United Bankshares (NASDAQ:UBSI) Upgraded at Zacks Research

Zacks Research upgraded shares of United Bankshares (NASDAQ:UBSI) from a hold rating to a strong-buy rating in a research note published on Monday morning,Zacks.com reports.

A number of other research analysts have also weighed in on UBSI. Piper Sandler reissued an “overweight” rating and set a $47.00 price target on shares of United Bankshares in a research report on Monday, January 26th. Weiss Ratings reiterated a “hold (c+)” rating on shares of United Bankshares in a research note on Monday, December 29th. Keefe, Bruyette & Woods lifted their target price on shares of United Bankshares from $40.00 to $43.00 and gave the stock a “market perform” rating in a research report on Monday, January 26th. Finally, Stephens upped their target price on United Bankshares from $40.00 to $44.00 and gave the company an “equal weight” rating in a report on Friday, January 23rd. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, United Bankshares has an average rating of “Moderate Buy” and an average price target of $44.67.

United Bankshares Stock Up 1.7%

Shares of NASDAQ:UBSI opened at $44.71 on Monday. The business’s 50 day moving average is $40.01 and its 200 day moving average is $37.92. United Bankshares has a 12-month low of $30.50 and a 12-month high of $45.18. The stock has a market cap of $6.28 billion, a price-to-earnings ratio of 13.67 and a beta of 0.78. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.10.

United Bankshares (NASDAQ:UBSI) last released 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 business had revenue of $430.85 million during the quarter, compared to analyst estimates of $315.50 million. United Bankshares had a return on equity of 8.60% and a net margin of 25.51%.During the same period in the prior year, the firm posted $0.69 EPS. On average, sell-side analysts forecast that United Bankshares will post 2.81 earnings per share for the current fiscal year.

United Bankshares Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 2nd. Stockholders of record on Friday, December 12th were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Friday, December 12th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.4%. This is an increase from United Bankshares’s previous quarterly dividend of $0.37. United Bankshares’s payout ratio is currently 46.48%.

Hedge Funds Weigh In On United Bankshares

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