United Bankshares Stock (NASDAQ:UBSI), Trade Ideas

United Bankshares

United Bankshares Inc is a financial holding company that provides banking services. The company operates in two segments: Community banking, which accepts deposits, makes loans (for personal, credit card, commercial, and construction uses), provides brokerage services, safe deposit boxes, and related services; and Mortgage banking, which offers and acquires home mortgages through an indirectly owned subsidiary. Nearly all revenue comes from the community banking segment.

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United Bankshares embarks on Atlanta expansion with Piedmont Bancorp acquisition, eyes $267M merger deal, reinforcing Mid-Atlantic and Southeast presence.

United Bankshares Expands Into Atlanta With Piedmont Bancorp Acquisition, Eyes $267M Deal

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NYCB faces leadership change and material weaknesses in loan review processes, causing a 30% stock drop and concerns from analysts.

Turmoil At New York Community Bancorp: Shares Tumble Over 20%, Regional Bank Investors Pull Back

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Stocks That Hit 52-Week Lows On Monday

United Bankshares Inc

United Bankshares, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UBSI#NASDAQ">UBSI</a>) announced on Friday that it entered into a definitive merger agreement <a href="https://www.benzinga.com/pressreleases/24/05/b38757903/united-bankshares-inc-to-acquire-piedmont-bancorp-inc" target="_blank" rel="noreferrer noopener">under which United would acquire Piedmont Bancorp. </a>
The exchange ratio will be fixed at 0.300 of United&#8217;s shares for each share of Piedmont, resulting in an aggregate transaction value of approximately $267 million.
The merger will strengthen United&#8217;s position in the Mid-Atlantic and Southeast.
&#8220;The greater Atlanta area is the perfect addition to UBSI&#8217;s footprint, and we look forward to being a part of the vibrant and fast-growing communities there,&#8221; said Richard M. Adams Jr., CEO of United Bankshares.
The combined organization will have more than $32 billion in assets and a network of over 240 locations across eight states and Washington, D.C.
Piedmont, headquartered in Peachtree Corners, Georgia, has assets of approximately $2.1 billion and 16 locations.
The merger&nbsp;is expected&nbsp;to close&nbsp;late&nbsp;in the fourth quarter of 2024 or early in the first quarter of 2025.
According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>, UBSI stock has gained over 18% in the past year. Investors can gain exposure to the stock via First Trust NASDAQ ABA Community Bank Index Fund (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QABA#NASDAQ">QABA</a>).
UBSI Price Action: United Bankshares shares are trading higher by 0.011% to $46.77 at last check Friday.
Read Next:<a href="https://www.benzinga.com/news/global/24/05/38761926/whats-going-on-with-visa-shares-today"> What&#8217;s Going On With Visa Shares Today</a>
Photo: Shutterstock

United Bankshares To Acquire Piedmont Bancorp: Merger Is Expected To Close Late In Fourth Quarter Of 2024 Or Early In First Quarter Of 2025

United Bankshares To Acquire Piedmont Bancorp: Combined Organization Will Have More Than $32B In Assets And A Network Of Over 240 Locations

United Bankshares To Acquire Piedmont Bancorp: Exchange Ratio Will Be Fixed At 0.300 Of United's Shares For Each Share Of Piedmont, Resulting In An Aggregate Transaction Value Of Approximately $267M

Keefe, Bruyette &amp; Woods analyst Catherine Mealor maintains United Bankshares (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UBSI#NASDAQ">UBSI</a>) with a Market Perform and lowers the price target from $40 to $38.

Keefe, Bruyette & Woods Maintains Market Perform on United Bankshares, Lowers Price Target to $38

Stephens &amp; Co. analyst Brody Preston maintains United Bankshares (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UBSI#NASDAQ">UBSI</a>) with a Equal-Weight and lowers the price target from $36 to $34.

Stephens & Co. Maintains Equal-Weight on United Bankshares, Lowers Price Target to $34

Guidance

United Bankshares Sees FY24 Outlook; Sees Net Interest Income To Be In The Range Of $900M-$915M For 2024. Expect The Net Interest To Remain Stable In 2024 Compared To Q1

United Bankshares (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UBSI#NASDAQ">UBSI</a>) reported quarterly earnings of $0.64 per share which missed the analyst consensus estimate of $0.65 by 1.54 percent. This is a 12.33 percent decrease over earnings of $0.73 per share from the same period last year.

