Pacer Advisors Inc. Buys Shares of 23,600 United Bankshares, Inc. (NASDAQ:UBSI)

Posted by Defense World Staff on Sep 30th, 2023

Pacer Advisors Inc. purchased a new position in shares of United Bankshares, Inc. (NASDAQ:UBSI – Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 23,600 shares of the financial services provider’s stock, valued at approximately $700,000.

A number of other large investors have also modified their holdings of UBSI. BlackRock Inc. grew its position in United Bankshares by 0.3% in the 1st quarter. BlackRock Inc. now owns 19,825,470 shares of the financial services provider’s stock valued at $697,857,000 after buying an additional 51,225 shares in the last quarter. State Street Corp boosted its stake in United Bankshares by 3.6% during the 1st quarter. State Street Corp now owns 14,758,953 shares of the financial services provider’s stock valued at $524,767,000 after purchasing an additional 515,033 shares in the last quarter. Vanguard Group Inc. increased its position in shares of United Bankshares by 0.9% during the 3rd quarter. Vanguard Group Inc. now owns 13,726,992 shares of the financial services provider’s stock valued at $490,739,000 after purchasing an additional 127,760 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of United Bankshares by 3.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 7,439,537 shares of the financial services provider’s stock worth $261,871,000 after buying an additional 234,428 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of United Bankshares by 4.0% in the first quarter. Geode Capital Management LLC now owns 2,657,887 shares of the financial services provider’s stock valued at $93,558,000 after buying an additional 101,008 shares during the period. Institutional investors and hedge funds own 71.63% of the company’s stock.

United Bankshares Trading Up 1.1 %

NASDAQ:UBSI opened at $27.59 on Friday. The stock has a fifty day simple moving average of $30.17 and a 200 day simple moving average of $31.33. The firm has a market capitalization of $3.72 billion, a price-to-earnings ratio of 9.48 and a beta of 1.03. United Bankshares, Inc. has a 1-year low of $26.49 and a 1-year high of $44.15. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.47.

United Bankshares (NASDAQ:UBSI – Get Free Report) last posted its quarterly earnings data on Thursday, July 27th. The financial services provider reported $0.68 EPS for the quarter, beating analysts’ consensus estimates of $0.66 by $0.02. The company had revenue of $381.11 million during the quarter, compared to analyst estimates of $259.14 million. United Bankshares had a net margin of 28.52% and a return on equity of 8.64%. During the same period in the prior year, the firm earned $0.71 earnings per share. Sell-side analysts forecast that United Bankshares, Inc. will post 2.68 earnings per share for the current year.

United Bankshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 8th will be paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 5.22%. The ex-dividend date of this dividend is Thursday, September 7th. United Bankshares’s dividend payout ratio is 49.48%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. StockNews.com began coverage on shares of United Bankshares in a research report on Thursday, August 17th. They issued a “sell” rating on the stock. Piper Sandler increased their target price on shares of United Bankshares from $33.00 to $35.00 and gave the company a “neutral” rating in a research note on Monday, July 31st. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $36.25.

Check Out Our Latest Research Report on UBSI

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.