Raymond James Financial Services Advisors Inc. Has $608,000 Stake in United Bankshares, Inc. (UBSI)
Raymond James Financial Services Advisors Inc. increased its stake in shares of United Bankshares, Inc. (NASDAQ:UBSI) by 39.5% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 15,505 shares of the financial services provider’s stock after acquiring an additional 4,388 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in United Bankshares were worth $608,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Oppenheimer Asset Management Inc. lifted its position in shares of United Bankshares by 0.6% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 33,113 shares of the financial services provider’s stock worth $1,298,000 after acquiring an additional 182 shares during the period. Sandy Spring Bank lifted its position in shares of United Bankshares by 1.7% in the 2nd quarter. Sandy Spring Bank now owns 16,272 shares of the financial services provider’s stock worth $638,000 after acquiring an additional 277 shares during the period. TD Asset Management Inc. lifted its position in shares of United Bankshares by 1.4% in the 2nd quarter. TD Asset Management Inc. now owns 21,635 shares of the financial services provider’s stock worth $848,000 after acquiring an additional 300 shares during the period. Amalgamated Bank lifted its position in shares of United Bankshares by 4.5% in the 1st quarter. Amalgamated Bank now owns 9,299 shares of the financial services provider’s stock worth $393,000 after acquiring an additional 402 shares during the period. Finally, Palladium Partners LLC lifted its position in shares of United Bankshares by 5.8% in the 2nd quarter. Palladium Partners LLC now owns 17,271 shares of the financial services provider’s stock worth $677,000 after acquiring an additional 947 shares during the period. 62.22% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages have commented on UBSI. BidaskClub downgraded United Bankshares from a “hold” rating to a “sell” rating in a research report on Saturday, July 8th. Boenning Scattergood reiterated a “hold” rating on shares of United Bankshares in a research report on Friday, October 27th. Finally, Zacks Investment Research upgraded United Bankshares from a “sell” rating to a “hold” rating in a research report on Thursday, September 28th. Two analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $42.50.
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In other United Bankshares news, Chairman Richard M. Sr Adams, Sr. bought 7,405 shares of the business’s stock in a transaction on Tuesday, August 15th. The stock was purchased at an average cost of $33.85 per share, for a total transaction of $250,659.25. Following the completion of the purchase, the chairman now directly owns 631,170 shares of the company’s stock, valued at $21,365,104.50. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Director Gary G. White bought 1,000 shares of the business’s stock in a transaction on Monday, September 11th. The shares were acquired at an average price of $33.33 per share, with a total value of $33,330.00. The disclosure for this purchase can be found here. Insiders have acquired 15,247 shares of company stock valued at $510,526 over the last 90 days. Corporate insiders own 6.23% of the company’s stock.
United Bankshares, Inc. (UBSI) opened at 35.95 on Wednesday. United Bankshares, Inc. has a 52-week low of $31.70 and a 52-week high of $49.35. The company’s 50 day moving average price is $36.49 and its 200 day moving average price is $37.18. The company has a market cap of $3.77 billion, a P/E ratio of 19.23 and a beta of 1.07.
United Bankshares (NASDAQ:UBSI) last issued its quarterly earnings results on Thursday, October 26th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.55 by ($0.01). The company had revenue of $188.51 million during the quarter, compared to the consensus estimate of $193.87 million. United Bankshares had a net margin of 24.94% and a return on equity of 6.25%. The company’s quarterly revenue was up 44.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.54 earnings per share. Equities research analysts anticipate that United Bankshares, Inc. will post $1.92 EPS for the current fiscal year.
United Bankshares declared that its Board of Directors has approved a share buyback plan on Monday, August 28th that permits the company to repurchase 2,000,000 shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.
The business also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Investors of record on Friday, September 8th were paid a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 3.67%. The ex-dividend date was Thursday, September 7th. United Bankshares’s dividend payout ratio (DPR) is currently 69.47%.
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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