a return on equity of 6.42% and a net margin of 25.20%. During the same period in the prior year, the company earned $0.44 EPS. Equities research analysts expect that United Bankshares, Inc. will post $1.92 EPS for the current fiscal year.
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UBSI has been the subject of a number of analyst reports. Zacks Investment Research upgraded United Bankshares from a “hold” rating to a “buy” rating and set a $43.00 price target for the company in a report on Wednesday, June 28th. BidaskClub raised United Bankshares from a “sell” rating to a “hold” rating in a research report on Friday, June 30th. Finally, Boenning Scattergood raised United Bankshares from an “underperform” rating to a “neutral” rating in a research report on Thursday, May 18th. Two research analysts have rated the stock with a sell rating and four have given a hold rating to the company. United Bankshares presently has a consensus rating of “Hold” and an average price target of $42.63.
In other United Bankshares news, Director Michael P. Fitzgerald sold 13,100 shares of the firm’s stock in a transaction on Friday, May 12th. The stock was sold at an average price of $38.28, for a total value of $501,468.00. Following the sale, the director now owns 245,273 shares of the company’s stock, valued at approximately $9,389,050.44. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Michael P. Fitzgerald sold 13,038 shares of the firm’s stock in a transaction on Friday, June 9th. The shares were sold at an average price of $40.04, for a total value of $522,041.52. Following the completion of the sale, the director now directly owns 12,738 shares in the company, valued at approximately $510,029.52. The disclosure for this sale can be found here. Corporate insiders own 7.50% of the company’s stock.
United Bankshares Company Profile
United Bankshares, Inc (United) is a bank holding company. The Company operates through community banking segment. United’s Banking Subsidiaries offer a range of commercial and retail banking services and products. United, through its subsidiaries, engages in community banking and offers banking products and services permitted by law and regulation.
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