United Bankshares (NASDAQ:UBSI) Sets New 52-Week High After Analyst Upgrade

United Bankshares, Inc. (NASDAQ:UBSI) shares hit a new 52-week high during mid-day trading on Monday after Wall Street Zen upgraded the stock from a sell rating to a hold rating. The stock traded as high as $48.32 and last traded at $48.18, with a volume of 64790 shares. The stock had previously closed at $47.80.

A number of other research analysts have also weighed in on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of United Bankshares in a report on Monday, July 6th. Hovde Group increased their price objective on shares of United Bankshares from $49.00 to $50.00 and gave the company a “market perform” rating in a research report on Friday. Finally, Raymond James Financial increased their price objective on shares of United Bankshares from $49.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, July 1st. Three research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $46.80.

Hedge Funds Weigh In On United Bankshares

Large investors have recently modified their holdings of the stock. 1834 Investment Advisors Co. bought a new position in United Bankshares during the fourth quarter valued at $3,700,000. SG Americas Securities LLC raised its stake in shares of United Bankshares by 168.3% in the fourth quarter. SG Americas Securities LLC now owns 56,866 shares of the financial services provider’s stock valued at $2,184,000 after acquiring an additional 35,673 shares during the period. Artemis Investment Management LLP bought a new stake in shares of United Bankshares in the 4th quarter worth about $1,801,000. OLD National Bancorp IN bought a new stake in shares of United Bankshares in the 4th quarter worth about $4,895,000. Finally, NTV Asset Management LLC lifted its holdings in shares of United Bankshares by 35.5% in the 4th quarter. NTV Asset Management LLC now owns 172,025 shares of the financial services provider’s stock worth $6,606,000 after acquiring an additional 45,100 shares during the last quarter. Institutional investors own 70.80% of the company’s stock.

United Bankshares Stock Performance

The stock has a market capitalization of $6.65 billion, a PE ratio of 13.15 and a beta of 0.71. The business’s 50 day moving average is $45.10 and its 200 day moving average is $43.23. 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 announced its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.06. United Bankshares had a net margin of 27.97% and a return on equity of 9.39%. The business had revenue of $323.82 million during the quarter, compared to the consensus estimate of $320.07 million. During the same quarter last year, the firm earned $0.85 earnings per share. On average, equities research analysts predict that United Bankshares, Inc. will post 3.65 earnings per share for the current fiscal year.

United Bankshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Friday, June 12th were paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend was Friday, June 12th. United Bankshares’s dividend payout ratio (DPR) is currently 41.42%.

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.