CrossGen Wealth LLC Takes $1.99 Million Position in United Bankshares, Inc. $UBSI

CrossGen Wealth LLC acquired a new position in shares of United Bankshares, Inc. (NASDAQ:UBSI) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 51,772 shares of the financial services provider’s stock, valued at approximately $1,988,000. United Bankshares makes up about 1.8% of CrossGen Wealth LLC’s investment portfolio, making the stock its 18th biggest position.

Several other institutional investors also recently modified their holdings of the stock. 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 valued at $29,109,000 after buying an additional 307,159 shares during the last quarter. SG Americas Securities LLC lifted its stake in shares of United Bankshares by 168.3% in the 4th quarter. SG Americas Securities LLC now owns 56,866 shares of the financial services provider’s stock valued at $2,184,000 after acquiring an additional 35,673 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in United Bankshares by 1.2% during the 3rd quarter. Victory Capital Management Inc. now owns 3,624,628 shares of the financial services provider’s stock valued at $134,872,000 after acquiring an additional 42,255 shares during the period. 1834 Investment Advisors Co. bought a new position in United Bankshares during the 4th quarter worth approximately $3,700,000. Finally, Artemis Investment Management LLP bought a new position in United Bankshares during the 4th quarter worth approximately $1,801,000. 70.80% of the stock is currently owned by institutional investors.

United Bankshares Trading Up 0.5%

NASDAQ UBSI opened at $44.42 on Friday. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.10. United Bankshares, Inc. has a twelve month low of $34.10 and a twelve month high of $46.08. The firm has a market capitalization of $6.12 billion, a PE ratio of 12.44 and a beta of 0.71. The stock’s 50 day moving average is $43.60 and its 200 day moving average is $41.88.

United Bankshares (NASDAQ:UBSI) last posted its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.85 by $0.04. United Bankshares had a return on equity of 9.26% and a net margin of 27.45%.The business had revenue of $316.58 million during the quarter, compared to the consensus estimate of $315.15 million. During the same quarter in the prior year, the company earned $0.59 earnings per share. Research analysts forecast that United Bankshares, Inc. will post 3.64 earnings per share for the current fiscal year.

United Bankshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Friday, June 12th will be issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date is Friday, June 12th. United Bankshares’s payout ratio is presently 42.58%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on UBSI. Wall Street Zen downgraded United Bankshares from a “hold” rating to a “sell” rating in a research report on Saturday, June 13th. Zacks Research cut shares of United Bankshares from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 26th. Finally, Raymond James Financial reaffirmed an “outperform” rating and issued a $49.00 target price on shares of United Bankshares in a research note on Monday, April 27th. Three research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $45.75.

About United Bankshares

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.