United Bankshares (NASDAQ:UBSI) Announces Quarterly Earnings Results

Key Points

• United Bankshares reported $0.85 earnings per share for the quarter, surpassing the expected $0.77, and also achieved revenue of $306 million compared to the estimate of $297.98 million.
• The stock of United Bankshares decreased by 1.1% to $36.20, with institutional investors owning 70.80% of the company's shares.
• The company declared a quarterly dividend of $0.37 per share, reflecting a dividend yield of 4.09% and a payout ratio of 55.02%.

United Bankshares (NASDAQ:UBSI - Get Free Report) announced its quarterly earnings data on Thursday. The financial services provider reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.08, Briefing.com reports. United Bankshares had a return on equity of 7.75% and a net margin of 23.14%. The firm had revenue of $306.00 million during the quarter, compared to the consensus estimate of $297.98 million. During the same quarter in the previous year, the company posted $0.71 earnings per share.

United Bankshares Stock Down 1.1%

UBSI traded down $0.39 during trading on Friday, reaching $36.20. The stock had a trading volume of 755,848 shares, compared to its average volume of 945,276. The stock's 50 day moving average is $36.60 and its two-hundred day moving average is $36.01. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $5.14 billion, a price-to-earnings ratio of 12.79 and a beta of 0.76. United Bankshares has a one year low of $30.50 and a one year high of $44.43.

United Bankshares Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Friday, June 13th were issued a dividend of $0.37 per share. The ex-dividend date was Friday, June 13th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 4.09%. United Bankshares's dividend payout ratio is presently 55.02%.

Hedge Funds Weigh In On United Bankshares

A number of institutional investors have recently added to or reduced their stakes in UBSI. Jane Street Group LLC raised its holdings in 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 worth $6,329,000 after purchasing an additional 155,051 shares in the last quarter. Millennium Management LLC raised its holdings in United Bankshares by 464.1% in 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 in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in 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 worth $14,195,000 after purchasing an additional 28,366 shares in the last quarter. Royal Bank of Canada raised its holdings in United Bankshares by 2.0% in the first quarter. Royal Bank of Canada now owns 66,649 shares of the financial services provider's stock worth $2,310,000 after purchasing an additional 1,298 shares in the last quarter. Finally, Brighton Jones LLC raised its holdings in United Bankshares by 4.6% in the fourth quarter. Brighton Jones LLC now owns 16,873 shares of the financial services provider's stock worth $634,000 after purchasing an additional 748 shares in the last quarter. Institutional investors own 70.80% of the company's stock.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Keefe, Bruyette & Woods lowered their price objective on United Bankshares from $42.00 to $40.00 and set a "market perform" rating for the company in a research report on Monday, April 28th. Wall Street Zen downgraded United Bankshares from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. One analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. Based on data from MarketBeat.com, United Bankshares presently has an average rating of "Hold" and a consensus target price of $40.63.

About United Bankshares

United Bankshares, Inc, through its subsidiaries, primarily provides commercial and retail banking products and services in the United States. It operates through two segments, Community Banking and Mortgage Banking. The company accepts checking, savings, and time and money market accounts; individual retirement accounts; and demand deposits, statement and special savings, and NOW accounts.

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