United Bankshares, Inc. (UBSI) Lowered to Sell at Zacks Investment Research
United Bankshares, Inc. (NASDAQ:UBSI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Tuesday.
According to Zacks, “United Bankshares, Inc. is a bank holding company whose business is the operation of its bank subsidiaries. All of United’s subsidiary banks are full-service commercial banks. Included among the banking services offered are the acceptance of deposits in checking, savings, time and money market accounts; the making and servicing of personal, commercial, floor plan and student loans; and the making of construction and real estate loans. Also offered are individual retirement accounts, safe deposit boxes, wire transfers and other standard banking products and services. “
Other equities research analysts have also issued reports about the stock. Boenning Scattergood reiterated a “hold” rating on shares of United Bankshares in a report on Friday. BidaskClub lowered shares of United Bankshares from a “hold” rating to a “sell” rating in a report on Saturday, July 8th. Two research analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. United Bankshares has an average rating of “Hold” and an average price target of $42.50.
United Bankshares (UBSI) opened at 35.85 on Tuesday. The stock has a market capitalization of $3.76 billion, a PE ratio of 19.18 and a beta of 1.06. United Bankshares has a 12-month low of $31.70 and a 12-month high of $49.35. The stock’s 50 day moving average is $36.42 and its 200 day moving average is $37.19.
United Bankshares (NASDAQ:UBSI) last posted its earnings results on Thursday, October 26th. The financial services provider reported $0.54 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.55 by ($0.01). The firm had revenue of $188.51 million during the quarter, compared to analyst estimates of $193.87 million. United Bankshares had a return on equity of 6.25% and a net margin of 24.94%. The company’s revenue for the quarter was up 44.9% on a year-over-year basis. During the same quarter last year, the business posted $0.54 earnings per share. Analysts forecast that United Bankshares will post $1.97 EPS for the current year.
United Bankshares announced that its Board of Directors has approved a share repurchase program on Monday, August 28th that authorizes the company to buyback 2,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
In related news, insider William Mark Tatterson acquired 1,000 shares of the company’s stock in a transaction that occurred on Monday, August 14th. The shares were acquired at an average cost of $32.30 per share, for a total transaction of $32,300.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Richard M. Adams, Jr. acquired 2,342 shares of the company’s stock in a transaction that occurred on Monday, August 14th. The shares were bought at an average price of $33.25 per share, for a total transaction of $77,871.50. Following the completion of the acquisition, the president now owns 51,867 shares of the company’s stock, valued at $1,724,577.75. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 15,247 shares of company stock worth $510,526. 6.23% of the stock is currently owned by company insiders.
Several large investors have recently modified their holdings of UBSI. State Street Corp grew its position in United Bankshares by 31.2% in the second quarter. State Street Corp now owns 10,855,612 shares of the financial services provider’s stock valued at $425,538,000 after purchasing an additional 2,578,520 shares in the last quarter. Vanguard Group Inc. grew its position in United Bankshares by 20.7% in the second quarter. Vanguard Group Inc. now owns 8,674,789 shares of the financial services provider’s stock valued at $340,052,000 after purchasing an additional 1,488,580 shares in the last quarter. BlackRock Inc. grew its position in United Bankshares by 9.2% in the second quarter. BlackRock Inc. now owns 13,701,878 shares of the financial services provider’s stock valued at $537,113,000 after purchasing an additional 1,150,017 shares in the last quarter. Northern Trust Corp grew its position in United Bankshares by 60.3% in the second quarter. Northern Trust Corp now owns 2,939,523 shares of the financial services provider’s stock valued at $115,229,000 after purchasing an additional 1,105,697 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in United Bankshares by 52.4% in the second quarter. Dimensional Fund Advisors LP now owns 2,877,091 shares of the financial services provider’s stock valued at $112,787,000 after purchasing an additional 989,666 shares in the last quarter. Institutional investors and hedge funds own 62.22% of the company’s stock.
About United Bankshares
United Bankshares, Inc (United) is a bank holding company. The Company operates through community banking segment. United’s Banking Subsidiaries offer a range of commercial and retail banking services and products. United, through its subsidiaries, engages in community banking and offers banking products and services permitted by law and regulation.
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