Elo Mutual Pension Insurance Co Buys 27,803 Shares of United Bankshares, Inc. $UBSI

Elo Mutual Pension Insurance Co boosted its stake in shares of United Bankshares, Inc. (NASDAQ:UBSI) by 92.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 57,795 shares of the financial services provider’s stock after purchasing an additional 27,803 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in United Bankshares were worth $2,151,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Geode Capital Management LLC increased its holdings in shares of United Bankshares by 3.2% during the 2nd quarter. Geode Capital Management LLC now owns 3,590,552 shares of the financial services provider’s stock worth $130,817,000 after purchasing an additional 110,305 shares during the period. First Trust Advisors LP increased its stake in United Bankshares by 367.5% during the second quarter. First Trust Advisors LP now owns 1,935,979 shares of the financial services provider’s stock valued at $70,528,000 after acquiring an additional 1,521,864 shares during the period. Norges Bank acquired a new position in United Bankshares in the 2nd quarter valued at approximately $60,618,000. Bank of New York Mellon Corp lifted its position in shares of United Bankshares by 3.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,420,027 shares of the financial services provider’s stock worth $51,732,000 after acquiring an additional 48,561 shares during the period. Finally, Fisher Asset Management LLC lifted its position in shares of United Bankshares by 10.1% in the 3rd quarter. Fisher Asset Management LLC now owns 1,275,425 shares of the financial services provider’s stock worth $47,459,000 after acquiring an additional 116,647 shares during the period. 70.80% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently commented on UBSI shares. Zacks Research upgraded United Bankshares from a “hold” rating to a “strong-buy” rating in a research note on Monday, February 2nd. Stephens increased their price objective on shares of United Bankshares from $40.00 to $44.00 and gave the company an “equal weight” rating in a research note on Friday, January 23rd. Piper Sandler reaffirmed an “overweight” rating and set a $47.00 price objective on shares of United Bankshares in a report on Monday, January 26th. Weiss Ratings raised shares of United Bankshares from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, February 13th. Finally, Keefe, Bruyette & Woods increased their price target on shares of United Bankshares from $40.00 to $43.00 and gave the stock a “market perform” rating in a research report on Monday, January 26th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $44.67.

United Bankshares Stock Down 0.0%

UBSI opened at $41.38 on Thursday. The firm’s 50-day simple moving average is $41.88 and its 200-day simple moving average is $38.93. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.99 and a current ratio of 0.99. United Bankshares, Inc. has a twelve month low of $30.50 and a twelve month high of $45.92. The firm has a market cap of $5.77 billion, a price-to-earnings ratio of 12.65 and a beta of 0.76.

United Bankshares (NASDAQ:UBSI) last announced its quarterly earnings results on Thursday, January 22nd. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.05. The firm had revenue of $430.85 million during the quarter, compared to the consensus estimate of $315.50 million. United Bankshares had a net margin of 25.51% and a return on equity of 8.60%. During the same period last year, the firm posted $0.69 EPS. Equities research analysts anticipate that United Bankshares, Inc. will post 2.81 EPS for the current fiscal year.

United Bankshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be issued a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend is Friday, March 13th. United Bankshares’s payout ratio is presently 46.48%.

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.