United Bankshares (NASDAQ:UBSI) Reaches New 52-Week High – Here’s What Happened

United Bankshares, Inc. (NASDAQ:UBSI)’s share price hit a new 52-week high on Tuesday . The stock traded as high as $44.11 and last traded at $43.48, with a volume of 150688 shares. The stock had previously closed at $43.07.

Analysts Set New Price Targets

UBSI has been the topic of a number of recent analyst reports. Stephens lifted their price objective on United Bankshares from $40.00 to $44.00 and gave the stock an “equal weight” rating in a research note on Friday, January 23rd. Piper Sandler reissued an “overweight” rating and issued a $47.00 price objective on shares of United Bankshares in a research note on Monday, January 26th. Zacks Research downgraded United Bankshares from a “strong-buy” rating to a “hold” rating in a report on Monday, December 22nd. Keefe, Bruyette & Woods increased their price target on United Bankshares from $40.00 to $43.00 and gave the stock a “market perform” rating in a report on Monday, January 26th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of United Bankshares in a research report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $44.67.

United Bankshares Trading Up 0.9%

The stock has a market capitalization of $6.10 billion, a PE ratio of 13.33 and a beta of 0.78. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.10. The firm has a 50 day moving average price of $39.75 and a 200 day moving average price of $37.83.

United Bankshares (NASDAQ:UBSI) last posted its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.05. United Bankshares had a net margin of 25.51% and a return on equity of 8.60%. The firm had revenue of $430.85 million for the quarter, compared to the consensus estimate of $315.50 million. During the same period in the previous year, the firm earned $0.69 EPS. Equities analysts expect that United Bankshares, Inc. will post 2.81 EPS for the current fiscal year.

United Bankshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 2nd. Shareholders of record on Friday, December 12th were paid a $0.38 dividend. This is a boost from United Bankshares’s previous quarterly dividend of $0.37. The ex-dividend date was Friday, December 12th. This represents a $1.52 dividend on an annualized basis and a yield of 3.5%. United Bankshares’s dividend payout ratio is currently 46.48%.

Institutional Trading of United Bankshares

Several hedge funds and other institutional investors have recently modified their holdings of the business. Norges Bank purchased a new stake in shares of United Bankshares in the second quarter worth $60,618,000. First Trust Advisors LP raised its holdings in shares of United Bankshares by 367.5% in the 2nd quarter. First Trust Advisors LP now owns 1,935,979 shares of the financial services provider’s stock valued at $70,528,000 after acquiring an additional 1,521,864 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of United Bankshares by 65.5% during the 3rd quarter. AQR Capital Management LLC now owns 930,252 shares of the financial services provider’s stock valued at $34,615,000 after acquiring an additional 368,141 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of United Bankshares by 64.6% during the third quarter. JPMorgan Chase & Co. now owns 782,292 shares of the financial services provider’s stock worth $29,109,000 after purchasing an additional 307,159 shares in the last quarter. Finally, Verition Fund Management LLC raised its stake in United Bankshares by 89.5% in the third quarter. Verition Fund Management LLC now owns 520,964 shares of the financial services provider’s stock valued at $19,385,000 after purchasing an additional 246,006 shares in the last quarter. 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.