United Bankshares (NASDAQ:UBSI) Sets New 52-Week High - Here's What Happened

Key Points

• United Bankshares hit a new 52-week high, trading as high as $47.52 and last changing hands around $47.61, above its prior close of $46.69.
• Analyst sentiment remains mixed but generally cautious: the stock has a Hold consensus rating with a consensus target price of $46.60, even as Raymond James raised its target to $50 and reaffirmed an outperform view.
• The bank continues to show solid fundamentals, with its latest quarterly earnings beating estimates at $0.89 EPS and a quarterly dividend of $0.38 per share, implying a 3.2% yield.

United Bankshares, Inc. (NASDAQ:UBSI - Get Free Report)'s share price hit a new 52-week high during trading on Thursday . The company traded as high as $47.52 and last traded at $47.6060, with a volume of 49298 shares traded. The stock had previously closed at $46.69.

Analysts Set New Price Targets

Several analysts recently weighed in on UBSI shares. Weiss Ratings reaffirmed a "buy (b)" rating on shares of United Bankshares in a report on Monday, July 6th. Raymond James Financial boosted their price target on shares of United Bankshares from $49.00 to $50.00 and gave the stock an "outperform" rating in a report on Wednesday, July 1st. Hovde Group began coverage on shares of United Bankshares in a research report on Wednesday, June 24th. They issued a "market perform" rating and a $49.00 price objective on the stock. Zacks Research lowered shares of United Bankshares from a "strong-buy" rating to a "hold" rating in a report on Thursday, March 26th. Finally, Wall Street Zen cut shares of United Bankshares from a "hold" rating to a "sell" rating in a research report 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $46.60.

United Bankshares Price Performance

The stock has a market capitalization of $6.61 billion, a price-to-earnings ratio of 13.43 and a beta of 0.71. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.10. The stock has a fifty day moving average of $44.42 and a 200-day moving average of $42.80.

United Bankshares (NASDAQ:UBSI - Get Free Report) last released its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.89 earnings per share for the quarter, topping analysts' consensus estimates of $0.85 by $0.04. United Bankshares had a net margin of 27.45% and a return on equity of 9.26%. The company had revenue of $316.58 million for the quarter, compared to analysts' expectations of $315.15 million. During the same quarter last year, the company earned $0.59 earnings per share. On average, equities research analysts predict that United Bankshares, Inc. will post 3.64 EPS for the current fiscal year.

United Bankshares Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Friday, June 12th were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 3.2%. The ex-dividend date was Friday, June 12th. United Bankshares's dividend payout ratio (DPR) is currently 42.58%.

Hedge Funds Weigh In On United Bankshares

Large investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP increased its position in shares of United Bankshares by 0.7% during the first quarter. Dimensional Fund Advisors LP now owns 7,661,331 shares of the financial services provider's stock worth $317,327,000 after purchasing an additional 56,808 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of United Bankshares by 5.1% in the 4th quarter. Geode Capital Management LLC now owns 3,802,338 shares of the financial services provider's stock valued at $146,030,000 after purchasing an additional 183,950 shares during the last quarter. Norges Bank acquired a new stake in shares of United Bankshares in the 4th quarter valued at about $68,366,000. Bank of America Corp DE boosted its position in shares of United Bankshares by 20.5% in the 1st quarter. Bank of America Corp DE now owns 1,631,894 shares of the financial services provider's stock valued at $67,593,000 after purchasing an additional 277,836 shares during the period. Finally, AQR Capital Management LLC grew its stake in United Bankshares by 74.7% during the 4th quarter. AQR Capital Management LLC now owns 1,625,205 shares of the financial services provider's stock worth $62,408,000 after buying an additional 694,953 shares during the last quarter. Institutional investors and hedge funds own 70.80% of the company's stock.

About United Bankshares

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.