Earnings

United Bankshares Q1 EPS $0.64 Misses $0.65 Estimate

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Shares of stocks in the broader financial sector are trading lower amid overall market weakness following hotter-than-expected March inflation data.

Wednesday marks the last chance for investors to receive the next dividend payout from United Bankshares (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UBSI#NASDAQ">UBSI</a>). 
<h3>What's Happening</h3>
The company announced on Monday that it would pay shareholders a quarterly dividend of 37 cents per share. On Thursday, United Bankshares will go ex-dividend, meaning the stock will trade lower to reflect that payout. In other words, the stock will likely open 37 cents lower than it would have opened on any other day.
In order to be eligible to receive a company's dividend, shareholders must own the stock prior to the ex-dividend date—in this case, Thursday. Shareholders who own UBSI as of the end of Wednesday's session are eligible to receive the 37 cents dividend payout for every share that they own. 
According to the company, this dividend will be paid out to shareholders on April 01, 2024. Investors will then be able to either reinvest those dividends back into the stock or use the payment in some other way. 
<a href="https://www.benzinga.com/quote/UBSI">Monitor live stock price updates for United Bankshares on Benzinga.</a>

Dividends

United Bankshares's Ex-Dividend Date Is Thursday, Here's What You Need To Know

New York Community Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NYCB#NYSE">NYCB</a>) finds itself in the eye of the storm once again. 
On Thursday, the bank publicly acknowledged a &#8220;material weakness&#8221; in its internal controls concerning loan review processes. This admission was accompanied by a major leadership change at the top, highlighting a period of <a href="https://www.benzinga.com/news/24/02/37408849/new-york-community-bancorp-stock-nosedives-after-bank-identifies-material-weakness-in-internal-contr">upheaval for the company.</a>
The bank cited &#8220;ineffective oversight, risk assessment, and monitoring activities&#8221; as the root of the issues and promised to outline a remediation plan in its forthcoming annual report to the U.S. Securities and Exchange Commission within the next 15 days.
Thomas R. Cangemi, the former CEO, stepped down immediately after 27 years at the helm of the bank but will continue to serve on the board. The bank has appointed Alessandro DiNello as the new President and CEO and Marshall Lux as the Presiding Director of the Board.
Following these announcements, New York Community&#8217;s shares plummeted by over 20% shortly after the market opened on Friday. The move dragged down the broader regional bank industry, with the SPDR Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) down over 3%. 
Among the holdings in the KRE ETF, the table below shows the worst-performing regional bank stocks, excluding NYCB, at 10 a.m. ET on Friday.
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<td>Name</td>
<td>1-Day Chg %</td>
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<td>Metropolitan Bank Holding Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCB#NASDAQ">MCB</a>)</td>
<td>-5.02%</td>
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<td>Flushing Financial Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FFIC#NASDAQ">FFIC</a>)</td>
<td>-4.28%</td>
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<td>Dime Community Bancshares Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DCOM#NASDAQ">DCOM</a>)</td>
<td>-4.27%</td>
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<td>First Foundation Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FFWM#NYSE">FFWM</a>) </td>
<td>-4.16%</td>
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<td>Valley National Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VLY#NASDAQ">VLY</a>)</td>
<td>-4.15%</td>
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<td>Axos Financial, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AX#NYSE">AX</a>)</td>
<td>-3.86%</td>
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<td>M&amp;T Bank Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTB#NYSE">MTB</a>)</td>
<td>-3.63%</td>
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<td>Pinnacle Financial Partners, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PNFP#NASDAQ">PNFP</a>)</td>
<td>-3.60%</td>
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<td>Columbia Banking System, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COLB#NASDAQ">COLB</a>)</td>
<td>-3.54%</td>
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<td>Western Alliance Bancorporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WAL#NYSE">WAL</a>)</td>
<td>-3.43%</td>
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</table>
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<h3 class="wp-block-heading">NYCB Tumbles: Analyst Reactions</h3>
&#8220;Uncertainty is the enemy of bank stock investing. And, without a doubt, the situation feels a bit uncertain at NYCB right now,&#8221; Piper Sandler analyst Mark Fitzgibbon, said. The analyst described the control weaknesses as the &#8220;most worrisome&#8221; issue, leading him to downgrade the stock from Overweight to Neutral. Piper Sandler expressed concern over potential further issues under the new leadership.
JPMorgan maintained a Neutral rating on the stock, citing a risk profile that remains outside a &#8220;comfort zone.&#8221;
David J. Chiaverini, CFA from Wedbush, highlighted that the internal control review might necessitate additional reserves, especially for the company&#8217;s exposure to NYC&#8217;s rent-regulated multifamily sector. Consequently, Wedbush lowered its core EPS estimates for 2024/2025 from 80 cents/90 cent to 55 cents/65 cents and reduced the price target from $5 to $3.50.
<h3 class="wp-block-heading">NYCB Tumbles: Regional Bank Movers</h3>
The issues at NYCB have raised broader concerns about the banking sector&#8217;s exposure to real estate loans, particularly to the office-related sector. 
According to a recent <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/36967797/new-york-community-bancorp-plummets-to-26-year-lows-on-commercial-real-estate-fears">Goldman Sachs analysis</a>, NYCB&#8217;s commercial real estate loans make up 56% of its total loan portfolio, significantly higher than the 18% average for the regional banks under their coverage.
Other banks with a substantial commercial real estate exposure – above 20% of total loans – include First Hawaiian Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FHB#NASDAQ">FHB</a>), Synovus Financial Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNV#NYSE">SNV</a>), United Bankshares Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UBSI#NASDAQ">UBSI</a>), First Horizon Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FHN#NYSE">FHN</a>), and Citizens Financial Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CFG#NYSE">CFG</a>). 
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/37217267/banking-giants-confront-rising-delinquencies-in-commercial-real-estate-sector">Banking Giants Confront Rising Delinquencies In Commercial Real Estate Sector</a>
Photo: Shutterstock

