United Bankshares (UBSI) Upgraded to Strong-Buy by Zacks Investment Research
United Bankshares (NASDAQ:UBSI) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Saturday. The firm currently has a $42.00 target price on the financial services provider’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 13.82% from the stock’s previous close.
According to Zacks, “United Bankshares, Inc. is a bank holding company whose business is the operation of its bank subsidiaries. All of United’s subsidiary banks are full-service commercial banks. Included among the banking services offered are the acceptance of deposits in checking, savings, time and money market accounts; the making and servicing of personal, commercial, floor plan and student loans; and the making of construction and real estate loans. Also offered are individual retirement accounts, safe deposit boxes, wire transfers and other standard banking products and services. “
Several other equities research analysts also recently commented on the stock. Sandler O’Neill set a $38.00 target price on shares of United Bankshares and gave the company a “hold” rating in a research note on Thursday, January 4th. BidaskClub downgraded shares of United Bankshares from a “hold” rating to a “sell” rating in a research note on Thursday, January 4th. Finally, Boenning Scattergood reaffirmed a “hold” rating on shares of United Bankshares in a research note on Friday, October 27th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $42.25.
United Bankshares (NASDAQ:UBSI) last posted its quarterly earnings results on Thursday, October 26th. The financial services provider reported $0.54 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.55 by ($0.01). The business had revenue of $188.51 million for the quarter, compared to the consensus estimate of $193.87 million. United Bankshares had a return on equity of 6.25% and a net margin of 24.94%. The company’s quarterly revenue was up 44.9% on a year-over-year basis. During the same period last year, the firm earned $0.54 earnings per share. analysts predict that United Bankshares will post 1.9 EPS for the current year.
A number of large investors have recently modified their holdings of UBSI. Tower Research Capital LLC TRC bought a new stake in United Bankshares in the second quarter valued at approximately $135,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in United Bankshares by 62.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,053 shares of the financial services provider’s stock valued at $159,000 after purchasing an additional 1,563 shares in the last quarter. Chicago Partners Investment Group LLC bought a new stake in United Bankshares in the third quarter valued at approximately $216,000. Riverhead Capital Management LLC increased its position in shares of United Bankshares by 102.8% during the second quarter. Riverhead Capital Management LLC now owns 5,678 shares of the financial services provider’s stock worth $223,000 after acquiring an additional 2,878 shares in the last quarter. Finally, Engineers Gate Manager LP bought a new stake in shares of United Bankshares during the third quarter worth $241,000. 65.51% of the stock is owned by hedge funds and other institutional investors.
About United Bankshares
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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