Connor Clark & Lunn Investment Management Ltd. Sells 225,578 Shares of United Bankshares, Inc. (NASDAQ:UBSI)

Connor Clark & Lunn Investment Management Ltd. reduced its position in United Bankshares, Inc. (NASDAQ:UBSI) by 65.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 119,584 shares of the financial services provider’s stock after selling 225,578 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.09% of United Bankshares worth $4,490,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Hopwood Financial Services Inc. bought a new position in shares of United Bankshares during the fourth quarter worth $117,000. HighTower Advisors LLC boosted its position in shares of United Bankshares by 16.1% during the fourth quarter. HighTower Advisors LLC now owns 22,683 shares of the financial services provider’s stock worth $852,000 after acquiring an additional 3,141 shares during the last quarter. Moors & Cabot Inc. boosted its position in shares of United Bankshares by 4.3% during the fourth quarter. Moors & Cabot Inc. now owns 22,749 shares of the financial services provider’s stock worth $854,000 after acquiring an additional 939 shares during the last quarter. Natural Investments LLC bought a new position in shares of United Bankshares during the fourth quarter worth $304,000. Finally, Riverbend Wealth Management LLC bought a new position in shares of United Bankshares during the fourth quarter worth $306,000. 70.80% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently weighed in on UBSI shares. Keefe, Bruyette & Woods dropped 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 research report on Monday, January 27th. StockNews.com lowered shares of United Bankshares from a “hold” rating to a “sell” rating in a research report on Monday, January 27th. Piper Sandler reaffirmed a “neutral” rating and set a $38.50 price target on shares of United Bankshares in a research note on Wednesday, March 12th. Finally, Stephens reaffirmed an “equal weight” rating and set a $43.00 price target on shares of United Bankshares in a research note on Monday, January 27th. One research analyst has rated the stock with a sell rating and four have issued a hold rating to the company. According to MarketBeat, United Bankshares presently has a consensus rating of “Hold” and a consensus target price of $41.88.

Insider Activity

In other news, Director Mark R. Nesselroad sold 6,000 shares of the stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $39.16, for a total value of $234,960.00. Following the sale, the director now owns 35,424 shares of the company’s stock, valued at approximately $1,387,203.84. This represents a 14.48 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 3.66% of the company’s stock.

United Bankshares Price Performance

United Bankshares stock opened at $34.56 on Monday. The company has a market cap of $4.95 billion, a price-to-earnings ratio of 12.61 and a beta of 0.98. The firm’s fifty day moving average is $37.08 and its 200 day moving average is $38.22. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.11. United Bankshares, Inc. has a 52-week low of $30.68 and a 52-week high of $44.43.

United Bankshares (NASDAQ:UBSI) last announced its earnings results on Friday, January 24th. The financial services provider reported $0.69 earnings per share for the quarter, beating the consensus estimate 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 period in the prior year, the company earned $0.59 EPS. Sell-side analysts forecast that United Bankshares, Inc. will post 2.81 EPS for the current fiscal year.

United Bankshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be paid a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 4.28%. The ex-dividend date of this dividend is Friday, March 14th. United Bankshares’s dividend payout ratio is currently 54.01%.

United Bankshares 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.