Summit Financial LLC Purchases New Shares in United Bankshares, Inc. (NASDAQ:UBSI)

Summit Financial LLC bought a new stake in United Bankshares, Inc. (NASDAQ:UBSI - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 11,818 shares of the financial services provider's stock, valued at approximately $448,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Norges Bank purchased a new position in United Bankshares in the fourth quarter worth $54,712,000. Raymond James Financial Inc. bought a new stake in shares of United Bankshares during the 4th quarter worth $14,948,000. JPMorgan Chase & Co. boosted its holdings in shares of United Bankshares by 39.7% in 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 during the last quarter. Assenagon Asset Management S.A. bought a new position in United Bankshares during the fourth quarter valued at about $7,383,000. Finally, Point72 Asset Management L.P. bought a new position in United Bankshares during the third quarter valued at about $6,186,000. Institutional investors own 70.80% of the company's stock.

United Bankshares Price Performance

Shares of NASDAQ:UBSI traded up $0.88 on Tuesday, hitting $32.47. The company's stock had a trading volume of 233,042 shares, compared to its average volume of 578,615. The company has a market capitalization of $4.66 billion, a PE ratio of 11.86 and a beta of 0.91. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.98 and a quick ratio of 0.98. The company has a 50-day simple moving average of $35.97 and a 200 day simple moving average of $37.85. United Bankshares, Inc. has a 1 year low of $30.51 and a 1 year high of $44.43.

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United Bankshares (NASDAQ:UBSI - Get Free Report) last announced its earnings results on Friday, January 24th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.01. United Bankshares had a net margin of 22.94% and a return on equity of 7.60%. During the same period last year, the firm earned $0.59 earnings per share. Sell-side analysts forecast that United Bankshares, Inc. will post 2.81 EPS for the current fiscal year.

United Bankshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were paid a $0.37 dividend. The ex-dividend date was Friday, March 14th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 4.56%. United Bankshares's dividend payout ratio (DPR) is 54.01%.

Analyst Ratings Changes

Several analysts have issued reports on the company. Stephens restated an "equal weight" rating and issued a $43.00 target price on shares of United Bankshares in a research note on Monday, January 27th. Piper Sandler restated a "neutral" rating and issued a $38.50 price objective on shares of United Bankshares in a research note on Wednesday, March 12th. Keefe, Bruyette & Woods dropped their price objective on shares of United Bankshares from $46.00 to $45.00 and set a "market perform" rating on the stock in a report on Monday, January 27th. Finally, StockNews.com downgraded shares of United Bankshares from a "hold" rating to a "sell" rating in a research note on Monday, January 27th. One research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. According to MarketBeat.com, United Bankshares currently has an average rating of "Hold" and a consensus price target of $41.88.

Insider Activity at United Bankshares

In other news, Director Sara Dumond bought 2,600 shares of the business's stock in a transaction dated Monday, March 24th. The shares were purchased at an average price of $35.01 per share, for a total transaction of $91,026.00. Following the completion of the acquisition, the director now owns 5,054 shares of the company's stock, valued at approximately $176,940.54. This trade represents a 105.95 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 3.66% of the stock is owned by insiders.

United Bankshares Profile

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.