United Bankshares (NASDAQ:UBSI) Releases Quarterly Earnings Results, Beats Expectations By $0.04 EPS

United Bankshares (NASDAQ:UBSI) announced its earnings results on Thursday. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.04, FiscalAI reports. United Bankshares had a net margin of 25.51% and a return on equity of 8.60%. The business had revenue of $318.14 million for the quarter, compared to analyst estimates of $315.15 million. During the same quarter last year, the business earned $0.59 earnings per share.

United Bankshares Stock Performance

UBSI opened at $43.91 on Friday. The firm has a market capitalization of $6.13 billion, a PE ratio of 13.43 and a beta of 0.73. United Bankshares has a twelve month low of $33.70 and a twelve month high of $45.92. The firm’s 50-day moving average price is $41.99 and its 200 day moving average price is $39.90. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 0.10.

United Bankshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 1st. Investors of record on Friday, March 13th were given a dividend of $0.38 per share. The ex-dividend date was Friday, March 13th. This represents a $1.52 dividend on an annualized basis and a yield of 3.5%. United Bankshares’s payout ratio is presently 46.48%.

Wall Street Analyst Weigh In

UBSI has been the topic of several research analyst reports. Keefe, Bruyette & Woods lifted their target price on shares of United Bankshares from $40.00 to $43.00 and gave the company a “market perform” rating in a research report on Monday, January 26th. Weiss Ratings upgraded shares of United Bankshares from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, February 13th. Zacks Research lowered shares of United Bankshares from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 26th. Stephens lifted their target price on shares of United Bankshares from $40.00 to $44.00 and gave the company an “equal weight” rating in a research report on Friday, January 23rd. Finally, Piper Sandler reiterated an “overweight” rating and issued a $47.00 target price on shares of United Bankshares in a research report on Monday, January 26th. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $44.67.

Hedge Funds Weigh In On United Bankshares

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Axxcess Wealth Management LLC boosted its position in United Bankshares by 0.8% during the fourth quarter. Axxcess Wealth Management LLC now owns 83,567 shares of the financial services provider’s stock worth $3,209,000 after acquiring an additional 648 shares during the last quarter. Mercer Global Advisors Inc. ADV boosted its position in United Bankshares by 60.4% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 14,410 shares of the financial services provider’s stock worth $553,000 after acquiring an additional 5,425 shares during the last quarter. State of Tennessee Department of Treasury boosted its position in United Bankshares by 15.5% during the fourth quarter. State of Tennessee Department of Treasury now owns 59,404 shares of the financial services provider’s stock worth $2,515,000 after acquiring an additional 7,956 shares during the last quarter. EP Wealth Advisors LLC acquired a new position in United Bankshares during the fourth quarter worth about $3,278,000. Finally, Empowered Funds LLC acquired a new position in United Bankshares during the fourth quarter worth about $189,000. 70.80% of the stock is currently owned by institutional investors and hedge funds.

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.