Basswood Capital Management L.L.C. Buys Shares of 233,034 United Bankshares, Inc. $UBSI

Basswood Capital Management L.L.C. purchased a new stake in United Bankshares, Inc. (NASDAQ:UBSI) in the 2nd quarter, HoldingsChannel.com reports. The firm purchased 233,034 shares of the financial services provider’s stock, valued at approximately $10,680,000.

Several other hedge funds have also recently modified their holdings of the business. BlackRock Inc. bought a new position in shares of United Bankshares during the second quarter valued at approximately $925,212,000. Dimensional Fund Advisors LP raised its stake in United Bankshares by 0.7% in the first quarter. Dimensional Fund Advisors LP now owns 7,661,331 shares of the financial services provider’s stock worth $317,327,000 after buying an additional 56,808 shares in the last quarter. Geode Capital Management LLC raised its stake in United Bankshares by 5.1% in the fourth quarter. Geode Capital Management LLC now owns 3,802,338 shares of the financial services provider’s stock worth $146,030,000 after buying an additional 183,950 shares in the last quarter. Norges Bank purchased a new stake in United Bankshares during the fourth quarter worth $68,366,000. Finally, Bank of America Corp DE lifted its holdings in United Bankshares by 20.5% during the first quarter. Bank of America Corp DE now owns 1,631,894 shares of the financial services provider’s stock worth $67,593,000 after buying an additional 277,836 shares during the period. Hedge funds and other institutional investors own 70.80% of the company’s stock.

United Bankshares Stock Performance

Shares of United Bankshares stock opened at $47.45 on Thursday. The firm has a market capitalization of $6.46 billion, a P/E ratio of 12.93 and a beta of 0.71. The company has a quick ratio of 0.97, a current ratio of 0.98 and a debt-to-equity ratio of 0.10. The company has a 50 day moving average price of $47.28 and a 200 day moving average price of $44.34. United Bankshares, Inc. has a 52 week low of $34.10 and a 52 week high of $49.62.

United Bankshares (NASDAQ:UBSI) last released its earnings results on Thursday, July 23rd. The financial services provider reported $0.95 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.06. The company had revenue of $323.82 million for the quarter, compared to the consensus estimate of $320.07 million. United Bankshares had a net margin of 27.97% and a return on equity of 9.39%. During the same quarter in the previous year, the firm earned $0.85 EPS. Sell-side analysts expect that United Bankshares, Inc. will post 3.71 EPS for the current year.

United Bankshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be paid 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 is Friday, September 11th. United Bankshares’s payout ratio is presently 41.42%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on UBSI shares. Raymond James Financial lifted their price target on United Bankshares from $49.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, July 1st. Keefe, Bruyette & Woods upped their price objective on United Bankshares from $46.00 to $48.00 and gave the stock a “market perform” rating in a research note on Monday, July 27th. Wall Street Zen raised United Bankshares from a “sell” rating to a “hold” rating in a research report on Saturday, July 25th. Weiss Ratings reiterated a “buy (b)” rating on shares of United Bankshares in a research note on Monday, July 6th. Finally, Hovde Group boosted their target price on shares of United Bankshares from $49.00 to $50.00 and gave the stock a “market perform” rating in a report on Friday, July 24th. Three research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, United Bankshares currently has an average rating of “Hold” and an average price target of $47.80.

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.