United Bankshares (NASDAQ:UBSI) Announces Earnings Results, Beats Estimates By $0.04 EPS

United Bankshares (NASDAQ:UBSI) released its earnings results on Thursday. The financial services provider reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.04, FiscalAI reports. United Bankshares had a return on equity of 8.60% and a net margin of 25.51%.The company had revenue of $318.14 million for the quarter, compared to the consensus estimate of $315.15 million. During the same period in the previous year, the business earned $0.59 earnings per share.

United Bankshares Price Performance

NASDAQ UBSI traded up $0.54 during trading hours on Thursday, reaching $43.93. The company’s stock had a trading volume of 203,409 shares, compared to its average volume of 954,541. The firm’s 50-day moving average price is $41.99 and its 200-day moving average price is $39.87. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 0.10. United Bankshares has a 1 year low of $33.70 and a 1 year high of $45.92. The company has a market capitalization of $6.14 billion, a price-to-earnings ratio of 13.42 and a beta of 0.73.

United Bankshares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 1st. Investors of record on Friday, March 13th were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend was Friday, March 13th. United Bankshares’s dividend payout ratio (DPR) is 46.48%.

Institutional Investors Weigh In On United Bankshares

Several institutional investors and hedge funds have recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd purchased a new position in shares of United Bankshares in the third quarter worth $25,000. EverSource Wealth Advisors LLC increased its holdings in United Bankshares by 528.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,175 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 988 shares during the last quarter. Quadrant Capital Group LLC increased its holdings in United Bankshares by 6,386.8% in the 4th quarter. Quadrant Capital Group LLC now owns 3,438 shares of the financial services provider’s stock valued at $132,000 after acquiring an additional 3,385 shares during the last quarter. Empowered Funds LLC purchased a new stake in United Bankshares in the 4th quarter worth $189,000. Finally, Tidal Investments LLC purchased a new stake in United Bankshares in the 2nd quarter worth $242,000. Institutional investors own 70.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on UBSI shares. Weiss Ratings upgraded United Bankshares from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, February 13th. Piper Sandler reiterated an “overweight” rating and set a $47.00 price objective on shares of United Bankshares in a research note on Monday, January 26th. Keefe, Bruyette & Woods increased their target price on shares of United Bankshares from $40.00 to $43.00 and gave the stock a “market perform” rating in a report on Monday, January 26th. Stephens raised their target price on shares of United Bankshares from $40.00 to $44.00 and gave the stock an “equal weight” rating in a research note on Friday, January 23rd. Finally, Zacks Research cut shares of United Bankshares from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 26th. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $44.67.

United Bankshares Company Profile

United Bankshares, Inc, headquartered in Charleston, West Virginia, is a bank holding company that provides a full range of financial services through its primary subsidiary, United Bank. The company’s core offerings include retail and commercial banking products such as checking and savings accounts, certificates of deposit, personal and business loans, mortgages, and treasury management services. In addition, United Bankshares delivers private banking, wealth management, trust and fiduciary solutions, and investment advisory services to meet the needs of individual, corporate, and institutional clients.

United Bankshares operates an extensive branch network across West Virginia, Virginia, Maryland, the District of Columbia, Ohio, Pennsylvania, and South Carolina.