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

United Bankshares (NASDAQ:UBSI) released its quarterly earnings data on Thursday. The financial services provider reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.86 by $0.05, FiscalAI reports. The business had revenue of $430.85 million for the quarter, compared to the consensus estimate of $315.50 million. United Bankshares had a return on equity of 8.15% and a net margin of 24.37%.During the same quarter in the prior year, the business posted $0.69 EPS.

United Bankshares Price Performance

Shares of NASDAQ UBSI opened at $42.83 on Friday. The stock has a fifty day moving average price of $38.91 and a 200 day moving average price of $37.61. United Bankshares has a 1-year low of $30.50 and a 1-year high of $43.78. 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 cap of $6.01 billion, a PE ratio of 14.04 and a beta of 0.78.

United Bankshares Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 2nd. Investors of record on Friday, December 12th were issued a dividend of $0.38 per share. This is a boost from United Bankshares’s previous quarterly dividend of $0.37. This represents a $1.52 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend was Friday, December 12th. United Bankshares’s dividend payout ratio is 49.84%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in UBSI. Caitong International Asset Management Co. Ltd purchased a new stake in United Bankshares in the 3rd quarter valued at approximately $25,000. EverSource Wealth Advisors LLC grew its holdings in United Bankshares by 528.3% during the second quarter. EverSource Wealth Advisors LLC now owns 1,175 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 988 shares during the period. Tidal Investments LLC acquired a new position in United Bankshares during the second quarter worth $242,000. Polymer Capital Management HK LTD acquired a new stake in United Bankshares in the third quarter valued at $245,000. Finally, Magnetar Financial LLC acquired a new stake in United Bankshares in the third quarter valued at $280,000. 70.80% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Zacks Research downgraded shares of United Bankshares from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 22nd. Stephens set a $44.00 target price on United Bankshares in a research report on Friday. Piper Sandler set a $42.50 target price on United Bankshares and gave the company an “overweight” rating in a research report on Thursday, October 23rd. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of United Bankshares in a report on Monday, December 29th. One analyst has rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, United Bankshares presently has a consensus rating of “Hold” and an average target price of $42.17.

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.