United Bankshares (NASDAQ:UBSI) Releases Quarterly Earnings Results, Beats Estimates By $0.01 EPS

United Bankshares (NASDAQ:UBSI) issued its quarterly earnings results on Thursday. The financial services provider reported $0.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.01, Zacks reports. United Bankshares had a net margin of 28.03% and a return on equity of 9.33%. The company had revenue of $325.10 million during the quarter, compared to analysts’ expectations of $327.23 million. During the same period last year, the company posted $0.92 EPS.

United Bankshares Stock Performance

Shares of NASDAQ UBSI opened at $48.67 on Friday. The firm has a 50 day moving average of $47.02 and a 200 day moving average of $45.82. The company has a current ratio of 0.98, a quick ratio of 0.97 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $6.63 billion, a price-to-earnings ratio of 13.19 and a beta of 0.72. United Bankshares has a 12-month low of $34.68 and a 12-month high of $49.62.

United Bankshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Friday, September 11th were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 3.1%. The ex-dividend date was Friday, September 11th. United Bankshares’s dividend payout ratio is 41.19%.

Analysts Set New Price Targets

UBSI has been the subject of several analyst reports. Raymond James Financial raised their price target on United Bankshares from $49.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, July 1st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of United Bankshares in a report on Friday, October 2nd. Hovde Group upped their target price on shares of United Bankshares from $49.00 to $50.00 and gave the stock a “market perform” rating in a research note on Friday, July 24th. Keefe, Bruyette & Woods increased their price target on shares of United Bankshares from $46.00 to $48.00 and gave the company a “market perform” rating in a report on Monday, July 27th. Finally, Wall Street Zen downgraded shares of United Bankshares from a “hold” rating to a “sell” rating in a research report on Saturday. Three investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, United Bankshares has an average rating of “Hold” and an average target price of $47.80.

More United Bankshares News

Here are the key news stories impacting United Bankshares this week:

• Positive Sentiment: EPS beat expectations and improved year over year. UBSI reported diluted earnings of $0.94 per share, up from $0.92 a year earlier and ahead of the approximately $0.93 consensus estimate. Net income was $128.7 million. United Bankshares quarterly earnings report
• Positive Sentiment: Record net interest income and improving margins provide the strongest bullish catalyst. Net interest income reached $294.3 million, an $8.9 million sequential increase, while net interest margin expanded to 3.86% from 3.81% in the second quarter. These trends suggest improved core banking profitability. United Bankshares third-quarter earnings details
• Neutral Sentiment: Revenue was broadly in line but slightly below the consensus forecast. Quarterly revenue totaled $325.1 million versus analyst estimates of roughly $327.2 million. Zacks characterized the $0.94 EPS result as meeting its consensus estimate, indicating limited surprise overall. United Bankshares sales in line with estimates
• Negative Sentiment: Several profitability headwinds remain. Third-quarter net income declined from $130.7 million a year earlier and $131.4 million in the prior quarter. The provision for credit losses rose to $6.2 million from $5.0 million sequentially, noninterest income fell by $7.7 million, and noninterest expense increased by $2.0 million. These factors could limit further upside despite strong spread income. United Bankshares credit results

Insider Activity

In related news, Director Mark Nesselroad sold 3,200 shares of the firm’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $46.42, for a total value of $148,544.00. Following the transaction, the director directly owned 32,224 shares of the company’s stock, valued at approximately $1,495,838.08. This trade represents a 9.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 3.16% of the stock is currently owned by insiders.

United Bankshares Company Profile

United Bankshares, Inc is a financial holding company that operates through its subsidiary, United Bank. The company provides a broad range of banking and financial services to individuals, businesses, nonprofit organizations and government entities.

United Bank’s offerings include checking and savings accounts, certificates of deposit, residential and commercial real estate lending, consumer loans, commercial and industrial financing, treasury management and online and mobile banking.