$191.43 Million in Sales Expected for United Bankshares, Inc. (UBSI) This Quarter
Equities research analysts predict that United Bankshares, Inc. (NASDAQ:UBSI) will post $191.43 million in sales for the current quarter, Zacks Investment Research reports. Three analysts have provided estimates for United Bankshares’ earnings, with estimates ranging from $187.50 million to $195.85 million. United Bankshares reported sales of $130.09 million during the same quarter last year, which indicates a positive year over year growth rate of 47.2%. The company is expected to announce its next earnings report on Thursday, October 26th.
According to Zacks, analysts expect that United Bankshares will report full year sales of $191.43 million for the current year, with estimates ranging from $677.79 million to $692.12 million. For the next fiscal year, analysts forecast that the firm will report sales of $758.39 million per share, with estimates ranging from $725.30 million to $774.98 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that that provide coverage for United Bankshares.
United Bankshares (NASDAQ:UBSI) last announced its earnings results on Thursday, July 27th. The financial services provider reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.51 by $0.14. United Bankshares had a return on equity of 6.42% and a net margin of 25.20%. The business had revenue of $176.75 million for the quarter, compared to analysts’ expectations of $164.09 million. During the same period in the previous year, the company earned $0.44 earnings per share.
UBSI has been the topic of a number of recent research reports. Boenning Scattergood raised shares of United Bankshares from an “underperform” rating to a “neutral” rating in a research report on Thursday, May 18th. BidaskClub raised shares of United Bankshares from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th. Finally, Zacks Investment Research raised shares of United Bankshares from a “hold” rating to a “buy” rating and set a $43.00 price target on the stock in a research report on Wednesday, June 28th. Two equities research analysts have rated the stock with a sell rating and four have issued a hold rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $42.63.
Shares of United Bankshares (UBSI) opened at 33.85 on Monday. United Bankshares has a 52 week low of $31.71 and a 52 week high of $49.35. The company’s 50-day moving average is $34.66 and its 200 day moving average is $39.25. The stock has a market capitalization of $3.55 billion, a P/E ratio of 18.11 and a beta of 1.05.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 8th will be given a dividend of $0.33 per share. The ex-dividend date is Thursday, September 7th. This represents a $1.32 dividend on an annualized basis and a yield of 3.90%. United Bankshares’s dividend payout ratio (DPR) is 69.47%.
United Bankshares declared that its Board of Directors has authorized a share repurchase plan on Monday, August 28th that allows the company to buyback 2,000,000 outstanding shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
In other news, Director Michael P. Fitzgerald sold 13,038 shares of the business’s stock in a transaction on Friday, June 9th. The shares were sold at an average price of $40.04, for a total transaction of $522,041.52. Following the transaction, the director now directly owns 12,738 shares of the company’s stock, valued at $510,029.52. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, President Richard M. Adams, Jr. bought 2,342 shares of United Bankshares stock in a transaction dated Monday, August 14th. The shares were purchased at an average cost of $33.25 per share, for a total transaction of $77,871.50. Following the completion of the transaction, the president now owns 51,867 shares of the company’s stock, valued at approximately $1,724,577.75. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 14,247 shares of company stock worth $477,196. 6.23% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Tyers Asset Management LLC lifted its position in shares of United Bankshares by 14.5% during the first quarter. Tyers Asset Management LLC now owns 2,528 shares of the financial services provider’s stock worth $107,000 after purchasing an additional 320 shares in the last quarter. LS Investment Advisors LLC lifted its position in shares of United Bankshares by 9.7% during the first quarter. LS Investment Advisors LLC now owns 2,766 shares of the financial services provider’s stock worth $117,000 after purchasing an additional 244 shares in the last quarter. Tower Research Capital LLC TRC acquired a new position in shares of United Bankshares during the second quarter worth $135,000. Elkfork Partners LLC lifted its position in shares of United Bankshares by 14.5% during the first quarter. Elkfork Partners LLC now owns 3,476 shares of the financial services provider’s stock worth $147,000 after purchasing an additional 440 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of United Bankshares by 62.8% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,053 shares of the financial services provider’s stock worth $159,000 after purchasing an additional 1,563 shares in the last quarter. 62.25% of the stock is currently owned by institutional investors and hedge funds.
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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