United Bankshares (NASDAQ:UBSI) Hits New 12-Month High Following Better-Than-Expected Earnings

United Bankshares, Inc. (NASDAQ:UBSI)’s stock price hit a new 52-week high on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $38.83 and last traded at $38.76, with a volume of 230592 shares traded. The stock had previously closed at $37.02.

The financial services provider reported $0.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.07. United Bankshares had a net margin of 22.44% and a return on equity of 7.77%. The firm had revenue of $255.94 million during the quarter, compared to analyst estimates of $255.54 million. During the same quarter in the prior year, the firm posted $0.68 EPS. United Bankshares’s revenue was down 2.6% compared to the same quarter last year.

United Bankshares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Friday, June 14th were paid a dividend of $0.37 per share. The ex-dividend date was Friday, June 14th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.76%. United Bankshares’s dividend payout ratio is presently 56.49%.

Analyst Ratings Changes

A number of analysts have recently commented on UBSI shares. Keefe, Bruyette & Woods boosted their price objective on United Bankshares from $38.00 to $40.00 and gave the stock a “market perform” rating in a research note on Friday. StockNews.com raised shares of United Bankshares from a “sell” rating to a “hold” rating in a report on Friday. Stephens lifted their price objective on shares of United Bankshares from $36.00 to $39.00 and gave the stock an “equal weight” rating in a research note on Friday. Finally, DA Davidson increased their target price on shares of United Bankshares from $36.00 to $41.00 and gave the company a “neutral” rating in a research note on Friday. Five analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat.com, United Bankshares currently has a consensus rating of “Hold” and an average price target of $39.20.

Institutional Trading of United Bankshares

A number of hedge funds have recently bought and sold shares of the company. Fifth Third Bancorp raised its holdings in shares of United Bankshares by 206.0% during the fourth quarter. Fifth Third Bancorp now owns 976 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 657 shares during the period. GAMMA Investing LLC lifted its holdings in shares of United Bankshares by 253.5% in the second quarter. GAMMA Investing LLC now owns 1,545 shares of the financial services provider’s stock valued at $50,000 after purchasing an additional 1,108 shares in the last quarter. Hexagon Capital Partners LLC boosted its position in shares of United Bankshares by 449.0% in the fourth quarter. Hexagon Capital Partners LLC now owns 1,345 shares of the financial services provider’s stock worth $51,000 after buying an additional 1,100 shares during the period. Kapitalo Investimentos Ltda purchased a new position in shares of United Bankshares during the fourth quarter valued at $58,000. Finally, New Covenant Trust Company N.A. acquired a new position in United Bankshares during the first quarter valued at $79,000. 70.80% of the stock is owned by hedge funds and other institutional investors.

United Bankshares Price Performance

The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.36. The stock has a 50-day simple moving average of $33.09 and a 200 day simple moving average of $34.17. The stock has a market capitalization of $5.32 billion, a price-to-earnings ratio of 15.01 and a beta of 1.00.

About United Bankshares

United Bankshares, Inc, through its subsidiaries, primarily provides commercial and retail banking products and services in the United States. It operates through two segments, Community Banking and Mortgage Banking. The company accepts checking, savings, and time and money market accounts; individual retirement accounts; and demand deposits, statement and special savings, and NOW accounts.