California Public Employees Retirement System decreased its position in shares of United Bankshares, Inc. (NASDAQ:UBSI – Get Rating) by 10.0% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 244,231 shares of the financial services provider’s stock after selling 27,268 shares during the period. California Public Employees Retirement System’s holdings in United Bankshares were worth $8,565,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in UBSI. State Street Corp increased its position in shares of United Bankshares by 24.5% in the 1st quarter. State Street Corp now owns 14,156,275 shares of the financial services provider’s stock worth $498,550,000 after purchasing an additional 2,782,694 shares during the last quarter. Vanguard Group Inc. increased its position in shares of United Bankshares by 4.8% in the 1st quarter. Vanguard Group Inc. now owns 13,508,712 shares of the financial services provider’s stock worth $471,184,000 after purchasing an additional 624,816 shares during the last quarter. BlackRock Inc. increased its position in shares of United Bankshares by 2.7% in the 1st quarter. BlackRock Inc. now owns 18,874,678 shares of the financial services provider’s stock worth $658,348,000 after purchasing an additional 495,652 shares during the last quarter. Invesco Ltd. increased its position in shares of United Bankshares by 18.1% in the 1st quarter. Invesco Ltd. now owns 1,020,806 shares of the financial services provider’s stock worth $35,605,000 after purchasing an additional 156,640 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of United Bankshares by 1.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 6,423,248 shares of the financial services provider’s stock worth $224,046,000 after purchasing an additional 73,888 shares during the last quarter. Hedge funds and other institutional investors own 69.61% of the company’s stock.
United Bankshares Trading Up 1.0 %
NASDAQ UBSI opened at $42.65 on Wednesday. United Bankshares, Inc. has a one year low of $33.11 and a one year high of $44.15. The company has a 50-day simple moving average of $39.35 and a 200-day simple moving average of $37.59. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.90 and a current ratio of 0.91. The firm has a market capitalization of $5.74 billion, a PE ratio of 16.22 and a beta of 1.09.
United Bankshares Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 3rd. Shareholders of record on Friday, December 9th will be paid a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 3.38%. The ex-dividend date is Thursday, December 8th. United Bankshares’s payout ratio is 54.75%.
Wall Street Analyst Weigh In
Several equities research analysts have recently weighed in on the stock. DA Davidson reissued a “neutral” rating on shares of United Bankshares in a research report on Wednesday, July 27th. Janney Montgomery Scott started coverage on shares of United Bankshares in a report on Tuesday, September 6th. They issued a “buy” rating and a $40.00 price target for the company. Finally, StockNews.com raised shares of United Bankshares from a “sell” rating to a “hold” rating in a report on Friday, October 28th.
Insider Buying and Selling at United Bankshares
In other United Bankshares news, Director J Paul Mcnamara sold 2,500 shares of the business’s stock in a transaction dated Tuesday, November 15th. The shares were sold at an average price of $42.75, for a total transaction of $106,875.00. Following the completion of the transaction, the director now directly owns 62,699 shares of the company’s stock, valued at approximately $2,680,382.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 4.22% of the stock is currently owned by company insiders.
About United Bankshares
United Bankshares, Inc, a financial holding company, 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, NOW accounts, and interest-bearing checking accounts.
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