Form 4: United Bankshares Inc. Executive Vice President Michael Proctor Reports Stock Transactions
SEC Form 4 Filing
Executive Vice President Michael Proctor of United Bankshares Inc. reports the disposal of common stock to cover tax obligations related to stock options.
Summary
- Michael Proctor, an Executive Vice President at United Bankshares Inc., filed a Form 4 detailing changes in his beneficial ownership of the company's stock.
- On February 23, 2024, he disposed of 236 shares of common stock at $34.36 per share to cover tax obligations.
- On February 24, 2024, he disposed of 78 shares of common stock at $34.42 per share to cover tax obligations.
- Following these transactions, Proctor directly owns 8,203.571 shares of common stock and indirectly owns 3,371.6983 shares through a 401k.
- He also holds various stock options with different exercise prices and expiration dates.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing stock transactions by an executive. It doesn't inherently convey positive or negative sentiment about the company's prospects.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the trading activities of company insiders. These filings are closely watched by investors seeking insights into management's perspective on the company's stock.
Comparison to Industry Standards
- Comparing Michael Proctor's transactions to those of executives at similar regional banks like PNC Financial Services or Truist Financial could provide context on whether these actions are typical for executives in the banking sector.
- For example, PNC's executives also regularly file Form 4s detailing stock option exercises and sales to cover tax obligations.
- Analyzing the frequency and size of these transactions relative to their overall holdings can offer insights into their individual financial planning and confidence in the company's future performance.
Stakeholder Impact
- The transactions are unlikely to have a significant impact on stakeholders, as they are related to tax obligations and represent a small portion of the executive's overall holdings.
Key Dates
| Date | Description |
|---|---|
| 02/23/2015 | Date of stock option grant with exercise price of $36.92 and expiration date of 02/23/2025 |
| 02/29/2016 | Date of stock option grant with exercise price of $35.04 and expiration date of 03/01/2026 |
| 02/27/2017 | Date of stock option grant with exercise price of $45.30 and expiration date of 02/27/2027 |
| 02/26/2018 | Date of stock option grant with exercise price of $37.6 and expiration date of 02/26/2028 |
| 02/25/2019 | Date of stock option grant with exercise price of $38.49 and expiration date of 02/25/2029 |
| 02/24/2020 | Date of stock option grant with exercise price of $32.51 and expiration date of 02/24/2030 |
| 02/23/2024 | Disposal of 236 shares of common stock at $34.36 per share. |
| 02/24/2024 | Disposal of 78 shares of common stock at $34.42 per share. |
| 02/27/2024 | Date of signature on the Form 4 filing. |
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