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METROCITY BANKSHARES INC by MetroCity Bankshares Inc.

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Shares of banking and financial services stocks are trading lower as stocks fall following a greater-than-expected increase in January inflation data.

United Bankshares (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UBSI#NASDAQ">UBSI</a>) reported quarterly earnings of $0.59 per share which missed the analyst consensus estimate of $0.65 by 9.23 percent. This is a 20.27 percent decrease over earnings of $0.74 per share from the same period last year. The company reported quarterly sales of $263.37 million which beat the analyst consensus estimate of $259.28 million by 1.58 percent. This is a 6.04 percent decrease over sales of $280.28 million the same period last year.

United Bankshares Q4 EPS $0.59 Misses $0.65 Estimate, Sales $263.37M Beat $259.28M Estimate

Raymond James analyst Steve Moss maintains United Bankshares (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UBSI#NASDAQ">UBSI</a>) with a Outperform and raises the price target from $38 to $41.

Raymond James Maintains Outperform on United Bankshares, Raises Price Target to $41

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Shares of bank stocks are trading higher amid overall market strength after the Fed left rates unchanged and most Fed officials expect rate cuts in 2024-2026.

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Janus Henderson Group plc Ordinary Shares

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Shares of broader financial stocks are trading higher amid overall market strength after October CPI data showed softer-than-expected inflation.

United Bankshares, Inc. ("United") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UBSI#NASDAQ">UBSI</a>) today announced that its Board of Directors declared a fourth quarter dividend of $0.37 per share for shareholders of record as of December 8, 2023. Dividends per share of $1.45 for the year 2023 represents an increase over the $1.44 per share paid for the year of 2022. The dividend payout of approximately $49.9 million on 134.9 million shares is payable January 2, 2024. The year 2023 marks the 50th consecutive year of dividend increases to United shareholders.
"Fifty years of dividend growth is a testament to our proven track record as a high performing company with a low risk profile," said Richard M. Adams, Jr., United's Chief Executive Officer. "Our disciplined approach has resulted in strong business performance that has allowed us to outperform competitors, provide recognized quality service to our customers, and continuously increase dividends for United shareholders, now for a milestone 50 consecutive years."
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United Bankshares Increases Quarterly Dividend From $0.36 To $0.37 Per share

United Bankshares (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UBSI#NASDAQ">UBSI</a>) reported quarterly earnings of $0.71 per share which beat the analyst consensus estimate of $0.65 by 9.23 percent. This is a 6.58 percent decrease over earnings of $0.76 per share from the same period last year. The company reported quarterly sales of $262.10 million which beat the analyst consensus estimate of $256.20 million by 2.30 percent. This is a 4.12 percent decrease over sales of $273.37 million the same period last year.

United Bankshares Q3 EPS $0.71 Beats $0.65 Estimate, Sales $262.10M Beat $256.20M Estimate