United Bankshares Inc West Va - UBSI STOCK NEWS

United Bankshares (NASDAQ: UBSI) held its Annual Meeting of Shareholders on May 15, 2024. The company reported significant achievements in 2023, including growth in loans, deposits, and net interest margin. United also delivered above-peer performance in return on average assets and efficiency ratio while reducing non-performing assets and bolstering capital levels.

Despite a tough year for bank stocks, UBSI traded at a premium and increased dividends for the 50th consecutive year. The company was named the Most Trustworthy Bank by Newsweek. United's first-quarter 2024 results were rated 'Outperform' by Raymond James with a $41.00 price target.

The company announced the acquisition of Piedmont Bancorp, enhancing its presence in Atlanta. Additionally, shareholders elected directors and approved key proposals, including ratifying Ernst & Young as their auditing firm.

United Bankshares (NASDAQ: UBSI) announced that its Board of Directors declared a second quarter dividend of $0.37 per share. Shareholders of record as of June 14, 2024, will receive the dividend payout on July 1, 2024. The total payout amounts to approximately $52.7 million across 135.2 million shares. United Bankshares has an impressive record of 50 consecutive years of dividend increases, a feat matched by only one other major banking company in the USA. As of March 31, 2024, United reported consolidated assets of about $30 billion. The company operates more than 225 offices across multiple states in the USA.

United Bankshares, Inc. has announced the acquisition of Piedmont Bancorp, Inc., bringing together two high-performing banking companies. The merger will strengthen United's presence in the Southeast and Mid-Atlantic regions, making it the 39th largest banking company in the U.S. based on market capitalization. The transaction, United's 34th acquisition, will result in a combined organization with over $32 billion in assets and a network of over 240 locations across eight states and Washington, D.C.

United Bankshares, Inc. (UBSI) announces earnings for the first quarter of 2024, reporting $86.8 million in earnings, or $0.64 per diluted share. The company achieved annualized returns on average assets, equity, and tangible equity of 1.19%, 7.25%, and 11.98%, respectively. Despite challenges in the economic environment, UBSI maintains strong operating metrics. Net interest income decreased by 3% from the previous quarter, driven by higher interest expenses. Noninterest income decreased by 4% primarily due to lower mortgage loan servicing income, while noninterest expenses decreased by 8%. Credit quality remains sound, with non-performing loans at 0.35% of loans & leases. United's capital position is strong, with estimated capital ratios well above regulatory requirements.

United Bankshares, Inc. will be presenting at the Raymond James 45th Annual Institutional Investors Conference to discuss its financial performance and corporate objectives. The presentation will feature CEO Rick Adams and CFO W. Mark Tatterson. United had consolidated assets of $29.9 billion as of December 31, 2023, and operates nearly 250 offices across various states.

United Bankshares, Inc. (UBSI) declares a $0.37 per share dividend for Q1 2024, marking 50 years of consecutive dividend increases. The company's consolidated assets as of Dec 31, 2023, were approximately $29.9 billion.

United Bankshares, Inc. (UBSI) reported Q4 2023 earnings of $79.4 million, with annualized returns on average assets, equity, and tangible equity of 1.08%, 6.70%, and 11.27%, respectively. Full-year 2023 earnings were $366.3 million, with returns of 1.25%, 7.87%, and 13.33%. Net interest income increased by 1%, and noninterest income was flat. Noninterest expense rose by 13%, mainly due to FDIC special assessment. Earnings decreased from Q4 2022, with net interest income down by 8%. Asset quality remains sound, with non-performing loans at 0.21% of loans & leases. United remains well-capitalized, with a risk-based capital ratio of 15.4%.

United Bankshares, Inc. (UBSI) announces a fourth quarter dividend of $0.37 per share, marking a 50th consecutive year of dividend increases. The dividend payout of approximately $49.9 million on 134.9 million shares is payable January 2, 2024. The year 2023 dividends of $1.45 per share represent an increase over 2022's $1.44 per share. United's disciplined approach has resulted in strong business performance, outperforming competitors, and providing quality service to customers.

United Bankshares reports Q3 2023 earnings of $96.2 million, showing accelerated growth and profitability. Net interest income increased slightly, while noninterest income decreased. Noninterest expense and provision for credit losses also decreased. Earnings for Q3 2023 were lower compared to Q3 2022.