New York State Teachers Retirement System Sells 13,781 Shares of United Bankshares, Inc. $UBSI

New York State Teachers Retirement System decreased its holdings in United Bankshares, Inc. (NASDAQ:UBSI) by 9.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 126,800 shares of the financial services provider’s stock after selling 13,781 shares during the period. New York State Teachers Retirement System owned 0.09% of United Bankshares worth $5,252,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Keybank National Association OH raised its position in United Bankshares by 13.4% during the first quarter. Keybank National Association OH now owns 21,555 shares of the financial services provider’s stock valued at $893,000 after purchasing an additional 2,549 shares during the period. TSG Advice Partners LLC purchased a new position in shares of United Bankshares in the 1st quarter worth approximately $290,000. Root Financial Partners LLC increased its position in shares of United Bankshares by 64.4% during the 1st quarter. Root Financial Partners LLC now owns 786 shares of the financial services provider’s stock valued at $33,000 after purchasing an additional 308 shares during the last quarter. MQS Management LLC purchased a new stake in United Bankshares during the 1st quarter valued at $211,000. Finally, Inspire Investing LLC raised its holdings in United Bankshares by 2.0% during the 1st quarter. Inspire Investing LLC now owns 12,389 shares of the financial services provider’s stock valued at $513,000 after buying an additional 245 shares during the period. Hedge funds and other institutional investors own 70.80% of the company’s stock.

Wall Street Analysts Forecast Growth

UBSI has been the subject of several recent analyst reports. Zacks Research lowered shares of United Bankshares from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 26th. Hovde Group initiated coverage on shares of United Bankshares in a research note on Wednesday, June 24th. They issued a “market perform” rating and a $49.00 target price on the stock. Wall Street Zen lowered shares of United Bankshares from a “hold” rating to a “sell” rating in a report on Saturday, June 13th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of United Bankshares in a research note on Monday. Finally, Raymond James Financial upped their price target on shares of United Bankshares from $49.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, July 1st. Three analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $46.60.

United Bankshares Trading Down 0.8%

UBSI opened at $46.14 on Wednesday. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.10. The stock’s fifty day moving average is $44.14 and its two-hundred day moving average is $42.54. The company has a market capitalization of $6.36 billion, a P/E ratio of 12.92 and a beta of 0.71. United Bankshares, Inc. has a 52 week low of $34.10 and a 52 week high of $47.25.

United Bankshares (NASDAQ:UBSI) last posted its earnings results on Thursday, April 23rd. The financial services provider reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.04. United Bankshares had a net margin of 27.45% and a return on equity of 9.26%. The business had revenue of $316.58 million for the quarter, compared to the consensus estimate of $315.15 million. During the same quarter last year, the firm posted $0.59 EPS. Analysts forecast that United Bankshares, Inc. will post 3.64 earnings per share for the current year.

United Bankshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th were paid a dividend of $0.38 per share. The ex-dividend date was Friday, June 12th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.3%. United Bankshares’s payout ratio is presently 42.58%.

About United Bankshares

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.