JPMorgan Chase & Co. Increases Stake in United Bankshares, Inc. $UBSI

JPMorgan Chase & Co. boosted its holdings in shares of United Bankshares, Inc. (NASDAQ:UBSI) by 64.6% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 782,292 shares of the financial services provider’s stock after buying an additional 307,159 shares during the quarter. JPMorgan Chase & Co. owned 0.56% of United Bankshares worth $29,109,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Norges Bank purchased a new stake in shares of United Bankshares during the second quarter worth $60,618,000. First Trust Advisors LP boosted its holdings in United Bankshares by 367.5% in 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 purchasing an additional 1,521,864 shares during the period. AQR Capital Management LLC boosted its holdings in United Bankshares by 65.5% in the third quarter. AQR Capital Management LLC now owns 930,252 shares of the financial services provider’s stock valued at $34,615,000 after purchasing an additional 368,141 shares during the period. Verition Fund Management LLC grew its stake in United Bankshares by 89.5% during 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 in the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its stake in United Bankshares by 673.5% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 196,067 shares of the financial services provider’s stock worth $7,143,000 after purchasing an additional 170,720 shares in the last quarter. Hedge funds and other institutional investors own 70.80% of the company’s stock.

United Bankshares Stock Up 0.3%

United Bankshares stock opened at $39.56 on Monday. The stock has a market cap of $5.52 billion, a PE ratio of 12.10 and a beta of 0.76. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.99 and a quick ratio of 0.98. The stock’s fifty day moving average is $41.97 and its two-hundred day moving average is $39.07. United Bankshares, Inc. has a 1-year low of $30.50 and a 1-year high of $45.92.

United Bankshares (NASDAQ:UBSI) last released its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.05. United Bankshares had a return on equity of 8.60% and a net margin of 25.51%.The business had revenue of $430.85 million during the quarter, compared to analysts’ expectations of $315.50 million. During the same period in the prior year, the firm posted $0.69 EPS. On average, sell-side analysts expect 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. Investors of record on Friday, March 13th will be paid a dividend of $0.38 per share. The ex-dividend date is Friday, March 13th. This represents a $1.52 annualized dividend and a yield of 3.8%. United Bankshares’s payout ratio is presently 46.48%.

Analyst Upgrades and Downgrades

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

United Bankshares Company 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.