Keefe, Bruyette & Woods Boosts United Bankshares (NASDAQ:UBSI) Price Target to $48.00

Key Points

• Keefe, Bruyette & Woods raised United Bankshares’ price target from $46 to $48 while maintaining a “market perform” rating, implying roughly 0.27% downside from the prior close. The consensus rating remains “Hold,” with an average target of $47.80.
• United Bankshares reported quarterly EPS of $0.95, exceeding the $0.89 analyst consensus, while revenue of $323.82 million also topped expectations. Analysts project full-year EPS of approximately $3.65.
• The stock traded at $48.13, near its 52-week high of $48.37, with a $6.63 billion market capitalization. Institutional investors and hedge funds own approximately 70.8% of outstanding shares.

United Bankshares (NASDAQ:UBSI - Get Free Report) had its price objective upped by equities research analysts at Keefe, Bruyette & Woods from $46.00 to $48.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a "market perform" rating on the financial services provider's stock. Keefe, Bruyette & Woods' target price would indicate a potential downside of 0.27% from the stock's previous close.

A number of other research analysts have also recently issued reports on UBSI. Hovde Group raised their price objective on United Bankshares from $49.00 to $50.00 and gave the company a "market perform" rating in a research note on Friday. Raymond James Financial increased their price objective on United Bankshares from $49.00 to $50.00 and gave the company an "outperform" rating in a research note on Wednesday, July 1st. Weiss Ratings restated a "buy (b)" rating on shares of United Bankshares in a report on Monday, July 6th. Finally, Wall Street Zen upgraded United Bankshares from a "sell" rating to a "hold" rating in a report on Saturday. Three analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, United Bankshares has an average rating of "Hold" and a consensus target price of $47.80.

United Bankshares Price Performance

NASDAQ:UBSI traded up $0.33 during mid-day trading on Monday, reaching $48.13. The stock had a trading volume of 349,345 shares, compared to its average volume of 959,753. The stock has a market capitalization of $6.63 billion, a P/E ratio of 13.14 and a beta of 0.71. The firm has a 50 day moving average price of $45.10 and a two-hundred day moving average price of $43.23. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.98 and a current ratio of 0.98. United Bankshares has a one year low of $34.10 and a one year high of $48.37.

United Bankshares (NASDAQ:UBSI - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.95 EPS for the quarter, beating analysts' consensus estimates of $0.89 by $0.06. The business had revenue of $323.82 million for the quarter, compared to analysts' expectations of $320.07 million. United Bankshares had a net margin of 27.97% and a return on equity of 9.39%. During the same period last year, the business earned $0.85 earnings per share. As a group, analysts expect that United Bankshares will post 3.65 earnings per share for the current year.

Hedge Funds Weigh In On United Bankshares

Several institutional investors and hedge funds have recently added to or reduced their stakes in UBSI. Brighton Jones LLC grew its position in shares of United Bankshares by 4.6% in the 4th quarter. Brighton Jones LLC now owns 16,873 shares of the financial services provider's stock worth $634,000 after buying an additional 748 shares during the period. Royal Bank of Canada lifted its position 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 acquiring an additional 1,298 shares during the period. Millennium Management LLC lifted its position in United Bankshares by 464.1% during the 1st quarter. Millennium Management LLC now owns 137,336 shares of the financial services provider's stock valued at $4,761,000 after acquiring an additional 112,988 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in United Bankshares by 7.4% during 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 worth $14,195,000 after acquiring an additional 28,366 shares in the last quarter. Finally, Jane Street Group LLC boosted its stake in United Bankshares by 564.0% during the first quarter. Jane Street Group LLC now owns 182,540 shares of the financial services provider's stock worth $6,329,000 after acquiring an additional 155,051 shares in the last quarter. Hedge funds and other institutional investors own 70.80% of the company's stock.

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.

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