Corebridge Financial Inc. Lowers Position in United Bankshares, Inc. (NASDAQ:UBSI)

Corebridge Financial Inc. cut its stake in United Bankshares, Inc. (NASDAQ:UBSI - Free Report) by 5.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 217,449 shares of the financial services provider's stock after selling 11,771 shares during the period. Corebridge Financial Inc. owned about 0.16% of United Bankshares worth $8,165,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Jane Street Group LLC boosted its stake in shares of United Bankshares by 27.2% in the 3rd quarter. Jane Street Group LLC now owns 161,489 shares of the financial services provider's stock valued at $5,991,000 after buying an additional 34,526 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in United Bankshares by 5.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,673,056 shares of the financial services provider's stock valued at $62,070,000 after acquiring an additional 83,503 shares in the last quarter. BNP Paribas Financial Markets lifted its stake in United Bankshares by 73.1% in the third quarter. BNP Paribas Financial Markets now owns 50,953 shares of the financial services provider's stock worth $1,890,000 after acquiring an additional 21,520 shares during the last quarter. Daiwa Securities Group Inc. grew its holdings in United Bankshares by 3.6% during the 3rd quarter. Daiwa Securities Group Inc. now owns 12,328 shares of the financial services provider's stock worth $457,000 after acquiring an additional 427 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of United Bankshares by 9.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 594,819 shares of the financial services provider's stock valued at $22,068,000 after purchasing an additional 52,949 shares during the last quarter. 70.80% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at United Bankshares

In other United Bankshares news, Director Sara Dumond purchased 2,600 shares of the firm's stock in a transaction that occurred on Monday, March 24th. The stock was purchased at an average price of $35.01 per share, for a total transaction of $91,026.00. Following the purchase, the director now directly owns 5,054 shares in the company, valued at approximately $176,940.54. This trade represents a 105.95 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 3.66% of the company's stock.

United Bankshares Stock Performance

NASDAQ UBSI traded down $0.24 during trading hours on Tuesday, hitting $34.43. The company had a trading volume of 809,179 shares, compared to its average volume of 565,255. The business has a 50 day moving average of $36.44 and a 200-day moving average of $37.99. The company has a market cap of $4.93 billion, a PE ratio of 12.57 and a beta of 0.98. United Bankshares, Inc. has a 1-year low of $30.68 and a 1-year high of $44.43. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.98 and a current ratio of 0.98.

United Bankshares (NASDAQ:UBSI - Get Free Report) last posted its earnings results on Friday, January 24th. The financial services provider reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.68 by $0.01. United Bankshares had a return on equity of 7.60% and a net margin of 22.94%. During the same period in the prior year, the company posted $0.59 earnings per share. As a group, equities research analysts expect that United Bankshares, Inc. will post 2.81 EPS for the current year.

United Bankshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be issued a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 4.30%. The ex-dividend date of this dividend is Friday, March 14th. United Bankshares's payout ratio is currently 54.01%.

Wall Street Analyst Weigh In

UBSI has been the subject of a number of analyst reports. Keefe, Bruyette & Woods lowered their target price on shares of United Bankshares from $46.00 to $45.00 and set a "market perform" rating for the company in a research note on Monday, January 27th. StockNews.com cut United Bankshares from a "hold" rating to a "sell" rating in a research report on Monday, January 27th. Piper Sandler reissued a "neutral" rating and set a $38.50 target price on shares of United Bankshares in a research report on Wednesday, March 12th. Finally, Stephens restated an "equal weight" rating and set a $43.00 target price on shares of United Bankshares in a research note on Monday, January 27th. One investment analyst has rated the stock with a sell rating and four have issued a hold rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $41.88.

About United Bankshares

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.