United Bankshares , Inc. (NASDAQ:UBSI) has announced an increase in its quarterly dividend, underlining a significant milestone of consistent shareholder returns. The company, which operates nearly 250 offices across nine states and Washington, D.C., declared on Friday a Q4 dividend of $0.37 per share. This increment raises the total annual dividends to $1.45 per share, a slight uptick from $1.44 per share in 2022.
The dividend payout, totaling about $49.9 million, is scheduled for distribution on January 2, 2024, to shareholders recorded as of December 8, 2023. The move reflects United Bankshares' robust financial health and its commitment to delivering shareholder value.
2023 marks a remarkable year for UBSI as it celebrates its golden jubilee of consistent dividend growth. This achievement is largely credited to the strategic leadership and discipline instilled by CEO Richard M. Adams Jr., alongside the company's strong performance over the years.
CFO W. Mark Tatterson has also played a pivotal role in maintaining the company's low-risk profile and high performance. As United Bankshares continues to provide quality services to its customers, this latest announcement reaffirms its unwavering dedication to increasing dividends, having done so for fifty consecutive years—a testament to its long-term stability and reliability as an investment.
InvestingPro Insights
United Bankshares, Inc. (UBSI) has showcased high earnings quality, with free cash flow exceeding net income, a key indicator of financial health. This aligns with the InvestingPro Tip that the company has maintained its dividend payments for a remarkable 40 consecutive years, further demonstrating its financial stability.
In terms of real-time data from InvestingPro, UBSI has a market capitalization of $3960M USD and a P/E ratio of 10.24 as of Q3 2023. The company's revenue for the last twelve months as of Q3 2023 was $1031.45M USD, with a revenue growth of 2.28%.
Another noteworthy InvestingPro Tip is the company's commitment to shareholder value, as evidenced by its history of raising dividends for 34 consecutive years. This commitment is reflected in the company's dividend yield of 4.9% as of the end of 2023.
These insights, among many others, can be found in the InvestingPro platform, which provides valuable tips and real-time data for investors.
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