United Bankshares (NASDAQ:UBSI) Posts Earnings Results, Beats Estimates By $0.05 EPS

United Bankshares (NASDAQ:UBSI) released its earnings results on Thursday. The financial services provider reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.05, FiscalAI reports. The firm had revenue of $430.85 million for the quarter, compared to analyst estimates of $315.50 million. United Bankshares had a net margin of 24.37% and a return on equity of 8.15%. During the same period in the prior year, the firm earned $0.69 earnings per share.

United Bankshares Trading Down 0.1%

Shares of United Bankshares stock opened at $42.75 on Friday. 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 fifty day simple moving average of $38.91 and a 200-day simple moving average of $37.61. The stock has a market cap of $6.00 billion, a price-to-earnings ratio of 14.02 and a beta of 0.78. United Bankshares has a 12-month low of $30.50 and a 12-month high of $43.78.

United Bankshares Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 2nd. Stockholders of record on Friday, December 12th were given a dividend of $0.38 per share. The ex-dividend date was Friday, December 12th. This represents a $1.52 annualized dividend and a dividend yield of 3.6%. This is a boost from United Bankshares’s previous quarterly dividend of $0.37. United Bankshares’s payout ratio is presently 49.84%.

Wall Street Analysts Forecast Growth

Several research firms have commented on UBSI. Piper Sandler set a $42.50 price target on shares of United Bankshares and gave the stock an “overweight” rating in a report on Thursday, October 23rd. Weiss Ratings reiterated a “hold (c+)” rating on shares of United Bankshares in a research note on Monday, December 29th. Finally, Zacks Research lowered United Bankshares from a “strong-buy” rating to a “hold” rating in a report on Monday, December 22nd. One research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $41.83.

Hedge Funds Weigh In On United Bankshares

Several large investors have recently bought and sold shares of the stock. Brighton Jones LLC boosted its stake in United Bankshares by 4.6% during the 4th 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 during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of United Bankshares by 10.4% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 155,558 shares of the financial services provider’s stock valued at $5,667,000 after buying an additional 14,717 shares during the last quarter. Sei Investments Co. boosted its stake in shares of United Bankshares by 34.9% during the second quarter. Sei Investments Co. now owns 396,143 shares of the financial services provider’s stock worth $14,431,000 after buying an additional 102,525 shares during the period. NewEdge Advisors LLC grew its holdings in shares of United Bankshares by 1.7% during the second quarter. NewEdge Advisors LLC now owns 40,979 shares of the financial services provider’s stock worth $1,493,000 after buying an additional 690 shares during the last quarter. Finally, California Public Employees Retirement System increased its position in United Bankshares by 5.5% in the 2nd quarter. California Public Employees Retirement System now owns 225,915 shares of the financial services provider’s stock valued at $8,230,000 after acquiring an additional 11,838 shares during the period. 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.