Mid Atlantic Financial Management Inc. ADV raised its position in shares of United Bankshares, Inc. (NASDAQ:UBSI) by 152.2% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 17,909 shares of the financial services provider’s stock after purchasing an additional 10,809 shares during the period. Mid Atlantic Financial Management Inc. ADV’s holdings in United Bankshares were worth $691,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Teacher Retirement System of Texas raised its position in United Bankshares by 22.3% during the 1st quarter. Teacher Retirement System of Texas now owns 14,525 shares of the financial services provider’s stock valued at $560,000 after purchasing an additional 2,645 shares in the last quarter. Rockefeller Capital Management L.P. raised its position in United Bankshares by 389.4% during the 1st quarter. Rockefeller Capital Management L.P. now owns 3,426 shares of the financial services provider’s stock valued at $131,000 after purchasing an additional 2,726 shares in the last quarter. Russell Investments Group Ltd. raised its position in United Bankshares by 21.1% during the 1st quarter. Russell Investments Group Ltd. now owns 74,840 shares of the financial services provider’s stock valued at $2,886,000 after purchasing an additional 13,063 shares in the last quarter. Verity Asset Management Inc. increased its holdings in shares of United Bankshares by 4.4% in the 1st quarter. Verity Asset Management Inc. now owns 18,969 shares of the financial services provider’s stock valued at $732,000 after acquiring an additional 805 shares during the period. Finally, Guardian Wealth Advisors LLC purchased a new position in shares of United Bankshares in the 1st quarter valued at $1,690,000. 64.45% of the stock is owned by institutional investors and hedge funds.
In related news, Director Mark R. Nesselroad sold 5,950 shares of the business’s stock in a transaction on Wednesday, March 24th. The stock was sold at an average price of $39.00, for a total transaction of $232,050.00. Following the transaction, the director now directly owns 10,376 shares in the company, valued at approximately $404,664. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 4.43% of the stock is owned by insiders.
United Bankshares (NASDAQ:UBSI) last announced its earnings results on Friday, April 30th. The financial services provider reported $0.83 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.73 by $0.10. United Bankshares had a return on equity of 8.32% and a net margin of 28.83%. The firm had revenue of $283.53 million for the quarter, compared to the consensus estimate of $269.26 million. During the same period in the previous year, the business earned $0.40 EPS. Sell-side analysts forecast that United Bankshares, Inc. will post 2.7 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 1st. Investors of record on Friday, June 11th will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Thursday, June 10th. This represents a $1.40 annualized dividend and a yield of 3.74%. United Bankshares’s dividend payout ratio (DPR) is 58.33%.
Separately, Raymond James lifted their price target on United Bankshares from $36.00 to $42.00 and gave the company an “outperform” rating in a report on Monday, April 26th. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $34.33.
About United Bankshares
United Bankshares, Inc, a financial holding company, primarily provides commercial and retail banking products and services in the United States. It operates through two segments, Community Banking and Mortgage Banking. The company accepts checking, savings, and time and money market accounts; individual retirement accounts; and demand deposits, statement and special savings, and interest-bearing checking accounts.
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