Legal & General Group Plc Invests $8.79 Million in United Bankshares, Inc. $UBSI

Legal & General Group Plc acquired a new stake in United Bankshares, Inc. (NASDAQ:UBSI) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 191,834 shares of the financial services provider’s stock, valued at approximately $8,792,000. Legal & General Group Plc owned about 0.14% of United Bankshares as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of UBSI. Brighton Jones LLC increased its position in shares of United Bankshares by 4.6% in the 4th quarter. Brighton Jones LLC now owns 16,873 shares of the financial services provider’s stock valued at $634,000 after acquiring an additional 748 shares during the period. Royal Bank of Canada lifted its holdings in shares of United Bankshares by 2.0% during the first quarter. Royal Bank of Canada now owns 66,649 shares of the financial services provider’s stock worth $2,310,000 after purchasing an additional 1,298 shares during the period. Millennium Management LLC boosted its position in United Bankshares by 464.1% in the first quarter. Millennium Management LLC now owns 137,336 shares of the financial services provider’s stock valued at $4,761,000 after buying an additional 112,988 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in United Bankshares by 7.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 409,428 shares of the financial services provider’s stock worth $14,195,000 after buying an additional 28,366 shares during the last quarter. Finally, Jane Street Group LLC lifted its stake in United Bankshares by 564.0% during the 1st quarter. Jane Street Group LLC now owns 182,540 shares of the financial services provider’s stock valued at $6,329,000 after acquiring an additional 155,051 shares during the period. Institutional investors and hedge funds own 70.80% of the company’s stock.

Wall Street Analyst Weigh In

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

United Bankshares Stock Down 1.3%

Shares of UBSI opened at $46.50 on Wednesday. The firm has a market cap of $6.33 billion, a P/E ratio of 12.67 and a beta of 0.70. United Bankshares, Inc. has a 12 month low of $34.10 and a 12 month high of $49.62. The stock’s 50 day moving average is $47.47 and its two-hundred day moving average is $44.41. The company has a current ratio of 0.98, a quick ratio of 0.97 and a debt-to-equity ratio of 0.10.

United Bankshares (NASDAQ:UBSI) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $0.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.89 by $0.06. United Bankshares had a return on equity of 9.39% and a net margin of 27.97%.The firm had revenue of $323.82 million for the quarter, compared to analyst estimates of $320.07 million. During the same quarter last year, the firm posted $0.85 EPS. Analysts predict that United Bankshares, Inc. will post 3.71 earnings per share for the current fiscal year.

United Bankshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 11th will be given a dividend of $0.38 per share. The ex-dividend date is Friday, September 11th. This represents a $1.52 dividend on an annualized basis and a yield of 3.3%. United Bankshares’s dividend payout ratio is currently 41.42%.

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.