UBSI
United Bankshares, Inc.United Bankshares, Inc., a financial holding company, primarily provides commercial and retail banking products and services in the United States. It operates through two segments, Community Banking and Mortgage Banking. The company accepts checking, savings, and time and money market accounts; individual retirement accounts; and demand deposits, statement and special savings, NOW accounts, and interest-bearing checking accounts. Its loan products include commercial loans and leases; constructio
2-Year Price History
Quarterly Financials & Projections
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est | 2027-Q4 | 495.0 | 175.7 | -- | 136.1 | -- | 108.9 | -7.4 | 6,333 | -- | -- | -- | -- | -- |
| Est | 2027-Q3 | 490.0 | 171.5 | -- | 132.3 | -- | 117.6 | -6.4 | 6,224 | -- | -- | -- | -- | -- |
| Est | 2027-Q2 | 485.0 | 167.3 | -- | 128.5 | -- | 92.2 | -5.8 | 6,106 | -- | -- | -- | -- | -- |
| Est | 2027-Q1 | 475.0 | 159.1 | -- | 121.1 | -- | 99.8 | -6.2 | 6,014 | -- | -- | -- | -- | -- |
| Est | 2026-Q4 | 478.0 | 167.3 | -- | 129.1 | -- | 95.6 | -7.2 | 5,915 | -- | -- | -- | -- | -- |
| Est | 2026-Q3 | 472.0 | 162.8 | -- | 125.1 | -- | 118.0 | -6.1 | 5,819 | -- | -- | -- | -- | -- |
| Est | 2026-Q2 | 465.0 | 158.1 | -- | 120.9 | -- | 83.7 | -5.6 | 5,701 | -- | -- | -- | -- | -- |
| Est | 2026-Q1 | 455.0 | 150.2 | -- | 116.0 | -- | 100.1 | -6.8 | 5,617 | -- | -- | -- | -- | -- |
| Act | 2026-Q1 | 447.5 | 156.0 | 156.0 | 124.2 | 160.9 | 156.0 | -4.8 | 5,517 | 792.3 | 140.1 | 17.8% | 1.2x | 1.7x |
| Act | 2025-Q4 | 461.0 | 166.7 | 166.7 | 128.8 | -360.0 | -371.9 | -12.0 | 5,602 | 921.2 | 141.0 | 18.4% | 1.2x | 1.0x |
| Act | 2025-Q3 | 474.9 | 164.5 | 164.5 | 130.8 | 150.6 | 158.7 | -8.1 | 2,819 | 796.3 | 142.4 | 18.6% | 1.1x | 6.1x |
| Act | 2025-Q2 | 452.1 | 152.1 | 152.1 | 120.7 | 89.4 | 85.2 | -4.2 | 2,607 | 808.7 | 142.4 | 17.4% | 1.0x | 6.2x |
| Act | 2025-Q1 | 432.6 | 106.9 | 106.9 | 84.3 | 120.0 | 116.1 | -3.9 | 2,864 | 818.6 | 142.7 | 12.2% | 0.7x | 7.0x |
| Act | 2024-Q4 | 404.5 | 121.1 | 121.1 | 94.4 | 136.3 | 133.5 | -2.8 | 2,552 | 803.3 | 135.7 | 15.4% | 0.8x | 6.7x |
| Act | 2024-Q3 | 413.6 | 119.9 | 119.9 | 95.3 | 123.6 | 122.0 | -1.6 | 5,147 | 810.5 | 135.5 | 15.5% | 0.8x | 0.1x |
| Act | 2024-Q2 | 402.8 | 115.4 | 115.4 | 96.5 | 61.2 | 58.2 | -3.0 | 5,173 | 1,783 | 135.3 | 11.6% | 0.8x | 3.0x |
| Act | 2024-Q1 | 399.8 | 108.2 | 108.2 | 86.8 | 124.4 | 119.6 | -4.8 | 5,345 | 2,039 | 135.1 | 9.7% | 0.7x | 4.0x |
| Act | 2023-Q4 | 401.4 | 104.2 | 104.2 | 79.4 | 162.6 | 159.4 | -3.2 | 5,384 | 2,078 | 135.0 | 8.8% | 0.8x | 0.8x |
| Act | 2023-Q3 | 388.9 | 120.9 | 120.9 | 96.2 | 89.6 | 87.8 | -1.8 | 4,932 | 1,662 | 134.9 | 12.5% | 0.9x | 1.7x |
| Act | 2023-Q2 | 378.9 | 115.9 | 115.9 | 92.5 | 64.9 | 61.7 | -3.3 | 5,697 | 2,450 | 134.9 | 9.5% | 1.0x | 3.0x |
| Act | 2023-Q1 | 359.7 | 122.8 | 122.8 | 98.3 | 118.2 | 114.7 | -3.5 | 6,337 | 3,040 | 134.8 | 8.8% | 1.3x | 4.2x |
