JPMorgan Chase & Co. Raises Stock Position in United Bankshares, Inc. $UBSI

JPMorgan Chase & Co. grew its stake in United Bankshares, Inc. (NASDAQ:UBSI) by 64.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 782,292 shares of the financial services provider’s stock after buying an additional 307,159 shares during the period. JPMorgan Chase & Co.’s holdings in United Bankshares were worth $29,109,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Caitong International Asset Management Co. Ltd purchased a new stake in United Bankshares in the third quarter valued at $25,000. Bogart Wealth LLC grew its holdings in shares of United Bankshares by 655.4% during the third quarter. Bogart Wealth LLC now owns 763 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 662 shares during the last quarter. Rothschild Investment LLC grew its holdings in shares of United Bankshares by 174.8% during the third quarter. Rothschild Investment LLC now owns 838 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 533 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in shares of United Bankshares by 528.3% during the second quarter. EverSource Wealth Advisors LLC now owns 1,175 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 988 shares in the last quarter. Finally, Allworth Financial LP lifted its holdings in shares of United Bankshares by 394.1% in the 2nd quarter. Allworth Financial LP now owns 1,265 shares of the financial services provider’s stock valued at $46,000 after purchasing an additional 1,009 shares during the last quarter. 70.80% of the stock is currently owned by institutional investors and hedge funds.

United Bankshares Stock Performance

NASDAQ UBSI opened at $39.56 on Monday. The firm has a market cap of $5.52 billion, a P/E ratio of 12.10 and a beta of 0.76. United Bankshares, Inc. has a 52-week low of $30.50 and a 52-week high of $45.92. The business’s 50-day moving average price is $41.97 and its 200 day moving average price is $39.07. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 0.10.

United Bankshares (NASDAQ:UBSI) last posted its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $0.91 EPS for the quarter, beating the consensus estimate of $0.86 by $0.05. United Bankshares had a return on equity of 8.60% and a net margin of 25.51%.The firm had revenue of $430.85 million during the quarter, compared to the consensus estimate of $315.50 million. During the same period in the prior year, the business earned $0.69 EPS. On average, equities research analysts expect that United Bankshares, Inc. will post 2.81 earnings per share for the current year.

United Bankshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 3.8%. The ex-dividend date is Friday, March 13th. United Bankshares’s dividend payout ratio is 46.48%.

Wall Street Analysts Forecast Growth

UBSI has been the topic of a number of research reports. Zacks Research upgraded United Bankshares from a “hold” rating to a “strong-buy” rating in a research note on Monday, February 2nd. Stephens increased their price objective on United Bankshares from $40.00 to $44.00 and gave the company an “equal weight” rating in a report on Friday, January 23rd. Piper Sandler restated an “overweight” rating and set a $47.00 target price on shares of United Bankshares in a research report on Monday, January 26th. Weiss Ratings raised shares of United Bankshares from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, February 13th. Finally, Keefe, Bruyette & Woods upped their price target on shares of United Bankshares from $40.00 to $43.00 and gave the company a “market perform” rating in a research report on Monday, January 26th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat, United Bankshares currently has a consensus rating of “Moderate Buy” and a consensus price target of $44.67.

About United Bankshares

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.