Texas Permanent School Fund decreased its stake in United Bankshares, Inc. (NASDAQ:UBSI) by 7.4% during the 4th quarter, Holdings Channel reports. The firm owned 70,971 shares of the financial services provider’s stock after selling 5,656 shares during the period. Texas Permanent School Fund’s holdings in United Bankshares were worth $2,466,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Tower Research Capital LLC TRC bought a new stake in shares of United Bankshares in the 2nd quarter worth approximately $135,000. Chicago Partners Investment Group LLC bought a new stake in shares of United Bankshares in the 3rd quarter worth approximately $216,000. Cubist Systematic Strategies LLC bought a new stake in shares of United Bankshares in the 2nd quarter worth approximately $248,000. Engineers Gate Manager LP bought a new stake in shares of United Bankshares in the 3rd quarter worth approximately $241,000. Finally, Connable Office Inc. lifted its holdings in shares of United Bankshares by 31.5% in the 3rd quarter. Connable Office Inc. now owns 7,134 shares of the financial services provider’s stock worth $265,000 after purchasing an additional 1,708 shares during the last quarter. 65.44% of the stock is currently owned by institutional investors and hedge funds.
Shares of United Bankshares, Inc. (UBSI) opened at $34.45 on Tuesday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.02 and a current ratio of 1.04. The firm has a market capitalization of $3,620.00, a price-to-earnings ratio of 22.08, a price-to-earnings-growth ratio of 1.82 and a beta of 1.05. United Bankshares, Inc. has a 12 month low of $31.70 and a 12 month high of $46.35.
Several analysts recently issued reports on UBSI shares. Zacks Investment Research raised United Bankshares from a “hold” rating to a “strong-buy” rating and set a $41.00 price target on the stock in a report on Thursday, December 28th. BidaskClub downgraded United Bankshares from a “hold” rating to a “sell” rating in a report on Thursday, January 4th. Boenning Scattergood reissued a “hold” rating on shares of United Bankshares in a report on Friday, October 27th. Finally, Sandler O’Neill set a $38.00 price target on United Bankshares and gave the stock a “hold” rating in a report on Thursday, January 4th. One analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a strong buy rating to the company. The company has an average rating of “Hold” and an average target price of $42.25.
In other United Bankshares news, Director Michael P. Fitzgerald sold 27,000 shares of United Bankshares stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $37.05, for a total transaction of $1,000,350.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 6.23% of the stock is owned by insiders.
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United Bankshares Company Profile
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.
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