United Bankshares (NASDAQ:UBSI) Reaches New 12-Month High Following Analyst Upgrade

Shares of United Bankshares, Inc. (NASDAQ:UBSI) hit a new 52-week high during mid-day trading on Tuesday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The company traded as high as $44.11 and last traded at $43.48, with a volume of 150688 shares traded. The stock had previously closed at $43.07.

UBSI has been the topic of a number of other reports. Weiss Ratings restated a “hold (c+)” rating on shares of United Bankshares in a research note on Monday, December 29th. Piper Sandler restated an “overweight” rating and issued a $47.00 price objective on shares of United Bankshares in a research report on Monday, January 26th. Stephens raised 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. Finally, Keefe, Bruyette & Woods lifted their target price on shares of United Bankshares from $40.00 to $43.00 and gave the company a “market perform” rating in a research report on Monday, January 26th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $44.67.

Institutional Trading of United Bankshares

Several hedge funds have recently added to or reduced their stakes in UBSI. Brighton Jones LLC lifted its stake in shares of United Bankshares by 4.6% in the 4th quarter. Brighton Jones LLC now owns 16,873 shares of the financial services provider’s stock valued at $634,000 after acquiring an additional 748 shares during the last quarter. Royal Bank of Canada increased its stake in United Bankshares by 2.0% in the 1st quarter. Royal Bank of Canada now owns 66,649 shares of the financial services provider’s stock worth $2,310,000 after purchasing an additional 1,298 shares during the period. Millennium Management LLC lifted its position in United Bankshares by 464.1% in the first quarter. Millennium Management LLC now owns 137,336 shares of the financial services provider’s stock valued at $4,761,000 after purchasing an additional 112,988 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in United Bankshares by 7.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 409,428 shares of the financial services provider’s stock valued at $14,195,000 after purchasing an additional 28,366 shares during the last quarter. Finally, Jane Street Group LLC boosted its stake in shares of United Bankshares by 564.0% during the first quarter. Jane Street Group LLC now owns 182,540 shares of the financial services provider’s stock valued at $6,329,000 after purchasing an additional 155,051 shares during the period. 70.80% of the stock is owned by institutional investors.

United Bankshares Price Performance

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’s fifty day moving average price is $40.01 and its 200-day moving average price is $37.92. The stock has a market cap of $6.28 billion, a P/E ratio of 13.68 and a beta of 0.78.

United Bankshares (NASDAQ:UBSI) last posted its quarterly earnings results on Thursday, January 22nd. The financial services provider reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.86 by $0.05. The company had revenue of $430.85 million during the quarter, compared to analyst estimates of $315.50 million. United Bankshares had a net margin of 25.51% and a return on equity of 8.60%. During the same period in the prior year, the business posted $0.69 EPS. Analysts forecast that United Bankshares, Inc. will post 2.81 earnings per share for the current year.

United Bankshares Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 2nd. Investors of record on Friday, December 12th were paid a $0.38 dividend. The ex-dividend date of this dividend was Friday, December 12th. 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 3.4%. United Bankshares’s payout ratio is 46.48%.

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.