Rising confidence in United Bankshares, Inc. (NASDAQ:UBSI) is reflected in higher investment holdings and strong quarterly earnings
According to its most recent Form 13F filing with the SEC, Charles Schwab Investment Management Inc. increased its stake in United Bankshares, Inc. (NASDAQ:UBSI) by 1.0% during the first quarter. The company now owns 1,366,185 shares of the financial services provider’s stock after purchasing an additional 14,094 shares during the period. With a total value of $48,090,000 at the time of filing, Charles Schwab Investment Management Inc. owns 1.01% of United Bank shares.
United Bankshares recently announced its second quarter earnings results on Thursday, July 27th. The company reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.02. Additionally, United Bankshares’ net margin was 28.52% and its return on equity was 8.64%. The company had revenue of $381.11 million for the quarter, compared to analysts’ expectations of $259.14 million.
Compared to the same quarter last year, when the company posted earnings per share of $0.71, United Bankshares’ profitability has declined slightly this year, according to its second-quarter earnings results.
Sell-side analysts expect that United Bankshares will post EPS of 2.68 for the current fiscal year.
Overall, these recent developments underscore Charles Schwab Investment Management Inc.’s confidence in United Bankshares and suggest positive performance by the financial services provider in terms of earnings and market appreciation based on its quarterly results and higher investment holdings.
For more detailed information or analysis on UBSI stock performance and market updates, we recommend readers access our latest UBSI stock report.
United Bankshares, Inc.
UBS
Strong buy
Updated on: September 9, 2023
Price target
Current
Agreed
Low
Median
High
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Social feelings
We didn’t find any social sentiment data for this stock
Analyst Ratings
| Analyst / Company | Evaluation |
|---|---|
|
Steve Moss |
Buy |
|
Casey Orr Whitman |
Buy |
| Raymond James | Buy |
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Institutional investors are making changes to United Bankshares’ position amid financial market volatility
In recent months, several institutional investors have decided to modify their positions in United Bankshares (NASDAQ:UBSI), a financial services provider. These changes reflect the ongoing uncertainties and fluctuations in the financial markets.
One such investor is HighTower Advisors LLC, which significantly increased its position in United Bankshares by 49.9% in the first quarter. This increase included the purchase of an additional 4,506 shares, bringing HighTower Advisors’ holdings to a total of 13,528 shares valued at $475,000. Cambridge Investment Research Advisors Inc. also saw its position grow by 20.7% over the same period. The company purchased an additional 9,017 shares, bringing its total ownership to 52,532 shares valued at $1,849,000.
Brown Brothers Harriman & Co., another institutional investor, saw its holdings rise by a notable 27.6% after purchasing an additional 496 shares in the first quarter. This brought her holdings to just 2,291 shares worth $81,000. Additionally, FMR LLC increased its holdings by 2.3% by acquiring 706 additional shares valued at $1,102,000.
Envestnet Asset Management Inc. also recognized potential growth opportunities and increased its stake in United Bankshares by 3.4%. This growth included the purchase of an additional 3,251 shares valued at $3,4940,000.
As impressive as these changes may seem at first glance, it is important to note that institutional investors currently only own around 71.63% of the company’s shares.
On Friday morning this week, UBSI opened on the NASDAQ at $28.44 per share – in terms of price range and compared to last year’s performance, where the high and low prices were $44.15 and $27.68 respectively. dollars lay.
The company’s financials also show a market capitalization of $3.84 billion, reflecting its moderate earnings potential. However, investors should consider the various factors that may affect stock prices in the coming months as these numbers are subject to change.
Additionally, United Bankshares recently declared a quarterly dividend to its shareholders. Those who held shares through the record date of Friday, September 8th will be given a dividend of $0.36 per share on Monday, October 2nd. This equates to an annual dividend of $1.44 and an impressive yield of 5.06%. It’s worth noting that the ex-dividend date for this payment was Thursday, September 7th.
Despite these developments, it is important to obtain other perspectives on United Bankshares’ performance and prospects before reaching any conclusions. Several stock analysts have shared their insights on the matter. Piper Sandler raised their price target from $33.00 to $35.00 and gave the company a “neutral” rating in a report issued on Monday, July 31st.
Another StockNews.com analyst initiated coverage on United Bankshares with a “sell” rating on Thursday, August 17.
Overall, taking into account analyst opinions collected by Bloomberg.com, United Bankshares currently has an average rating of “Hold” with a consensus price target of $36.25.
As investors navigate today’s confusing financial landscape, they should exercise due diligence and consider all available information before making investment decisions regarding United Bankshares (NASDAQ: UBSI) or any other financial institution.
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