Boenning Scattergood Comments on United Bankshares, Inc.’s Q4 2017 Earnings (UBSI)
United Bankshares, Inc. (NASDAQ:UBSI) – Equities researchers at Boenning Scattergood lifted their Q4 2017 earnings per share estimates for shares of United Bankshares in a note issued to investors on Friday. Boenning Scattergood analyst M. Schultheis now expects that the financial services provider will post earnings per share of $0.56 for the quarter, up from their previous forecast of $0.54. Boenning Scattergood has a “Hold” rating on the stock. Boenning Scattergood also issued estimates for United Bankshares’ Q1 2018 earnings at $0.52 EPS, Q2 2018 earnings at $0.57 EPS, Q3 2018 earnings at $0.55 EPS, Q4 2018 earnings at $0.56 EPS and FY2019 earnings at $2.32 EPS.
United Bankshares (NASDAQ:UBSI) last posted its earnings results on Thursday, October 26th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.01). The firm had revenue of $188.51 million for the quarter, compared to analyst estimates of $193.87 million. United Bankshares had a net margin of 24.94% and a return on equity of 6.25%. The company’s revenue for the quarter was up 44.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.54 earnings per share. ILLEGAL ACTIVITY WARNING: “Boenning Scattergood Comments on United Bankshares, Inc.’s Q4 2017 Earnings (UBSI)” was published by American Banking News and is the property of of American Banking News. If you are reading this news story on another publication, it was illegally copied and republished in violation of United States & international copyright law. The legal version of this news story can be viewed at https://www.americanbankingnews.com/2017/10/30/boenning-scattergood-comments-on-united-bankshares-inc-s-q4-2017-earnings-ubsi.html.
Other equities research analysts have also issued research reports about the stock. Zacks Investment Research lowered shares of United Bankshares from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. BidaskClub lowered shares of United Bankshares from a “sell” rating to a “strong sell” rating in a report on Wednesday, July 19th. One equities research analyst has rated the stock with a sell rating and five have issued a hold rating to the company. The stock has an average rating of “Hold” and an average price target of $42.50.
United Bankshares (UBSI) opened at 37.35 on Monday. United Bankshares has a 1-year low of $31.70 and a 1-year high of $49.35. The firm has a market capitalization of $3.92 billion, a price-to-earnings ratio of 19.98 and a beta of 1.06. The firm’s 50-day moving average is $36.33 and its 200-day moving average is $37.25.
Large investors have recently modified their holdings of the business. Viking Fund Management LLC grew its holdings in United Bankshares by 7.7% during the 3rd quarter. Viking Fund Management LLC now owns 84,000 shares of the financial services provider’s stock worth $3,121,000 after acquiring an additional 6,000 shares during the last quarter. Swiss National Bank grew its holdings in United Bankshares by 22.3% during the 2nd quarter. Swiss National Bank now owns 164,582 shares of the financial services provider’s stock worth $6,452,000 after acquiring an additional 30,001 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in United Bankshares by 23.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,358,100 shares of the financial services provider’s stock worth $53,238,000 after acquiring an additional 254,351 shares during the last quarter. NTV Asset Management LLC grew its holdings in United Bankshares by 3.6% during the 2nd quarter. NTV Asset Management LLC now owns 69,506 shares of the financial services provider’s stock worth $2,725,000 after acquiring an additional 2,389 shares during the last quarter. Finally, Bbva Compass Bancshares Inc. bought a new stake in United Bankshares during the 2nd quarter worth about $284,000. 62.22% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Chairman Richard M. Sr Adams, Sr. acquired 7,405 shares of the firm’s stock in a transaction on Tuesday, August 15th. The shares were purchased at an average price of $33.85 per share, with a total value of $250,659.25. Following the acquisition, the chairman now directly owns 631,170 shares in the company, valued at $21,365,104.50. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider William Mark Tatterson acquired 1,000 shares of the firm’s stock in a transaction on Monday, August 14th. The shares were bought at an average cost of $32.30 per share, for a total transaction of $32,300.00. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 15,247 shares of company stock worth $510,526. Insiders own 6.23% of the company’s stock.
United Bankshares announced that its Board of Directors has approved a share repurchase program on Monday, August 28th that authorizes the company to buyback 2,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Shareholders of record on Friday, September 8th were issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 3.53%. The ex-dividend date of this dividend was Thursday, September 7th. United Bankshares’s dividend payout ratio is currently 69.47%.
United Bankshares Company Profile
United Bankshares, Inc (United) is a bank holding company. The Company operates through community banking segment. United’s Banking Subsidiaries offer a range of commercial and retail banking services and products. United, through its subsidiaries, engages in community banking and offers banking products and services permitted by law and regulation.
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