Corebridge Financial Inc. Trims Stake in United Bankshares, Inc. (NASDAQ:UBSI)

Corebridge Financial Inc. decreased its position in United Bankshares, Inc. (NASDAQ:UBSI - Free Report) by 5.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 217,449 shares of the financial services provider's stock after selling 11,771 shares during the period. Corebridge Financial Inc. owned 0.16% of United Bankshares worth $8,165,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in United Bankshares by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 14,310,562 shares of the financial services provider's stock valued at $537,362,000 after purchasing an additional 115,681 shares during the period. Geode Capital Management LLC increased its stake in United Bankshares by 1.7% during the 3rd quarter. Geode Capital Management LLC now owns 3,306,542 shares of the financial services provider's stock worth $122,695,000 after purchasing an additional 53,994 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in United Bankshares by 2.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,710,588 shares of the financial services provider's stock worth $64,233,000 after buying an additional 37,532 shares during the period. Vaughan Nelson Investment Management L.P. increased its position in shares of United Bankshares by 3.5% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 1,612,170 shares of the financial services provider's stock worth $60,538,000 after acquiring an additional 54,089 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of United Bankshares by 9.8% during the third quarter. JPMorgan Chase & Co. now owns 594,819 shares of the financial services provider's stock worth $22,068,000 after acquiring an additional 52,949 shares during the period. 70.80% of the stock is currently owned by institutional investors and hedge funds.

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Analyst Ratings Changes

UBSI has been the topic of several analyst reports. Piper Sandler reissued a "neutral" rating and set a $38.50 price target on shares of United Bankshares in a research report on Wednesday, March 12th. Keefe, Bruyette & Woods lowered their target price 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. StockNews.com downgraded shares of United Bankshares from a "hold" rating to a "sell" rating in a research report on Monday, January 27th. Finally, Stephens reissued an "equal weight" rating and set a $43.00 price target on shares of United Bankshares in a research report on Monday, January 27th. One analyst has rated the stock with a sell rating and four have given a hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $41.88.

United Bankshares Stock Performance

Shares of NASDAQ:UBSI traded up $0.21 on Monday, reaching $34.61. 286,708 shares of the company's stock were exchanged, compared to its average volume of 561,393. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.11. United Bankshares, Inc. has a twelve month low of $30.68 and a twelve month high of $44.43. The company has a fifty day moving average of $36.60 and a 200-day moving average of $38.02. The company has a market capitalization of $4.96 billion, a price-to-earnings ratio of 12.65 and a beta of 0.98.

United Bankshares (NASDAQ:UBSI - Get Free Report) last posted its quarterly earnings results on Friday, January 24th. The financial services provider reported $0.69 EPS for the quarter, beating analysts' consensus estimates 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 firm earned $0.59 earnings per share. On average, research analysts predict that United Bankshares, Inc. will post 2.81 EPS for the current fiscal year.

United Bankshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be issued a dividend of $0.37 per share. The ex-dividend date is Friday, March 14th. This represents a $1.48 annualized dividend and a dividend yield of 4.28%. United Bankshares's dividend payout ratio (DPR) is presently 54.01%.

Insider Activity at United Bankshares

In related news, Director Sara Dumond bought 2,600 shares of the business's stock in a transaction that occurred on Monday, March 24th. The shares were acquired at an average cost of $35.01 per share, with a total value of $91,026.00. Following the completion of the purchase, the director now directly owns 5,054 shares in the company, valued at $176,940.54. The trade was a 105.95 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 3.66% of the stock is currently owned by company 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.