DA Davidson Lifts Earnings Estimates for United Bankshares

United Bankshares, Inc. (NASDAQ:UBSI) – Analysts at DA Davidson upped their FY2024 earnings per share estimates for United Bankshares in a report released on Wednesday, November 6th. DA Davidson analyst M. Navas now expects that the financial services provider will earn $2.74 per share for the year, up from their prior forecast of $2.70. DA Davidson has a “Neutral” rating and a $41.00 price target on the stock. The consensus estimate for United Bankshares’ current full-year earnings is $2.70 per share. DA Davidson also issued estimates for United Bankshares’ Q4 2024 earnings at $0.67 EPS and FY2025 earnings at $2.88 EPS.

Several other brokerages have also issued reports on UBSI. StockNews.com lowered shares of United Bankshares from a “hold” rating to a “sell” rating in a research note on Tuesday. Stephens lifted their price objective on shares of United Bankshares from $36.00 to $39.00 and gave the company an “equal weight” rating in a research note on Friday, July 26th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of United Bankshares from $38.00 to $40.00 and gave the company a “market perform” rating in a research note on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, United Bankshares has an average rating of “Hold” and an average price target of $40.25.

United Bankshares Price Performance

United Bankshares stock opened at $41.34 on Thursday. United Bankshares has a 52 week low of $29.19 and a 52 week high of $42.95. The company’s 50 day moving average price is $37.39 and its two-hundred day moving average price is $35.38. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.11. The stock has a market cap of $5.59 billion, a P/E ratio of 15.66 and a beta of 0.98.

United Bankshares (NASDAQ:UBSI) last released its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.67 by $0.03. United Bankshares had a net margin of 22.05% and a return on equity of 7.58%. The company had revenue of $414.67 million for the quarter, compared to analysts’ expectations of $260.30 million. During the same quarter in the prior year, the firm earned $0.71 EPS.

Hedge Funds Weigh In On United Bankshares

Several hedge funds and other institutional investors have recently modified their holdings of UBSI. SG Americas Securities LLC grew its holdings in United Bankshares by 218.2% in the second quarter. SG Americas Securities LLC now owns 29,676 shares of the financial services provider’s stock worth $963,000 after purchasing an additional 20,350 shares during the period. BNP Paribas Financial Markets grew its holdings in United Bankshares by 77.8% in the first quarter. BNP Paribas Financial Markets now owns 69,932 shares of the financial services provider’s stock worth $2,503,000 after purchasing an additional 30,590 shares during the period. State Board of Administration of Florida Retirement System grew its holdings in United Bankshares by 37.7% in the first quarter. State Board of Administration of Florida Retirement System now owns 51,455 shares of the financial services provider’s stock worth $1,811,000 after purchasing an additional 14,080 shares during the period. Ontario Teachers Pension Plan Board purchased a new stake in United Bankshares in the first quarter worth about $901,000. Finally, Earnest Partners LLC grew its holdings in United Bankshares by 1.8% in the second quarter. Earnest Partners LLC now owns 4,253,797 shares of the financial services provider’s stock worth $137,993,000 after purchasing an additional 74,638 shares during the period. Hedge funds and other institutional investors own 70.80% of the company’s stock.

Insider Buying and Selling at United Bankshares

In other United Bankshares news, Director Peter A. Converse sold 5,000 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $40.00, for a total value of $200,000.00. Following the transaction, the director now owns 434,769 shares in the company, valued at approximately $17,390,760. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 3.66% of the company’s stock.

United Bankshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.58%. The ex-dividend date was Friday, September 13th. United Bankshares’s payout ratio is 56.06%.

United Bankshares Company Profile

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.