United Bankshares (NASDAQ:UBSI) Posts Quarterly Earnings Results, Beats Estimates By $0.06 EPS

United Bankshares (NASDAQ:UBSI) posted its quarterly earnings results on Thursday. The financial services provider reported $0.95 EPS for the quarter, beating the consensus estimate of $0.89 by $0.06, Briefing.com reports. United Bankshares had a return on equity of 9.26% and a net margin of 27.45%.The firm had revenue of $323.82 million during the quarter, compared to analysts’ expectations of $320.07 million. During the same quarter last year, the firm earned $0.85 earnings per share.

United Bankshares Stock Performance

Shares of UBSI traded up $0.09 during midday trading on Friday, reaching $47.45. 111,875 shares of the stock were exchanged, compared to its average volume of 956,254. United Bankshares has a twelve month low of $34.10 and a twelve month high of $48.22. 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 has a market capitalization of $6.54 billion, a price-to-earnings ratio of 13.29 and a beta of 0.71. The business’s 50-day moving average price is $44.98 and its 200 day moving average price is $43.17.

United Bankshares Announces Dividend

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

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Zacks Research lowered United Bankshares from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 26th. Wall Street Zen cut United Bankshares from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. Hovde Group raised their target price on United Bankshares from $49.00 to $50.00 and gave the company a “market perform” rating in a report on Friday. Weiss Ratings restated a “buy (b)” rating on shares of United Bankshares in a report on Monday, July 6th. Finally, Raymond James Financial upped their target price on shares of United Bankshares from $49.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 1st. Three research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $46.80.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd acquired a new stake in United Bankshares during the 3rd quarter worth approximately $25,000. EverSource Wealth Advisors LLC increased its stake in United Bankshares by 528.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,175 shares of the financial services provider’s stock valued at $43,000 after buying an additional 988 shares during the period. Quadrant Capital Group LLC increased its stake in United Bankshares by 6,386.8% in the 4th quarter. Quadrant Capital Group LLC now owns 3,438 shares of the financial services provider’s stock valued at $132,000 after buying an additional 3,385 shares during the period. Empowered Funds LLC purchased a new position in United Bankshares during the 4th quarter worth $189,000. Finally, Polymer Capital Management HK LTD purchased a new position in United Bankshares during the 3rd quarter worth $245,000. Hedge funds and other institutional investors 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.