Synovus Financial Corp Buys 1,718 Shares of United Bankshares, Inc. (NASDAQ:UBSI)

Synovus Financial Corp increased its stake in shares of United Bankshares, Inc. (NASDAQ:UBSI) by 8.3% in the 4th quarter, Holdings Channel reports. The firm owned 22,445 shares of the financial services provider’s stock after buying an additional 1,718 shares during the period. Synovus Financial Corp’s holdings in United Bankshares were worth $843,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Rockefeller Capital Management L.P. raised its stake in United Bankshares by 4.2% during the 4th quarter. Rockefeller Capital Management L.P. now owns 18,596 shares of the financial services provider’s stock valued at $698,000 after buying an additional 751 shares during the last quarter. Sterling Capital Management LLC grew its holdings in shares of United Bankshares by 9.9% in the fourth quarter. Sterling Capital Management LLC now owns 60,326 shares of the financial services provider’s stock worth $2,265,000 after acquiring an additional 5,424 shares during the period. Raymond James Financial Inc. purchased a new stake in United Bankshares during the fourth quarter valued at $14,948,000. Advisory Services Network LLC lifted its holdings in United Bankshares by 52.1% in the fourth quarter. Advisory Services Network LLC now owns 29,101 shares of the financial services provider’s stock valued at $1,093,000 after acquiring an additional 9,971 shares during the period. Finally, Invesco Ltd. boosted its position in United Bankshares by 7.3% in the fourth quarter. Invesco Ltd. now owns 900,377 shares of the financial services provider’s stock worth $33,809,000 after purchasing an additional 61,109 shares during the last quarter. Institutional investors own 70.80% of the company’s stock.

Insider Activity at United Bankshares

In related news, Director Sara Dumond bought 2,600 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The stock was purchased at an average price of $35.01 per share, for a total transaction of $91,026.00. Following the completion of the transaction, the director now owns 5,054 shares in the company, valued at $176,940.54. The trade was a 105.95 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. 3.66% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

UBSI has been the subject of several research reports. Piper Sandler reaffirmed a “neutral” rating and set a $38.50 price target on shares of United Bankshares in a research report on Wednesday, March 12th. Keefe, Bruyette & Woods reduced their target price on shares of United Bankshares from $46.00 to $45.00 and set a “market perform” rating for the company in a report on Monday, January 27th. Stephens reiterated an “equal weight” rating and set a $43.00 price target on shares of United Bankshares in a research note on Monday, January 27th. Finally, StockNews.com lowered United Bankshares from a “hold” rating to a “sell” rating in a research note on Monday, January 27th. One investment analyst has rated the stock with a sell rating and four have given a hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $41.88.

United Bankshares Price Performance

NASDAQ UBSI opened at $33.44 on Thursday. The stock has a market cap of $4.80 billion, a price-to-earnings ratio of 12.20 and a beta of 0.91. United Bankshares, Inc. has a 12 month low of $30.51 and a 12 month high of $44.43. The company’s 50 day moving average is $34.87 and its two-hundred day moving average is $37.54. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.11.

United Bankshares (NASDAQ:UBSI) last released its earnings results on Friday, January 24th. The financial services provider reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.68 by $0.01. United Bankshares had a net margin of 22.94% and a return on equity of 7.60%. During the same quarter in the previous year, the business posted $0.59 EPS. As a group, research analysts anticipate that United Bankshares, Inc. will post 2.81 earnings per share for the current year.

United Bankshares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 4.43%. The ex-dividend date was Friday, March 14th. United Bankshares’s dividend payout ratio is currently 54.01%.

United Bankshares Company 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.