Hovde Group Boosts United Bankshares (NASDAQ:UBSI) Price Target to $50.00

United Bankshares (NASDAQ:UBSI) had its price objective lifted by analysts at Hovde Group from $49.00 to $50.00 in a note issued to investors on Friday. The brokerage currently has a “market perform” rating on the financial services provider’s stock. Hovde Group’s target price would indicate a potential upside of 5.57% from the company’s previous close.

UBSI has been the topic of several other research reports. Raymond James Financial upped their price target on United Bankshares from $49.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, July 1st. Zacks Research lowered United Bankshares from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 26th. Weiss Ratings restated a “buy (b)” rating on shares of United Bankshares in a report on Monday, July 6th. Finally, Wall Street Zen lowered United Bankshares from a “hold” rating to a “sell” rating in a research report on Saturday, June 13th. Three analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, United Bankshares presently has an average rating of “Hold” and an average target price of $46.80.

United Bankshares Stock Up 1.0%

NASDAQ UBSI opened at $47.36 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.98 and a quick ratio of 0.98. The company’s 50 day simple moving average is $44.98 and its 200 day simple moving average is $43.17. United Bankshares has a 12 month low of $34.10 and a 12 month high of $48.22. The company has a market capitalization of $6.53 billion, a P/E ratio of 13.27 and a beta of 0.71.

United Bankshares (NASDAQ:UBSI) last released its earnings results on Thursday, July 23rd. The financial services provider reported $0.95 EPS for the quarter, beating the consensus estimate of $0.89 by $0.06. The business had revenue of $323.82 million during the quarter, compared to analyst estimates of $320.07 million. United Bankshares had a net margin of 27.45% and a return on equity of 9.26%. During the same period in the prior year, the business earned $0.85 earnings per share. Equities research analysts expect that United Bankshares will post 3.64 earnings per share for the current fiscal year.

Institutional Investors Weigh In On United Bankshares

Hedge funds have recently made changes to their positions in the company. Norges Bank acquired a new position in United Bankshares during the fourth quarter valued at $68,366,000. Vaughan Nelson Investment Management L.P. bought a new position in United Bankshares during the first quarter valued at approximately $34,476,000. AQR Capital Management LLC grew its position in United Bankshares by 74.7% in the fourth quarter. AQR Capital Management LLC now owns 1,625,205 shares of the financial services provider’s stock worth $62,408,000 after acquiring an additional 694,953 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of United Bankshares by 75.1% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,177,051 shares of the financial services provider’s stock worth $45,199,000 after purchasing an additional 504,986 shares during the last quarter. Finally, Bank of America Corp DE raised its holdings in shares of United Bankshares by 20.5% during 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 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.