Ameriprise Financial Inc. Reduces Stake in United Bankshares, Inc. (UBSI)

Ameriprise Financial Inc. trimmed its position in United Bankshares, Inc. (NASDAQ:UBSI) by 76.5% in the third quarter, according to its most recent filing with the SEC. The fund owned 611,313 shares of the financial services provider’s stock after selling 1,988,726 shares during the period. Ameriprise Financial Inc. owned 0.58% of United Bankshares worth $22,708,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Tower Research Capital LLC TRC acquired a new stake in United Bankshares in the second quarter valued at $135,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in United Bankshares by 62.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,053 shares of the financial services provider’s stock valued at $159,000 after purchasing an additional 1,563 shares during the period. Riverhead Capital Management LLC increased its holdings in United Bankshares by 102.8% in the second quarter. Riverhead Capital Management LLC now owns 5,678 shares of the financial services provider’s stock valued at $223,000 after purchasing an additional 2,878 shares during the period. Cubist Systematic Strategies LLC acquired a new stake in United Bankshares in the second quarter valued at $248,000. Finally, World Asset Management Inc increased its holdings in United Bankshares by 29.6% in the second quarter. World Asset Management Inc now owns 6,557 shares of the financial services provider’s stock valued at $257,000 after purchasing an additional 1,499 shares during the period. Institutional investors own 65.56% of the company’s stock.

In other United Bankshares news, Director Gary G. White purchased 1,000 shares of the company’s stock in a transaction that occurred on Monday, September 11th. The shares were acquired at an average price of $33.33 per share, with a total value of $33,330.00. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 6.23% of the stock is currently owned by company insiders.

UBSI has been the subject of a number of recent research reports. Boenning Scattergood restated a “hold” rating on shares of United Bankshares in a report on Friday, October 27th. Zacks Investment Research upgraded United Bankshares from a “sell” rating to a “hold” rating in a report on Thursday, September 28th. Finally, BidaskClub downgraded United Bankshares from a “hold” rating to a “sell” rating in a report on Thursday. Two investment analysts have rated the stock with a sell rating and four have given a hold rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $44.50.

Shares of United Bankshares, Inc. (NASDAQ:UBSI) opened at $35.00 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.06 and a quick ratio of 1.04. The company has a market capitalization of $3,670.00, a PE ratio of 18.95, a PEG ratio of 1.88 and a beta of 1.04. United Bankshares, Inc. has a 12 month low of $31.70 and a 12 month high of $49.35.

United Bankshares (NASDAQ:UBSI) last issued its earnings results on Thursday, October 26th. The financial services provider reported $0.54 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.55 by ($0.01). The firm had revenue of $188.51 million during the quarter, compared to analyst estimates of $193.87 million. United Bankshares had a net margin of 24.94% and a return on equity of 6.25%. The business’s quarterly revenue was up 44.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.54 earnings per share. analysts anticipate that United Bankshares, Inc. will post 1.92 earnings per share for the current year.

United Bankshares declared that its Board of Directors has authorized a stock buyback plan on Monday, August 28th that allows the company to repurchase 2,000,000 outstanding shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Friday, December 8th will be given a $0.34 dividend. This is a boost from United Bankshares’s previous quarterly dividend of $0.33. The ex-dividend date is Thursday, December 7th. This represents a $1.36 annualized dividend and a yield of 3.89%. United Bankshares’s dividend payout ratio (DPR) is presently 69.47%.

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About United Bankshares

United Bankshares, Inc (United) is a bank holding company. The Company operates through community banking segment. United’s Banking Subsidiaries offer a range of commercial and retail banking services and products. United, through its subsidiaries, engages in community banking and offers banking products and services permitted by law and regulation.

Institutional Ownership by Quarter for United Bankshares (NASDAQ:UBSI)

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