State Street Corp Sells 374,259 Shares of United Bankshares, Inc. (NASDAQ:UBSI)

State Street Corp reduced its position in shares of United Bankshares, Inc. (NASDAQ:UBSI - Free Report) by 4.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,688,727 shares of the financial services provider's stock after selling 374,259 shares during the period. State Street Corp owned 5.69% of United Bankshares worth $288,085,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. ProShare Advisors LLC raised its stake in shares of United Bankshares by 110.4% during the second quarter. ProShare Advisors LLC now owns 2,206,434 shares of the financial services provider's stock valued at $71,577,000 after purchasing an additional 1,157,579 shares during the period. Vaughan Nelson Investment Management L.P. raised its stake in United Bankshares by 16.7% during the third quarter. Vaughan Nelson Investment Management L.P. now owns 1,558,081 shares of the financial services provider's stock worth $57,805,000 after acquiring an additional 223,150 shares during the period. Point72 Asset Management L.P. acquired a new position in United Bankshares in the third quarter valued at approximately $6,186,000. Dimensional Fund Advisors LP raised its position in shares of United Bankshares by 1.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 7,907,665 shares of the financial services provider's stock worth $256,521,000 after purchasing an additional 142,545 shares during the period. Finally, Systematic Financial Management LP lifted its holdings in shares of United Bankshares by 73.8% in the 2nd quarter. Systematic Financial Management LP now owns 279,039 shares of the financial services provider's stock worth $9,052,000 after purchasing an additional 118,501 shares during the last quarter. Hedge funds and other institutional investors own 70.80% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised United Bankshares from a "sell" rating to a "hold" rating in a report on Wednesday, November 13th. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. Based on data from MarketBeat.com, United Bankshares currently has a consensus rating of "Hold" and a consensus price target of $40.25.

Insider Buying and Selling at United Bankshares

In other news, Director Peter A. Converse sold 5,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $40.00, for a total value of $200,000.00. Following the completion of the sale, the director now directly owns 434,769 shares of the company's stock, valued at $17,390,760. This represents a 1.14 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director J Paul Mcnamara sold 2,500 shares of the business's stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $42.86, for a total transaction of $107,150.00. Following the transaction, the director now directly owns 63,409 shares in the company, valued at $2,717,709.74. The trade was a 3.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 3.66% of the company's stock.

United Bankshares Price Performance

Shares of NASDAQ UBSI traded up $0.20 during mid-day trading on Wednesday, reaching $41.50. The company had a trading volume of 475,948 shares, compared to its average volume of 521,595. United Bankshares, Inc. has a 1-year low of $30.68 and a 1-year high of $44.43. The stock has a market cap of $5.61 billion, a PE ratio of 15.64 and a beta of 1.01. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.11. The company has a 50-day moving average price of $39.62 and a two-hundred day moving average price of $36.74.

United Bankshares (NASDAQ:UBSI - Get Free Report) last issued its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.70 earnings per share for the quarter, topping analysts' consensus estimates of $0.67 by $0.03. United Bankshares had a return on equity of 7.58% and a net margin of 22.05%. The firm had revenue of $414.67 million for the quarter, compared to analysts' expectations of $260.30 million. During the same quarter last year, the business posted $0.71 EPS. On average, equities analysts anticipate that United Bankshares, Inc. will post 2.73 earnings per share for the current year.

United Bankshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 3.57%. The ex-dividend date is Friday, December 13th. United Bankshares's payout ratio is 56.06%.

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.