VIRGINIA RETIREMENT SYSTEMS ET Al Purchases Shares of 36,100 United Bankshares, Inc. $UBSI

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in United Bankshares, Inc. (NASDAQ:UBSI) in the 2nd quarter, HoldingsChannel reports. The fund purchased 36,100 shares of the financial services provider’s stock, valued at approximately $1,654,000.

A number of other hedge funds also recently made changes to their positions in UBSI. BlackRock Inc. bought a new stake in United Bankshares in the second quarter valued at approximately $925,212,000. Dimensional Fund Advisors LP raised its holdings in United Bankshares by 0.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 7,661,331 shares of the financial services provider’s stock worth $317,327,000 after purchasing an additional 56,808 shares during the last quarter. California State Teachers Retirement System raised its holdings in United Bankshares by 4,650.6% during the 2nd quarter. California State Teachers Retirement System now owns 7,393,983 shares of the financial services provider’s stock worth $338,866,000 after purchasing an additional 7,238,340 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of United Bankshares by 5.1% in the 4th quarter. Geode Capital Management LLC now owns 3,802,338 shares of the financial services provider’s stock worth $146,030,000 after purchasing an additional 183,950 shares during the period. Finally, Norges Bank acquired a new position in shares of United Bankshares in the 4th quarter worth approximately $68,366,000. 70.80% of the stock is currently owned by institutional investors.

Insider Buying and Selling at United Bankshares

In other news, Director Mark Nesselroad sold 3,200 shares of the company’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $46.42, for a total transaction of $148,544.00. Following the transaction, the director owned 32,224 shares in the company, valued at approximately $1,495,838.08. This represents a 9.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 3.16% of the company’s stock.

Wall Street Analysts Forecast Growth

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

United Bankshares Stock Performance

Shares of UBSI stock opened at $47.22 on Friday. The firm has a 50 day moving average of $47.67 and a 200-day moving average of $44.59. The company has a market cap of $6.43 billion, a price-to-earnings ratio of 12.87 and a beta of 0.70. The company has a quick ratio of 0.97, a current ratio of 0.98 and a debt-to-equity ratio of 0.10. United Bankshares, Inc. has a 52 week low of $34.10 and a 52 week high of $49.62.

United Bankshares (NASDAQ:UBSI) last released 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. The company had revenue of $323.82 million for the quarter, compared to the consensus estimate of $320.07 million. United Bankshares had a net margin of 27.97% and a return on equity of 9.39%. During the same quarter in the previous year, the company earned $0.85 EPS. On average, equities analysts forecast that United Bankshares, Inc. will post 3.71 earnings per share for the current year.

United Bankshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 11th will be paid a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend is Friday, September 11th. United Bankshares’s payout ratio is 41.42%.

About United Bankshares

United Bankshares, Inc is a bank holding company headquartered in Charleston, West Virginia. Through its principal subsidiary, United Bank, the company provides community banking services to individuals, businesses, and institutions. Its offerings include checking and savings accounts, consumer and commercial loans, residential mortgages, treasury management, online and mobile banking, wealth management, trust services, and other financial solutions.

United Bankshares operates a regional banking network serving communities in West Virginia, Virginia, Ohio, Maryland, Pennsylvania, and the District of Columbia.