Principal Financial Group Inc. Has $22.91 Million Stock Holdings in United Bankshares, Inc. (NASDAQ:UBSI)

Principal Financial Group Inc. lifted its holdings in shares of United Bankshares, Inc. (NASDAQ:UBSI – Get Rating) by 8.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 565,761 shares of the financial services provider’s stock after buying an additional 42,470 shares during the period. Principal Financial Group Inc. owned about 0.42% of United Bankshares worth $22,908,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of UBSI. Concord Wealth Partners acquired a new stake in United Bankshares in the 4th quarter valued at about $60,000. Covestor Ltd lifted its stake in United Bankshares by 74.7% in the 1st quarter. Covestor Ltd now owns 2,420 shares of the financial services provider’s stock valued at $84,000 after purchasing an additional 1,035 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in United Bankshares by 40.7% in 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 during the last quarter. Pathstone Family Office LLC acquired a new stake in United Bankshares in the 3rd quarter valued at about $202,000. Finally, HNP Capital LLC acquired a new stake in United Bankshares in the 4th quarter valued at about $207,000. 68.73% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on UBSI. StockNews.com began coverage on shares of United Bankshares in a research note on Thursday. They issued a “sell” rating for the company. Keefe, Bruyette & Woods cut their target price on shares of United Bankshares from $38.00 to $36.00 and set a “market perform” rating for the company in a research note on Thursday, April 6th. 3M reissued a “maintains” rating on shares of United Bankshares in a report on Friday, April 28th. Stephens started coverage on shares of United Bankshares in a report on Tuesday, April 4th. They issued an “equal weight” rating and a $32.00 price target on the stock. Finally, Raymond James lowered their price target on shares of United Bankshares from $44.00 to $42.00 and set an “outperform” rating on the stock in a report on Thursday, April 6th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. According to MarketBeat, United Bankshares currently has a consensus rating of “Hold” and a consensus price target of $39.00.

United Bankshares Stock Down 1.9 %

Shares of UBSI opened at $29.56 on Friday. United Bankshares, Inc. has a 12 month low of $27.68 and a 12 month high of $44.15. The firm’s 50 day moving average is $33.26 and its 200-day moving average is $38.20. The stock has a market capitalization of $3.99 billion, a PE ratio of 10.05 and a beta of 1.02. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.61.

United Bankshares (NASDAQ:UBSI – Get Rating) last announced its earnings results on Wednesday, April 26th. The financial services provider reported $0.74 EPS for the quarter, hitting the consensus estimate of $0.74. United Bankshares had a net margin of 31.24% and a return on equity of 8.78%. The company had revenue of $362.05 million for the quarter, compared to analysts’ expectations of $272.72 million. During the same period last year, the firm earned $0.60 earnings per share. Equities research analysts forecast that United Bankshares, Inc. will post 2.71 EPS for the current year.

United Bankshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 3rd. Stockholders of record on Friday, June 9th will be issued a dividend of $0.36 per share. The ex-dividend date is Thursday, June 8th. This represents a $1.44 annualized dividend and a dividend yield of 4.87%. United Bankshares’s dividend payout ratio is presently 48.98%.

United Bankshares Company Profile

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United Bankshares, Inc is a bank holding company, which engages in the provision of commercial and retail banking services and products. It operates through the following segments: Community Banking, Mortgage Banking, and Other. The Community Banking segment consists of both commercial and consumer lending and provides customers with such products as commercial loans, real estate loans, business financing, and consumer loans.