Nuveen Asset Management LLC Has $30.28 Million Stock Position in United Bankshares, Inc. (NASDAQ:UBSI)

Nuveen Asset Management LLC decreased its stake in shares of United Bankshares, Inc. (NASDAQ:UBSI) by 8.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 806,304 shares of the financial services provider’s stock after selling 73,015 shares during the period. Nuveen Asset Management LLC’s holdings in United Bankshares were worth $30,277,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in UBSI. Norges Bank acquired a new position in United Bankshares during the 4th quarter worth about $54,712,000. Raymond James Financial Inc. acquired a new position in United Bankshares during the 4th quarter worth about $14,948,000. JPMorgan Chase & Co. lifted its position in United Bankshares by 39.7% during the 4th quarter. JPMorgan Chase & Co. now owns 830,774 shares of the financial services provider’s stock worth $31,196,000 after buying an additional 235,955 shares in the last quarter. Northern Trust Corp lifted its holdings in United Bankshares by 13.7% during the 4th quarter. Northern Trust Corp now owns 1,774,018 shares of the financial services provider’s stock worth $66,614,000 after buying an additional 213,441 shares in the last quarter. Finally, Barclays PLC lifted its holdings in United Bankshares by 89.5% during the 3rd quarter. Barclays PLC now owns 269,852 shares of the financial services provider’s stock worth $10,012,000 after buying an additional 127,486 shares in the last quarter. Institutional investors and hedge funds own 70.80% of the company’s stock.

Insider Buying and Selling at United Bankshares

In other news, Director Sara Dumond purchased 2,600 shares of the company’s stock in a transaction on Monday, March 24th. The shares were purchased at an average price of $35.01 per share, with a total value of $91,026.00. Following the purchase, the director now directly owns 5,054 shares of the company’s stock, valued at $176,940.54. This trade represents a 105.95% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 3.46% of the company’s stock.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Keefe, Bruyette & Woods reduced their price objective on United Bankshares from $42.00 to $40.00 and set a “market perform” rating on the stock in a report on Monday, April 28th. StockNews.com downgraded United Bankshares from a “hold” rating to a “sell” rating in a report on Wednesday. Piper Sandler restated a “neutral” rating and set a $38.50 target price on shares of United Bankshares in a research report on Wednesday, March 12th. Finally, Stephens restated an “equal weight” rating and set a $43.00 target price on shares of United Bankshares in a research report on Monday, January 27th. One research analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. Based on data from MarketBeat.com, United Bankshares currently has an average rating of “Hold” and an average price target of $40.63.

United Bankshares Stock Performance

Shares of United Bankshares stock opened at $36.06 on Thursday. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $5.12 billion, a PE ratio of 13.16 and a beta of 0.74. The stock’s fifty day simple moving average is $34.45 and its 200 day simple moving average is $37.24. United Bankshares, Inc. has a 12 month low of $30.51 and a 12 month high of $44.43.

United Bankshares (NASDAQ:UBSI) last announced its quarterly earnings results on Thursday, April 24th. The financial services provider reported $0.59 earnings per share for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.07). United Bankshares had a net margin of 22.94% and a return on equity of 7.60%. The company had revenue of $289.61 million during the quarter, compared to the consensus estimate of $279.02 million. During the same period in the previous year, the firm posted $0.64 EPS. The business’s quarterly revenue was up 13.7% compared to the same quarter last year. On average, research analysts predict that United Bankshares, Inc. will post 2.81 EPS for the current year.

United Bankshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 4.10%. The ex-dividend date is Friday, June 13th. United Bankshares’s payout ratio is currently 55.02%.

About United Bankshares

United Bankshares, Inc, through its subsidiaries, 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, and NOW accounts.