VIRGINIA RETIREMENT SYSTEMS ET Al Makes New Investment in United Bankshares, Inc. $UBSI

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in United Bankshares, Inc. (NASDAQ:UBSI) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm bought 36,100 shares of the financial services provider’s stock, valued at approximately $1,654,000.

Several other hedge funds and other institutional investors also recently modified their holdings of UBSI. Bank of America Corp DE grew its position in United Bankshares by 20.5% in the first quarter. Bank of America Corp DE now owns 1,631,894 shares of the financial services provider’s stock valued at $67,593,000 after acquiring an additional 277,836 shares during the last quarter. EP Wealth Advisors LLC bought a new position in shares of United Bankshares in the second quarter worth about $3,979,000. Deutsche Bank AG bought a new position in shares of United Bankshares in the second quarter worth about $6,697,000. Amundi boosted its stake in shares of United Bankshares by 204.8% in the 1st quarter. Amundi now owns 49,874 shares of the financial services provider’s stock valued at $2,066,000 after purchasing an additional 33,511 shares in the last quarter. Finally, NFJ Investment Group LLC acquired a new stake in shares of United Bankshares in the 2nd quarter valued at approximately $2,930,000. Institutional investors own 70.80% of the company’s stock.

United Bankshares Stock Performance

Shares of UBSI stock opened at $47.22 on Friday. The firm has a market capitalization of $6.43 billion, a price-to-earnings ratio of 12.87 and a beta of 0.70. 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 business’s 50-day moving average price is $47.67 and its 200-day moving average price is $44.59. United Bankshares, Inc. has a 12 month low of $34.10 and a 12 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 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.06. The company had revenue of $323.82 million during the quarter, compared to the consensus estimate of $320.07 million. United Bankshares had a return on equity of 9.39% and a net margin of 27.97%.During the same quarter in the prior year, the firm posted $0.85 earnings per share. Equities research analysts forecast that United Bankshares, Inc. will post 3.71 EPS for the current year.

United Bankshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 11th will be issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend is Friday, September 11th. United Bankshares’s payout ratio is presently 41.42%.

Insiders Place Their Bets

In other United Bankshares news, Director Mark Nesselroad sold 3,200 shares of the company’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $46.42, for a total value of $148,544.00. Following the completion of the transaction, the director directly owned 32,224 shares in the company, valued at approximately $1,495,838.08. This represents a 9.03% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 3.16% of the stock is owned by insiders.

Wall Street Analyst Weigh In

UBSI has been the topic of several research reports. Hovde Group lifted their price target 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 report on Saturday, July 25th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of United Bankshares in a research note on Monday, July 6th. Keefe, Bruyette & Woods boosted their target price on shares of United Bankshares from $46.00 to $48.00 and gave the stock a “market perform” rating in a research note on Monday, July 27th. Finally, Raymond James Financial upped their price target on shares of United Bankshares from $49.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday, July 1st. Three equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $47.80.

About United Bankshares

United Bankshares, Inc is a bank holding company headquartered in Charleston, West Virginia. Through its principal subsidiary, United Bank, the company provides community banking services to individuals, businesses, and institutions. Its offerings include checking and savings accounts, consumer and commercial loans, residential mortgages, treasury management, online and mobile banking, wealth management, trust services, and other financial solutions.

United Bankshares operates a regional banking network serving communities in West Virginia, Virginia, Ohio, Maryland, Pennsylvania, and the District of Columbia.