United Bankshares, Inc. (UBSI) Shares Bought by Wells Fargo & Company MN
Wells Fargo & Company MN grew its stake in shares of United Bankshares, Inc. (NASDAQ:UBSI) by 19.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 342,254 shares of the financial services provider’s stock after acquiring an additional 56,007 shares during the quarter. Wells Fargo & Company MN owned about 0.33% of United Bankshares worth $13,416,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. LS Investment Advisors LLC increased its stake in shares of United Bankshares by 9.7% during the 1st quarter. LS Investment Advisors LLC now owns 2,766 shares of the financial services provider’s stock valued at $117,000 after acquiring an additional 244 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in United Bankshares by 62.8% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,053 shares of the financial services provider’s stock worth $159,000 after purchasing an additional 1,563 shares in the last quarter. Piedmont Investment Advisors LLC acquired a new stake in United Bankshares during the 1st quarter worth approximately $205,000. Two Sigma Securities LLC acquired a new stake in United Bankshares during the 1st quarter worth approximately $212,000. Finally, World Asset Management Inc increased its position in United Bankshares by 10.5% during the 1st quarter. World Asset Management Inc now owns 5,058 shares of the financial services provider’s stock worth $214,000 after purchasing an additional 482 shares in the last quarter. 62.25% of the stock is owned by institutional investors.
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In other news, Director Gary G. White purchased 1,000 shares of United Bankshares stock in a transaction dated Monday, September 11th. The stock was acquired at an average cost of $33.33 per share, for a total transaction of $33,330.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Peter A. Converse purchased 3,000 shares of United Bankshares stock in a transaction dated Monday, August 14th. The shares were purchased at an average price of $33.15 per share, with a total value of $99,450.00. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 15,247 shares of company stock valued at $510,526. 6.23% of the stock is owned by corporate insiders.
UBSI has been the subject of a number of research analyst reports. BidaskClub downgraded shares of United Bankshares from a “sell” rating to a “strong sell” rating in a research report on Wednesday, July 19th. Zacks Investment Research downgraded shares of United Bankshares from a “buy” rating to a “hold” rating in a research report on Thursday, June 29th. One research analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $42.63.
Shares of United Bankshares, Inc. (NASDAQ UBSI) opened at 37.15 on Friday. United Bankshares, Inc. has a 52-week low of $31.70 and a 52-week high of $49.35. The company’s 50-day moving average is $33.65 and its 200-day moving average is $38.26. The firm has a market cap of $3.90 billion, a P/E ratio of 19.88 and a beta of 1.05.
United Bankshares (NASDAQ:UBSI) last announced its quarterly earnings results on Thursday, July 27th. The financial services provider reported $0.37 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.51 by ($0.14). The firm had revenue of $176.75 million for the quarter, compared to analyst estimates of $164.09 million. United Bankshares had a net margin of 25.20% and a return on equity of 6.42%. During the same quarter in the prior year, the firm earned $0.44 earnings per share. Equities research analysts forecast that United Bankshares, Inc. will post $1.92 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 8th will be issued a dividend of $0.33 per share. The ex-dividend date is Thursday, September 7th. This represents a $1.32 annualized dividend and a dividend yield of 3.55%. United Bankshares’s dividend payout ratio is 69.47%.
United Bankshares announced that its Board of Directors has initiated a stock buyback plan on Monday, August 28th that permits the company to buyback 2,000,000 shares. This buyback authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.
United Bankshares 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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