WASHINGTON - United Bankshares , Inc. (NASDAQ: NASDAQ:UBSI) has announced a second quarter dividend of $0.37 per share for its shareholders, maintaining its record of consecutive annual dividend increases. The declared dividend will be distributed to shareholders of record as of June 14, 2024, with the payment due on July 1, 2024.
The dividend payout will total approximately $52.7 million, spread across 135.2 million shares. This latest dividend marks the 50th consecutive year that United Bankshares has increased its dividend payout, a feat matched by only one other major banking company in the United States.
As a financial institution with a substantial footprint, United Bankshares reported consolidated assets of around $30 billion as of March 31, 2024. The company operates United Bank, which has a network of over 225 offices across several states including Washington, D.C., Virginia, West Virginia, Maryland, North Carolina, South Carolina, Ohio, Pennsylvania, and Georgia.
United Bankshares' shares are publicly traded on the NASDAQ Global Select Market under the ticker symbol "UBSI". The announcement of the dividend follows the company's tradition of delivering shareholder value and reflects its sustained financial performance.
This financial update is based on a press release statement from United Bankshares, Inc.
InvestingPro Insights
United Bankshares, Inc. (NASDAQ: UBSI) continues to demonstrate its commitment to shareholders with its announcement of a second quarter dividend, marking a significant milestone of 50 consecutive years of dividend increases. According to InvestingPro data, United Bankshares boasts a market capitalization of approximately $4.67 billion, with a Price/Earnings (P/E) ratio at 13.16, reflecting a valuation that might be attractive to investors seeking stable earnings. The bank's consistent dividend policy is underscored by a robust dividend yield of 4.29%, as of the latest data.
An InvestingPro Tip highlights that United Bankshares has maintained dividend payments for 41 consecutive years, which aligns with the company's latest announcement and may reassure investors looking for dependable income streams. Additionally, the bank has been profitable over the last twelve months, which can be seen as a positive indicator of its financial health and operational efficiency.
For readers interested in a deeper dive into United Bankshares' financials and future outlook, InvestingPro offers additional insights. With a total of 6 InvestingPro Tips available, including the two mentioned, subscribers can explore more detailed analyses and metrics. To access these expert insights, visit https://www.investing.com/pro/UBSI and remember to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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