United Bankshares did not provide specific financial guidance for upcoming quarters or the full year in press release
Overview
US regional bank reported record Q2 net income, up from prior year and prior quarter
Net interest income for Q2 rose 4% yr/yr, driven by higher loans and lower deposit costs
Company repurchased 1.5 mln shares in Q2 under previously announced buyback plan
Result drivers
Net interest income - Growth in average net loans and a lower rate paid on interest-bearing deposits drove higher net interest income yr/yr
Noninterest income - Higher noninterest income was driven by gains on investment securities, including the sale of an unaffiliated company and a VISA share exchange
Expenses - Noninterest expense rose due to higher employee compensation and benefits, mainly from salary increases, incentives, and postretirement costs
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "buy"
Wall Street's median 12-month price target for United Bankshares Inc is $48.00, about 2.3% above its July 22 closing price of $46.91
The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 12 three months ago
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