United Bankshares (NASDAQ:UBSI) Posts Earnings Results, Beats Expectations By $0.04 EPS

United Bankshares (NASDAQ:UBSI) announced its quarterly earnings results on Thursday. The financial services provider reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.04, FiscalAI reports. United Bankshares had a net margin of 25.51% and a return on equity of 8.60%. The company had revenue of $318.14 million during the quarter, compared to the consensus estimate of $315.15 million. During the same quarter last year, the firm earned $0.59 earnings per share.

United Bankshares Stock Performance

UBSI stock traded up $0.54 during trading on Thursday, reaching $43.93. The stock had a trading volume of 203,409 shares, compared to its average volume of 954,541. The firm has a market cap of $6.14 billion, a PE ratio of 13.42 and a beta of 0.73. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 0.10. The stock’s 50 day moving average is $41.99 and its two-hundred day moving average is $39.87. United Bankshares has a 52 week low of $33.70 and a 52 week high of $45.92.

United Bankshares Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th were issued a $0.38 dividend. The ex-dividend date of this dividend was Friday, March 13th. 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%.

Wall Street Analysts Forecast Growth

UBSI has been the subject of a number of research analyst reports. Zacks Research lowered United Bankshares from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 26th. Piper Sandler reaffirmed an “overweight” rating and set a $47.00 price target on shares of United Bankshares in a report on Monday, January 26th. Weiss Ratings raised United Bankshares from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, February 13th. Keefe, Bruyette & Woods lifted their price objective 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, Stephens upped their target price on shares of United Bankshares from $40.00 to $44.00 and gave the company an “equal weight” rating in a research note on Friday, January 23rd. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $44.67.

Institutional Investors Weigh In On United Bankshares

Several hedge funds and other institutional investors have recently made changes to their positions in UBSI. Axxcess Wealth Management LLC boosted its holdings in shares of United Bankshares by 0.8% in the fourth quarter. Axxcess Wealth Management LLC now owns 83,567 shares of the financial services provider’s stock worth $3,209,000 after buying an additional 648 shares during the last quarter. Mercer Global Advisors Inc. ADV increased its holdings in United Bankshares by 60.4% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 14,410 shares of the financial services provider’s stock valued at $553,000 after buying an additional 5,425 shares during the last quarter. State of Tennessee Department of Treasury raised its position in United Bankshares by 15.5% in the fourth quarter. State of Tennessee Department of Treasury now owns 59,404 shares of the financial services provider’s stock worth $2,515,000 after acquiring an additional 7,956 shares during the period. EP Wealth Advisors LLC bought a new position in United Bankshares in the fourth quarter worth approximately $3,278,000. Finally, Empowered Funds LLC purchased a new position in shares of United Bankshares during the 4th quarter worth $189,000. 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.