Investment analysts at Hovde Group began coverage on shares of United Bankshares (NASDAQ:UBSI – Get Free Report) in a research report issued on Wednesday, MarketBeat Ratings reports. The firm set a “market perform” rating and a $49.00 price target on the financial services provider’s stock. Hovde Group’s target price suggests a potential upside of 8.19% from the stock’s previous close.
Several other equities research analysts have also recently weighed in on UBSI. Zacks Research cut United Bankshares from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 26th. Raymond James Financial restated an “outperform” rating and issued a $49.00 price objective on shares of United Bankshares in a research report on Monday, April 27th. Finally, Wall Street Zen cut shares of United Bankshares from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. Three investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $46.40.
Check Out Our Latest Research Report on UBSI
United Bankshares Trading Up 0.8%
United Bankshares (NASDAQ:UBSI – Get Free Report) last announced its quarterly 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. United Bankshares had a return on equity of 9.26% and a net margin of 27.45%.The company had revenue of $316.58 million during the quarter, compared to analysts’ expectations of $315.15 million. During the same period in the previous year, the business earned $0.59 earnings per share. As a group, analysts expect that United Bankshares will post 3.64 EPS for the current year.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Dimensional Fund Advisors LP boosted its holdings in United Bankshares by 0.3% during the 3rd quarter. Dimensional Fund Advisors LP now owns 7,741,908 shares of the financial services provider’s stock valued at $288,076,000 after acquiring an additional 24,631 shares during the period. Geode Capital Management LLC increased its stake in United Bankshares by 5.1% in the 4th quarter. Geode Capital Management LLC now owns 3,802,338 shares of the financial services provider’s stock worth $146,030,000 after purchasing an additional 183,950 shares during the period. Victory Capital Management Inc. increased its stake in United Bankshares by 1.2% in the 3rd quarter. Victory Capital Management Inc. now owns 3,624,628 shares of the financial services provider’s stock worth $134,872,000 after purchasing an additional 42,255 shares during the period. Norges Bank bought a new stake in United Bankshares in the fourth quarter valued at approximately $68,366,000. Finally, Bank of America Corp DE lifted its position in United Bankshares by 20.5% in the first quarter. Bank of America Corp DE now owns 1,631,894 shares of the financial services provider’s stock valued at $67,593,000 after purchasing an additional 277,836 shares during the last quarter. 70.80% of the stock is owned by institutional investors.
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.
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