AGF Management Ltd. Has $2.99 Million Stake in United Bankshares, Inc. (NASDAQ:UBSI)

Posted by Defense World Staff on Jul 31st, 2023

AGF Management Ltd. boosted its holdings in United Bankshares, Inc. (NASDAQ:UBSI – Free Report) by 3.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 84,901 shares of the financial services provider’s stock after purchasing an additional 2,467 shares during the quarter. AGF Management Ltd. owned about 0.06% of United Bankshares worth $2,989,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. US Bancorp DE raised its holdings in shares of United Bankshares by 2.5% in the 1st quarter. US Bancorp DE now owns 22,234 shares of the financial services provider’s stock worth $774,000 after acquiring an additional 541 shares during the last quarter. Cetera Advisor Networks LLC lifted its holdings in shares of United Bankshares by 41.6% in the first quarter. Cetera Advisor Networks LLC now owns 10,429 shares of the financial services provider’s stock valued at $364,000 after purchasing an additional 3,062 shares in the last quarter. Bank of Montreal Can boosted its position in shares of United Bankshares by 1.0% during the first quarter. Bank of Montreal Can now owns 36,804 shares of the financial services provider’s stock valued at $1,303,000 after buying an additional 356 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in United Bankshares by 10.6% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 49,987 shares of the financial services provider’s stock worth $1,744,000 after buying an additional 4,788 shares in the last quarter. Finally, BlackRock Inc. raised its position in United Bankshares by 2.7% in the 1st quarter. BlackRock Inc. now owns 18,874,678 shares of the financial services provider’s stock valued at $658,348,000 after buying an additional 495,652 shares during the last quarter. Institutional investors own 69.61% of the company’s stock.

United Bankshares Stock Down 0.4 %

Shares of NASDAQ UBSI opened at $33.07 on Monday. The business’s fifty day moving average price is $30.79 and its 200-day moving average price is $34.48. United Bankshares, Inc. has a one year low of $27.68 and a one year high of $44.15. The stock has a market capitalization of $4.46 billion, a PE ratio of 11.36 and a beta of 1.01. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.99 and a quick ratio of 0.98.

United Bankshares (NASDAQ:UBSI – Get Free Report) last issued its earnings results on Thursday, July 27th. The financial services provider reported $0.68 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.02. United Bankshares had a net margin of 28.52% and a return on equity of 8.64%. The firm had revenue of $381.11 million during the quarter, compared to analyst estimates of $259.14 million. During the same quarter last year, the business earned $0.71 earnings per share. On average, equities research analysts anticipate that United Bankshares, Inc. will post 2.67 EPS for the current year.

United Bankshares Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 3rd. Shareholders of record on Friday, June 9th were given a dividend of $0.36 per share. The ex-dividend date was Thursday, June 8th. This represents a $1.44 annualized dividend and a dividend yield of 4.35%. United Bankshares’s dividend payout ratio is currently 49.48%.

Insider Transactions at United Bankshares

In related news, Director Lacy I. Rice III acquired 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 25th. The shares were bought at an average cost of $29.43 per share, for a total transaction of $294,300.00. Following the purchase, the director now owns 33,261 shares in the company, valued at approximately $978,871.23. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders purchased 10,950 shares of company stock valued at $322,581 over the last three months. Company insiders own 4.37% of the company’s stock.

Analysts Set New Price Targets

UBSI has been the topic of a number of analyst reports. Stephens started coverage on shares of United Bankshares in a report on Tuesday, April 4th. They set an “equal weight” rating and a $32.00 price objective on the stock. StockNews.com upgraded shares of United Bankshares to a “sell” rating in a research note on Tuesday, July 11th. Raymond James cut their target price on United Bankshares from $44.00 to $42.00 and set an “outperform” rating on the stock in a research note on Thursday, April 6th. Keefe, Bruyette & Woods decreased their price target on United Bankshares from $38.00 to $36.00 and set a “market perform” rating for the company in a research report on Thursday, April 6th. Finally, 3M reissued a “maintains” rating on shares of United Bankshares in a research report on Friday, April 28th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, United Bankshares has a consensus rating of “Hold” and a consensus target price of $39.00.

United Bankshares Profile

(Free Report)

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, NOW accounts, and interest-bearing checking accounts.