United Bankshares (NASDAQ:UBSI) Price Target Raised to $41.00

United Bankshares (NASDAQ:UBSI) had its target price boosted by DA Davidson from $36.00 to $41.00 in a research note issued to investors on Friday, Benzinga reports. DA Davidson currently has a neutral rating on the financial services provider’s stock. DA Davidson also issued estimates for United Bankshares’ Q3 2024 earnings at $0.68 EPS.

Several other brokerages have also recently commented on UBSI. Stephens decreased their target price on shares of United Bankshares from $36.00 to $34.00 and set an equal weight rating for the company in a report on Friday, April 26th. Keefe, Bruyette & Woods boosted their target price on United Bankshares from $38.00 to $40.00 and gave the company a market perform rating in a research note on Friday. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, United Bankshares has an average rating of Hold and a consensus price target of $39.20.

United Bankshares Stock Up 2.6 %

UBSI stock opened at $39.32 on Friday. United Bankshares has a 52 week low of $25.35 and a 52 week high of $39.86. The company has a market capitalization of $5.32 billion, a price-to-earnings ratio of 15.01 and a beta of 1.00. The firm’s 50-day moving average is $33.09 and its two-hundred day moving average is $34.17. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.36.

United Bankshares (NASDAQ:UBSI) last issued its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.71 EPS for the quarter, topping the consensus estimate of $0.64 by $0.07. The firm had revenue of $255.94 million for the quarter, compared to analysts’ expectations of $255.54 million. United Bankshares had a net margin of 22.44% and a return on equity of 7.77%. United Bankshares’s revenue for the quarter was down 2.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.68 earnings per share. On average, analysts forecast that United Bankshares will post 2.61 earnings per share for the current fiscal year.

United Bankshares Announces Dividend

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

Hedge Funds Weigh In On United Bankshares

Large investors have recently made changes to their positions in the business. Fifth Third Bancorp boosted its holdings in United Bankshares by 206.0% in the 4th quarter. Fifth Third Bancorp now owns 976 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 657 shares during the period. Hexagon Capital Partners LLC raised its position in shares of United Bankshares by 449.0% during the fourth quarter. Hexagon Capital Partners LLC now owns 1,345 shares of the financial services provider’s stock valued at $51,000 after buying an additional 1,100 shares during the last quarter. Kapitalo Investimentos Ltda bought a new stake in shares of United Bankshares in the fourth quarter valued at about $58,000. GAMMA Investing LLC grew its position in United Bankshares by 253.5% during the second quarter. GAMMA Investing LLC now owns 1,545 shares of the financial services provider’s stock worth $50,000 after buying an additional 1,108 shares in the last quarter. Finally, New Covenant Trust Company N.A. bought a new position in United Bankshares during the first quarter valued at about $79,000. Institutional investors and hedge funds own 70.80% of the company’s stock.

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.