Swiss National Bank Buys 30,001 Shares of United Bankshares, Inc. (UBSI)
Swiss National Bank increased its stake in United Bankshares, Inc. (NASDAQ:UBSI) by 22.3% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 164,582 shares of the financial services provider’s stock after acquiring an additional 30,001 shares during the quarter. Swiss National Bank owned approximately 0.16% of United Bankshares worth $6,452,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. LS Investment Advisors LLC grew its holdings in shares of United Bankshares by 9.7% in the 1st quarter. LS Investment Advisors LLC now owns 2,766 shares of the financial services provider’s stock worth $117,000 after acquiring an additional 244 shares during the last quarter. Elkfork Partners LLC grew its holdings in shares of United Bankshares by 14.5% in the 1st quarter. Elkfork Partners LLC now owns 3,476 shares of the financial services provider’s stock worth $147,000 after acquiring an additional 440 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of United Bankshares by 62.8% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,053 shares of the financial services provider’s stock worth $159,000 after acquiring an additional 1,563 shares during the last quarter. Meadow Creek Investment Management LLC grew its holdings in shares of United Bankshares by 14.5% in the 1st quarter. Meadow Creek Investment Management LLC now owns 4,424 shares of the financial services provider’s stock worth $187,000 after acquiring an additional 560 shares during the last quarter. Finally, Piedmont Investment Advisors LLC acquired a new position in shares of United Bankshares in the 1st quarter worth $205,000. Institutional investors and hedge funds own 62.25% of the company’s stock.
Shares of United Bankshares, Inc. (NASDAQ UBSI) opened at 34.40 on Monday. The firm has a market cap of $3.61 billion, a PE ratio of 18.41 and a beta of 1.05. United Bankshares, Inc. has a 12 month low of $31.70 and a 12 month high of $49.35. The stock has a 50 day moving average price of $33.61 and a 200 day moving average price of $38.50.
United Bankshares (NASDAQ:UBSI) last released its quarterly earnings data on Thursday, July 27th. The financial services provider reported $0.37 EPS for the quarter, missing the Zacks’ consensus estimate of $0.51 by ($0.14). United Bankshares had a net margin of 25.20% and a return on equity of 6.42%. The firm had revenue of $176.75 million during the quarter, compared to the consensus estimate of $164.09 million. During the same quarter in the prior year, the company earned $0.44 EPS. On average, equities research analysts expect that United Bankshares, Inc. will post $1.92 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 8th will be given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 3.84%. The ex-dividend date of this dividend is Thursday, September 7th. United Bankshares’s dividend payout ratio is currently 69.47%.
United Bankshares declared that its board has initiated a share buyback program on Monday, August 28th that permits the company to buyback 2,000,000 shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.
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In other news, Director Gary G. White acquired 1,000 shares of the stock in a transaction that occurred on Monday, September 11th. The stock was acquired at an average price of $33.33 per share, for a total transaction of $33,330.00. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Richard M. Sr Adams, Sr. acquired 7,405 shares of the stock in a transaction that occurred on Tuesday, August 15th. The stock was purchased at an average price of $33.85 per share, with a total value of $250,659.25. Following the transaction, the chairman now owns 631,170 shares in the company, valued at $21,365,104.50. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 15,247 shares of company stock valued at $510,526. 6.23% of the stock is owned by corporate insiders.
A number of equities analysts recently issued reports on the company. Zacks Investment Research cut United Bankshares from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. BidaskClub cut United Bankshares from a “sell” rating to a “strong sell” rating in a report on Wednesday, July 19th. Two equities research analysts have rated the stock with a sell rating and four have given a hold rating to the company. The company presently has an average rating of “Hold” and an average price target of $42.63.
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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