Citigroup Inc. Sells 48,295 Shares of United Bankshares, Inc. $UBSI

Citigroup Inc. lessened its stake in United Bankshares, Inc. (NASDAQ:UBSI) by 32.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 101,150 shares of the financial services provider’s stock after selling 48,295 shares during the quarter. Citigroup Inc. owned about 0.07% of United Bankshares worth $3,764,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Norges Bank acquired a new stake in shares of United Bankshares in the second quarter valued at approximately $60,618,000. First Trust Advisors LP increased its stake in shares of United Bankshares by 367.5% in the 2nd quarter. First Trust Advisors LP now owns 1,935,979 shares of the financial services provider’s stock valued at $70,528,000 after buying an additional 1,521,864 shares during the period. JPMorgan Chase & Co. increased its stake in shares of United Bankshares by 64.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 782,292 shares of the financial services provider’s stock valued at $29,109,000 after buying an additional 307,159 shares during the period. AQR Capital Management LLC raised its position in shares of United Bankshares by 100.1% during the second quarter. AQR Capital Management LLC now owns 562,111 shares of the financial services provider’s stock worth $20,478,000 after acquiring an additional 281,190 shares during the last quarter. Finally, Jupiter Asset Management Ltd. lifted its stake in shares of United Bankshares by 518.0% during the second quarter. Jupiter Asset Management Ltd. now owns 285,811 shares of the financial services provider’s stock valued at $10,412,000 after acquiring an additional 239,567 shares during the period. 70.80% of the stock is currently owned by institutional investors and hedge funds.

United Bankshares Stock Down 1.4%

Shares of NASDAQ UBSI opened at $40.80 on Friday. United Bankshares, Inc. has a 52-week low of $30.50 and a 52-week high of $45.92. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.99 and a current ratio of 0.99. The stock has a market cap of $5.69 billion, a P/E ratio of 12.48 and a beta of 0.76. The firm has a 50 day moving average price of $41.90 and a 200 day moving average price of $38.94.

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

United Bankshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders 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 is Friday, March 13th. United Bankshares’s dividend payout ratio is 46.48%.

Analyst Upgrades and Downgrades

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

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.