Hovde Group Initiates Coverage on United Bankshares (NASDAQ:UBSI)

Stock analysts at Hovde Group began coverage on shares of United Bankshares (NASDAQ:UBSI) in a report released on Wednesday, Marketbeat Ratings reports. The brokerage set a “market perform” rating and a $49.00 price target on the financial services provider’s stock. Hovde Group’s target price points to a potential upside of 8.19% from the stock’s current price.

A number of other equities research analysts have also recently commented on the stock. Raymond James Financial restated an “outperform” rating and issued a $49.00 price target on shares of United Bankshares in a report on Monday, April 27th. Zacks Research lowered United Bankshares from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 26th. Finally, Wall Street Zen cut United Bankshares from a “hold” rating to a “sell” rating in a report on Saturday, June 13th. Three research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, United Bankshares currently has an average rating of “Hold” and an average target price of $46.40.

United Bankshares Stock Performance

Shares of UBSI opened at $45.29 on Wednesday. The firm’s fifty day simple moving average is $43.65 and its two-hundred day simple moving average is $42.03. United Bankshares has a 12 month low of $34.10 and a 12 month high of $46.08. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $6.24 billion, a P/E ratio of 12.69 and a beta of 0.71.

United Bankshares (NASDAQ:UBSI) last announced its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.85 by $0.04. The company had revenue of $316.58 million for the quarter, compared to the consensus estimate of $315.15 million. United Bankshares had a return on equity of 9.26% and a net margin of 27.45%.During the same period in the previous year, the business earned $0.59 EPS. As a group, analysts predict that United Bankshares will post 3.64 EPS for the current year.

Institutional Trading of United Bankshares

Several institutional investors and hedge funds have recently made changes to their positions in UBSI. Norges Bank bought a new position in shares of United Bankshares in the fourth quarter valued at approximately $68,366,000. Vaughan Nelson Investment Management L.P. purchased a new stake in United Bankshares during the first quarter worth about $34,476,000. AQR Capital Management LLC raised its position in United Bankshares by 74.7% in the fourth quarter. AQR Capital Management LLC now owns 1,625,205 shares of the financial services provider’s stock worth $62,408,000 after acquiring an additional 694,953 shares during the period. Goldman Sachs Group Inc. grew its position in shares of United Bankshares by 75.1% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,177,051 shares of the financial services provider’s stock valued at $45,199,000 after acquiring an additional 504,986 shares during the period. Finally, JPMorgan Chase & Co. lifted its stake in United Bankshares by 64.6% in the third quarter. JPMorgan Chase & Co. now owns 782,292 shares of the financial services provider’s stock valued at $29,109,000 after purchasing an additional 307,159 shares during the last quarter. Hedge funds and other institutional investors own 70.80% of the company’s stock.

United Bankshares Company Profile

United Bankshares, Inc, headquartered in Charleston, West Virginia, is a bank holding company that provides a full range of financial services through its primary subsidiary, United Bank. The company’s core offerings include retail and commercial banking products such as checking and savings accounts, certificates of deposit, personal and business loans, mortgages, and treasury management services. In addition, United Bankshares delivers private banking, wealth management, trust and fiduciary solutions, and investment advisory services to meet the needs of individual, corporate, and institutional clients.

United Bankshares operates an extensive branch network across West Virginia, Virginia, Maryland, the District of Columbia, Ohio, Pennsylvania, and South Carolina.