United Bankshares (NASDAQ:UBSI) Reaches New 12-Month High - Here's What Happened

Key Points

• United Bankshares hit a new 52-week high, reaching $50.36 in Wednesday trading after closing at $48.47 in the prior session.
• Quarterly EPS was $0.94, slightly above the $0.93 consensus, while revenue of $325.1 million fell short of analysts’ $327.23 million estimate.
• Analysts’ consensus rating is Hold, with a $49.20 average price target; the company’s quarterly dividend is $0.38 per share, equivalent to a 3.1% yield.

United Bankshares, Inc. (NASDAQ:UBSI - Get Free Report) shares hit a new 52-week high during mid-day trading on Wednesday. The company traded as high as $50.36 and last traded at $49.1990, with a volume of 69,383 shares changing hands. The stock had previously closed at $48.47.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. 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 research note on Monday, July 27th. Wall Street Zen raised shares of United Bankshares from a "sell" rating to a "hold" rating in a research report on Sunday. Weiss Ratings raised shares of United Bankshares from a "buy (b)" rating to a "buy (b+)" rating in a research report on Monday. Piper Sandler upped their price objective on United Bankshares from $51.00 to $54.00 and gave the company an "overweight" rating in a report on Monday, October 26th. Finally, Hovde Group increased their price objective on United Bankshares from $49.00 to $50.00 and gave the stock a "market perform" rating in a research report on Friday, July 24th. Three investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, United Bankshares has an average rating of "Hold" and a consensus target price of $49.20.

United Bankshares Trading Up 2.2%

The company has a market cap of $6.75 billion, a PE ratio of 13.38 and a beta of 0.73. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.10. The business has a 50-day simple moving average of $47.10 and a 200-day simple moving average of $44.86.

United Bankshares (NASDAQ:UBSI - Get Free Report) last posted its quarterly earnings data on Thursday, October 22nd. The financial services provider reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.01. United Bankshares had a return on equity of 9.37% and a net margin of 28.03%. The firm had revenue of $325.10 million for the quarter, compared to the consensus estimate of $327.23 million. During the same quarter in the previous year, the business earned $0.92 EPS. On average, analysts predict that United Bankshares, Inc. will post 3.74 EPS for the current fiscal year.

United Bankshares Announces Dividend

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

Insider Activity at United Bankshares

In related news, Director Mark Nesselroad sold 3,200 shares of United Bankshares stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $46.42, for a total value of $148,544.00. Following the completion of the transaction, the director owned 32,224 shares in the company, valued at approximately $1,495,838.08. The trade was a 9.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 3.16% of the company's stock.

Institutional Investors Weigh In On United Bankshares

Hedge funds have recently added to or reduced their stakes in the business. Brighton Jones LLC grew its holdings in United Bankshares by 1.1% during the 3rd quarter. Brighton Jones LLC now owns 21,345 shares of the financial services provider's stock worth $981,000 after acquiring an additional 239 shares in the last quarter. StoneX Group Inc. acquired a new stake in shares of United Bankshares in the 3rd quarter valued at $890,000. Verity Asset Management Inc. raised its holdings in shares of United Bankshares by 2.5% in the 3rd quarter. Verity Asset Management Inc. now owns 37,260 shares of the financial services provider's stock valued at $1,712,000 after purchasing an additional 899 shares in the last quarter. TSG Advice Partners LLC acquired a new stake in shares of United Bankshares in the 3rd quarter valued at $321,000. Finally, Vise Technologies Inc. lifted its position in shares of United Bankshares by 35.6% during the 3rd quarter. Vise Technologies Inc. now owns 13,741 shares of the financial services provider's stock worth $631,000 after purchasing an additional 3,606 shares during the last quarter. 70.80% of the stock is currently owned by institutional investors and hedge funds.

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.

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