Zacks Investment Research Upgrades United Bankshares (UBSI) to Strong-Buy
United Bankshares (NASDAQ:UBSI) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued on Thursday. The brokerage presently has a $41.00 price target on the financial services provider’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 16.81% from the company’s current price.
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. “
A number of other research firms have also recently commented on UBSI. BidaskClub cut shares of United Bankshares from a “hold” rating to a “sell” rating in a research note on Thursday, December 7th. Boenning Scattergood reiterated a “hold” rating on shares of United Bankshares in a research report on Friday, October 27th. Five research analysts have rated the stock with a hold rating and one has given a strong buy rating to the stock. United Bankshares has a consensus rating of “Hold” and a consensus target price of $43.33.
United Bankshares (NASDAQ:UBSI) last released its earnings results on Thursday, October 26th. The financial services provider reported $0.54 EPS for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.01). United Bankshares had a return on equity of 6.25% and a net margin of 24.94%. The firm had revenue of $188.51 million for the quarter, compared to the consensus estimate of $193.87 million. During the same quarter in the previous year, the business posted $0.54 EPS. United Bankshares’s revenue was up 44.9% on a year-over-year basis. sell-side analysts predict that United Bankshares will post 1.9 earnings per share for the current fiscal year.
Several institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. raised its position in shares of United Bankshares by 9.2% during the second quarter. BlackRock Inc. now owns 13,701,878 shares of the financial services provider’s stock valued at $537,113,000 after buying an additional 1,150,017 shares during the last quarter. State Street Corp raised its position in shares of United Bankshares by 31.2% during the second quarter. State Street Corp now owns 10,855,612 shares of the financial services provider’s stock valued at $425,538,000 after buying an additional 2,578,520 shares during the last quarter. Vanguard Group Inc. raised its position in shares of United Bankshares by 20.7% during the second quarter. Vanguard Group Inc. now owns 8,674,789 shares of the financial services provider’s stock valued at $340,052,000 after buying an additional 1,488,580 shares during the last quarter. Northern Trust Corp raised its position in shares of United Bankshares by 60.3% during the second quarter. Northern Trust Corp now owns 2,939,523 shares of the financial services provider’s stock valued at $115,229,000 after buying an additional 1,105,697 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of United Bankshares by 2.0% during the third quarter. Dimensional Fund Advisors LP now owns 2,934,748 shares of the financial services provider’s stock valued at $109,027,000 after buying an additional 57,657 shares during the last quarter. Hedge funds and other institutional investors own 65.51% of the company’s stock.
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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