The Manufacturers Life Insurance Company Makes New $5.88 Million Investment in United Bankshares, Inc. $UBSI

The Manufacturers Life Insurance Company purchased a new position in shares of United Bankshares, Inc. (NASDAQ:UBSI) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 128,183 shares of the financial services provider’s stock, valued at approximately $5,875,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd purchased a new position in United Bankshares during the 3rd quarter worth $25,000. Eurizon Capital SGR S.p.A. purchased a new stake in United Bankshares in the fourth quarter valued at about $26,000. Farther Finance Advisors LLC boosted its holdings in United Bankshares by 196.2% in the fourth quarter. Farther Finance Advisors LLC now owns 856 shares of the financial services provider’s stock worth $33,000 after acquiring an additional 567 shares in the last quarter. Root Financial Partners LLC boosted its holdings in United Bankshares by 64.4% in the first quarter. Root Financial Partners LLC now owns 786 shares of the financial services provider’s stock worth $33,000 after acquiring an additional 308 shares in the last quarter. Finally, Allworth Financial LP purchased a new stake in shares of United Bankshares during the second quarter worth about $43,000. Hedge funds and other institutional investors own 70.80% of the company’s stock.

Wall Street Analysts Forecast Growth

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

United Bankshares Stock Down 1.0%

Shares of UBSI stock opened at $47.13 on Tuesday. The stock has a 50 day moving average of $47.45 and a 200 day moving average of $44.39. The company has a current ratio of 0.98, a quick ratio of 0.97 and a debt-to-equity ratio of 0.10. The stock has a market cap of $6.42 billion, a P/E ratio of 12.84 and a beta of 0.71. United Bankshares, Inc. has a twelve month low of $34.10 and a twelve month high of $49.62.

United Bankshares (NASDAQ:UBSI) last released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.95 EPS for the quarter, topping the consensus estimate of $0.89 by $0.06. United Bankshares had a return on equity of 9.39% and a net margin of 27.97%.The business had revenue of $323.82 million for the quarter, compared to analyst estimates of $320.07 million. During the same quarter in the prior year, the firm posted $0.85 EPS. As a group, sell-side analysts expect that United Bankshares, Inc. will post 3.71 EPS for the current year.

United Bankshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 3.2%. The ex-dividend date is Friday, September 11th. United Bankshares’s payout ratio is currently 41.42%.

United Bankshares 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.