Handelsbanken Fonder AB Acquires 7,000 Shares of United Bankshares, Inc. (NASDAQ:UBSI)

Handelsbanken Fonder AB grew its position in shares of United Bankshares, Inc. (NASDAQ:UBSIGet Rating) by 46.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,146 shares of the financial services provider’s stock after purchasing an additional 7,000 shares during the period. Handelsbanken Fonder AB’s holdings in United Bankshares were worth $792,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC grew its position in shares of United Bankshares by 40.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 4,808 shares of the financial services provider’s stock valued at $171,000 after purchasing an additional 1,391 shares in the last quarter. Wipfli Financial Advisors LLC purchased a new position in shares of United Bankshares during the 3rd quarter valued at $42,000. Raymond James & Associates grew its position in shares of United Bankshares by 0.5% during the 3rd quarter. Raymond James & Associates now owns 82,259 shares of the financial services provider’s stock valued at $2,941,000 after purchasing an additional 388 shares in the last quarter. McKinley Carter Wealth Services Inc. grew its position in shares of United Bankshares by 1.8% during the 3rd quarter. McKinley Carter Wealth Services Inc. now owns 34,237 shares of the financial services provider’s stock valued at $1,224,000 after purchasing an additional 613 shares in the last quarter. Finally, Godsey & Gibb Inc. purchased a new position in shares of United Bankshares during the 3rd quarter valued at $38,000. 68.73% of the stock is currently owned by hedge funds and other institutional investors.

United Bankshares Stock Up 1.0 %

Shares of NASDAQ:UBSI opened at $40.12 on Wednesday. United Bankshares, Inc. has a 52-week low of $33.11 and a 52-week high of $44.15. The firm has a fifty day moving average of $41.30 and a 200 day moving average of $38.84. The firm has a market capitalization of $5.40 billion, a PE ratio of 15.25 and a beta of 1.08. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.90 and a current ratio of 0.91.

United Bankshares (NASDAQ:UBSIGet Rating) last announced its earnings results on Thursday, October 27th. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.09. The company had revenue of $273.37 million during the quarter, compared to analyst estimates of $267.31 million. United Bankshares had a net margin of 33.19% and a return on equity of 7.76%. During the same period in the previous year, the business earned $0.71 earnings per share. As a group, research analysts anticipate that United Bankshares, Inc. will post 2.88 EPS for the current fiscal year.

United Bankshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 3rd. Shareholders of record on Friday, December 9th were paid a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 3.59%. The ex-dividend date of this dividend was Thursday, December 8th. United Bankshares’s dividend payout ratio is presently 54.75%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Piper Sandler restated a “neutral” rating and set a $45.00 price target on shares of United Bankshares in a research report on Monday, December 5th. StockNews.com lowered shares of United Bankshares from a “hold” rating to a “sell” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $41.33.

Insiders Place Their Bets

In other United Bankshares news, Director J Paul Mcnamara sold 2,500 shares of the business’s stock in a transaction on Tuesday, November 15th. The shares were sold at an average price of $42.75, for a total value of $106,875.00. Following the completion of the sale, the director now directly owns 62,699 shares of the company’s stock, valued at $2,680,382.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 4.22% of the stock is currently owned by insiders.

United Bankshares Profile

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United Bankshares, Inc, a financial holding company, primarily provides commercial and retail banking products and services in the United States. It operates through two segments, Community Banking and Mortgage Banking. The company accepts checking, savings, and time and money market accounts; individual retirement accounts; and demand deposits, statement and special savings, NOW accounts, and interest-bearing checking accounts.

Further Reading

Institutional Ownership by Quarter for United Bankshares (NASDAQ:UBSI)

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