United Bankshares price target raised to $40 from $38.50 at Piper Sandler

Piper Sandler raised the firm’s price target on United Bankshares (UBSI) to $40 from $38.50 and keeps a Neutral rating on the shares. The firm notes the company reported a very solid quarter in Q1, meeting its expectations overall, but better trends on a PPNR basis with strong expense management and higher than expected net interest income. The future remains bright for United Bankshares as the bank’s pipelines remain strong and opportunistic capital deployment adds incremental potential upside beyond Piper’s current expectations. The firm thinks that United Bankshares remains a core, high dividend holding for many traditional bank investors.