United Bankshares (NASDAQ:UBSI) Hits New 52-Week High – What’s Next?

United Bankshares, Inc. (NASDAQ:UBSI)’s share price hit a new 52-week high on Thursday . The stock traded as high as $47.52 and last traded at $47.6060, with a volume of 49298 shares. The stock had previously closed at $46.69.

Wall Street Analyst Weigh In

UBSI has been the subject of several recent research reports. Zacks Research cut United Bankshares from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 26th. Hovde Group assumed coverage on United Bankshares in a report on Wednesday, June 24th. They issued a “market perform” rating and a $49.00 target price for the company. Wall Street Zen downgraded United Bankshares from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. Weiss Ratings reiterated a “buy (b)” rating on shares of United Bankshares in a report on Monday, July 6th. Finally, Raymond James Financial lifted their price target on United Bankshares from $49.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday, July 1st. Three analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, United Bankshares has an average rating of “Hold” and a consensus price target of $46.60.

United Bankshares Stock Down 1.3%

The business has a fifty day moving average of $44.60 and a 200 day moving average of $42.90. The company has a market capitalization of $6.56 billion, a PE ratio of 13.33 and a beta of 0.71. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.10.

United Bankshares (NASDAQ:UBSI) last released its earnings results on Thursday, April 23rd. The financial services provider reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.04. The company had revenue of $316.58 million during the quarter, compared to the consensus estimate of $315.15 million. United Bankshares had a return on equity of 9.26% and a net margin of 27.45%.During the same period in the previous year, the company posted $0.59 EPS. Equities research analysts anticipate that United Bankshares, Inc. will post 3.64 EPS for the current year.

United Bankshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Friday, June 12th were issued a $0.38 dividend. The ex-dividend date was Friday, June 12th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.2%. United Bankshares’s payout ratio is 42.58%.

Institutional Investors Weigh In On United Bankshares

Hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. increased its holdings in shares of United Bankshares by 64.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 782,292 shares of the financial services provider’s stock valued at $29,109,000 after acquiring an additional 307,159 shares during the last quarter. SG Americas Securities LLC raised its position in shares of United Bankshares by 168.3% during the 4th quarter. SG Americas Securities LLC now owns 56,866 shares of the financial services provider’s stock worth $2,184,000 after acquiring an additional 35,673 shares in the last quarter. 1834 Investment Advisors Co. purchased a new stake in United Bankshares during the fourth quarter worth approximately $3,700,000. Artemis Investment Management LLP purchased a new stake in United Bankshares during the fourth quarter worth approximately $1,801,000. Finally, OLD National Bancorp IN acquired a new position in United Bankshares in the fourth quarter valued at approximately $4,895,000. 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.