United Bankshares (NASDAQ:UBSI) Posts Quarterly Earnings Results, Beats Estimates By $0.06 EPS

United Bankshares (NASDAQ:UBSI) posted its quarterly earnings results on Thursday. The financial services provider reported $0.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.06, Briefing.com reports. United Bankshares had a return on equity of 9.26% and a net margin of 27.45%.During the same period in the previous year, the business earned $0.85 EPS.

United Bankshares Stock Performance

Shares of UBSI traded down $0.31 during midday trading on Thursday, reaching $46.60. The stock had a trading volume of 792,737 shares, compared to its average volume of 954,674. The firm has a 50 day simple moving average of $44.88 and a 200-day simple moving average of $43.11. United Bankshares has a one year low of $34.10 and a one year high of $48.22. The firm has a market cap of $6.42 billion, a PE ratio of 13.05 and a beta of 0.71. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.10.

United Bankshares Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Friday, June 12th were paid a $0.38 dividend. The ex-dividend date was Friday, June 12th. This represents a $1.52 dividend on an annualized basis and a yield of 3.3%. United Bankshares’s dividend payout ratio (DPR) is currently 42.58%.

Institutional Investors Weigh In On United Bankshares

Hedge funds have recently bought and sold shares of the company. Brighton Jones LLC increased its holdings in shares of United Bankshares by 4.6% during the 4th quarter. Brighton Jones LLC now owns 16,873 shares of the financial services provider’s stock worth $634,000 after acquiring an additional 748 shares during the last quarter. Royal Bank of Canada lifted its holdings in United Bankshares by 2.0% during the 1st quarter. Royal Bank of Canada now owns 66,649 shares of the financial services provider’s stock valued at $2,310,000 after purchasing an additional 1,298 shares during the last quarter. Millennium Management LLC boosted its position in United Bankshares by 464.1% during the first quarter. Millennium Management LLC now owns 137,336 shares of the financial services provider’s stock worth $4,761,000 after purchasing an additional 112,988 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of United Bankshares by 7.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 409,428 shares of the financial services provider’s stock valued at $14,195,000 after purchasing an additional 28,366 shares during the last quarter. Finally, Jane Street Group LLC increased its holdings in shares of United Bankshares by 564.0% in the first quarter. Jane Street Group LLC now owns 182,540 shares of the financial services provider’s stock valued at $6,329,000 after purchasing an additional 155,051 shares during the last quarter. 70.80% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have issued reports on UBSI shares. Raymond James Financial upped their target price on shares of United Bankshares from $49.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, July 1st. Zacks Research cut shares of United Bankshares from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 26th. Weiss Ratings reissued a “buy (b)” rating on shares of United Bankshares in a research note on Monday, July 6th. Hovde Group began coverage on shares of United Bankshares in a report on Wednesday, June 24th. They issued a “market perform” rating and a $49.00 price objective on the stock. Finally, Wall Street Zen cut shares of United Bankshares from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. Three equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, United Bankshares presently has a consensus rating of “Hold” and a consensus target price of $46.60.

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.