Bank of New York Mellon Corp Acquires 10,646 Shares of United Bankshares, Inc. $UBSI

Bank of New York Mellon Corp grew its holdings in shares of United Bankshares, Inc. (NASDAQ:UBSI) by 0.8% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 1,362,254 shares of the financial services provider’s stock after purchasing an additional 10,646 shares during the period. Bank of New York Mellon Corp owned approximately 0.98% of United Bankshares worth $56,425,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in UBSI. Norges Bank purchased a new position in United Bankshares during the fourth quarter valued at $68,366,000. Vaughan Nelson Investment Management L.P. purchased a new stake in shares of United Bankshares in the first quarter worth $34,476,000. AQR Capital Management LLC grew its stake in shares of United Bankshares by 74.7% in the fourth quarter. AQR Capital Management LLC now owns 1,625,205 shares of the financial services provider’s stock worth $62,408,000 after acquiring an additional 694,953 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of United Bankshares by 75.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,177,051 shares of the financial services provider’s stock valued at $45,199,000 after acquiring an additional 504,986 shares in the last quarter. Finally, Verition Fund Management LLC raised its position in shares of United Bankshares by 89.5% in the 3rd quarter. Verition Fund Management LLC now owns 520,964 shares of the financial services provider’s stock worth $19,385,000 after purchasing an additional 246,006 shares during the last quarter. 70.80% of the stock is owned by institutional investors.

United Bankshares Price Performance

UBSI opened at $47.36 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.98 and a current ratio of 0.98. The stock has a market capitalization of $6.53 billion, a P/E ratio of 13.27 and a beta of 0.71. The company’s 50-day simple moving average is $44.98 and its two-hundred day simple moving average is $43.17. United Bankshares, Inc. has a 52-week low of $34.10 and a 52-week high of $48.22.

United Bankshares (NASDAQ:UBSI) last released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.95 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.06. The firm had revenue of $323.82 million during the quarter, compared to analysts’ expectations of $320.07 million. United Bankshares had a net margin of 27.45% and a return on equity of 9.26%. During the same period in the previous year, the company earned $0.85 earnings per share. As a group, analysts predict that United Bankshares, Inc. will post 3.64 EPS for the current year.

United Bankshares Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th were issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend was Friday, June 12th. United Bankshares’s dividend payout ratio is presently 42.58%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Hovde Group started coverage on shares of United Bankshares in a research report on Wednesday, June 24th. They set a “market perform” rating and a $49.00 price objective on the stock. Zacks Research downgraded shares of United Bankshares from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 26th. Weiss Ratings reiterated a “buy (b)” rating on shares of United Bankshares in a report on Monday, July 6th. Raymond James Financial raised their price target on shares of United Bankshares from $49.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, July 1st. Finally, Wall Street Zen lowered shares of United Bankshares from a “hold” rating to a “sell” rating in a report on Saturday, June 13th. Three investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, United Bankshares has a consensus rating of “Hold” and an average target price of $46.60.

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.