Oppenheimer Asset Management Inc. Grows Stock Position in United Bankshares, Inc. (NASDAQ:UBSI)

Oppenheimer Asset Management Inc. increased its holdings in United Bankshares, Inc. (NASDAQ:UBSI) by 27.0% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 106,217 shares of the financial services provider’s stock after buying an additional 22,565 shares during the period. Oppenheimer Asset Management Inc. owned about 0.08% of United Bankshares worth $3,446,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in UBSI. Norges Bank purchased a new stake in shares of United Bankshares in the 4th quarter worth about $45,308,000. Vaughan Nelson Investment Management L.P. raised its stake in United Bankshares by 14.8% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 1,311,291 shares of the financial services provider’s stock valued at $46,931,000 after purchasing an additional 169,200 shares during the last quarter. UBS Group AG raised its stake in United Bankshares by 77.5% in the 4th quarter. UBS Group AG now owns 316,889 shares of the financial services provider’s stock valued at $11,899,000 after purchasing an additional 138,317 shares during the last quarter. Vanguard Group Inc. raised its stake in United Bankshares by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 14,202,951 shares of the financial services provider’s stock valued at $533,321,000 after purchasing an additional 71,359 shares during the last quarter. Finally, NTV Asset Management LLC raised its stake in United Bankshares by 94.6% in the 1st quarter. NTV Asset Management LLC now owns 128,309 shares of the financial services provider’s stock valued at $4,592,000 after purchasing an additional 62,377 shares during the last quarter. 70.80% of the stock is currently owned by hedge funds and other institutional investors.

United Bankshares Trading Up 0.9 %

NASDAQ UBSI opened at $37.42 on Tuesday. United Bankshares, Inc. has a 12 month low of $25.35 and a 12 month high of $39.93. The company has a 50-day moving average of $36.71 and a 200-day moving average of $34.51. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.00 and a quick ratio of 0.99. The company has a market cap of $5.06 billion, a P/E ratio of 14.28 and a beta of 0.99.

United Bankshares (NASDAQ:UBSI) last issued its earnings results on Thursday, July 25th. The financial services provider reported $0.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.07. United Bankshares had a return on equity of 7.72% and a net margin of 22.44%. The business had revenue of $255.94 million during the quarter, compared to analysts’ expectations of $255.54 million. During the same quarter in the previous year, the business earned $0.68 EPS. The company’s revenue for the quarter was down 2.6% on a year-over-year basis. As a group, equities analysts predict that United Bankshares, Inc. will post 2.7 earnings per share for the current year.

United Bankshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.96%. The ex-dividend date of this dividend is Friday, September 13th. United Bankshares’s payout ratio is currently 56.49%.

Analyst Ratings Changes

Several brokerages recently weighed in on UBSI. StockNews.com downgraded shares of United Bankshares from a “hold” rating to a “sell” rating in a research note on Tuesday, September 10th. Keefe, Bruyette & Woods boosted their target price on shares of United Bankshares from $38.00 to $40.00 and gave the company a “market perform” rating in a research note on Friday, July 26th. Stephens boosted their target price on shares of United Bankshares from $36.00 to $39.00 and gave the company an “equal weight” rating in a research note on Friday, July 26th. Finally, DA Davidson upped their price objective on shares of United Bankshares from $36.00 to $41.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $40.25.

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.