Boenning & Scattergood downgraded United Bankshares to Underperform with a $34 price target due to high valuation.

Reports Q1 net interest income for the first quarter of 2024 decreased $11.8M or 5%, from the first quarter of 2023. Tax-equivalent net interest income for the first quarter of 2024 decreased $12.1 million, or 5%, from the first quarter of 2023. The decrease in net interest income and tax-equivalent net interest income was primarily due to higher interest expense driven by deposit rate repricing, an increase in average interest-bearing deposits, a decrease in acquired loan accretion income and a decrease in loan fees. The decrease was partially offset by the impact of rising market interest rates on earning assets, organic loan growth and a decrease in average long-term borrowings. The average cost of funds increased 104 basis points from the first quarter of 2023 to 3.21% driven by an increase in the yield on average interest-bearing deposits of 127 basis points.