| Act | 2022-Q4 | 335.2 | 126.4 | 126.4 | 99.8 | 137.1 | 132.0 | -5.0 | 5,718 | 2,434 | 134.8 | 10.5% | 2.2x | 3.4x |
| Act | 2022-Q3 | 294.0 | 128.5 | 128.5 | 102.6 | 133.8 | 128.0 | -5.7 | 6,003 | 1,519 | 134.6 | 14.6% | 5.6x | -- |
| Act | 2022-Q2 | 269.6 | 119.1 | 119.1 | 95.6 | 206.4 | 203.8 | -2.6 | 6,470 | 1,005 | 134.9 | 16.2% | 9.3x | -- |
| Act | 2022-Q1 | 246.8 | 101.8 | 101.8 | 81.7 | 283.6 | 280.1 | -3.5 | 7,563 | 1,035 | 136.4 | 12.9% | 9.0x | -- |
Multiples vs the company's own history — cheap or rich relative to itself? Historical fiscal years, then TTM, then forward projections (E). Forward rows hold today's price against projected earnings, so the multiple compresses if the company grows into it.
| Year | Price | Rev Gr | EBITDA % | EBITDA | EV/EBITDA | EV/FCF | P/E | P/S |
|---|---|---|---|---|---|---|---|---|
| 2022 | 35.38 | — | 41.5% | 476 | 3.4× | 2.2× | 12.9× | 4.3× |
| 2023 | 34.24 | +33.5% | 30.3% | 464 | 0.8× | 0.8× | 10.0× | 2.4× |
| 2024 | 35.70 | +6.0% | 28.7% | 465 | 6.7× | 7.2× | 13.1× | 3.0× |
| 2025 | 38.03 | +12.3% | 32.4% | 590 | 1.0× | n/m | 11.3× | 2.9× |
| TTM | 43.41 | +11.0% | 34.8% | 639 | 0.0× | 0.0× | 0.0× | 0.0× |
| 2026E | 43.41 | +1.9% | 0.3% | 6 | 0.0× | 0.0× | 0.0× | 0.0× |
| 2027E | 43.41 | +4.0% | 0.3% | 7 | 0.0× | 0.0× | 0.0× | 0.0× |
EBITDA in reporting-currency $M. Historical multiples use year-end market cap (split-adjusted price history); TTM & forward years use today's.
AI Analysis
LLM Evaluations
UBSI is a well-run regional bank with a 186-year track record, 52 consecutive years of dividend increases, and record 2025 earnings driven by the Piedmont acquisition and NIM expansion. The stock trades at ~12.4x earnings, slightly above peers, which is justified by its superior dividend track record, low-cost core deposit base, and Southeast expansion optionality. However, building credit stress in the CRE portfolio (nonaccruals tripled, OREO up 27x), fading acquisition-related fee accretion, and a competitive expansion into Atlanta/Charlotte/Raleigh limit near-term upside. The risk/reward is modestly positive at current levels—a solid income stock with 3.8% yield and mid-single-digit earnings growth—but not compelling enough for a high-conviction position given rising credit concerns and above-peer valuation.
Valuation & Metrics
Market Stats
TTM Financial Snapshot
DCF Fair Value Estimate
Forward Outlook & Risk
Short Interest
Options
| Strike | Call Bid/Ask | Call OI | Put Bid/Ask | Put OI |
|---|---|---|---|---|
| $25.00 | $16.20/$20.40 | 0 | --/$2.15 | 0 |
| $30.00 | $11.20/$15.40 | 0 | --/$2.15 | 0 |
| $35.00 | $6.20/$10.30 | 0 | --/$2.15 | 0 |
| $40.00 | $2.15/$5.50 | 0 | --/$2.65 | 0 |
| $45.00 | --/$1.15 | 1 | $1.35/$4.20 | 0 |
| $50.00 | --/$0.35 | 0 | $5.80/$8.70 | 0 |
| $55.00 | --/$2.15 | 0 | $10.70/$13.60 | 0 |
| $60.00 | --/$0.25 | 0 | $15.50/$19.10 | 0 |
Forward Projections & Estimates
Employees
Institutional Ownership
Headline & net flow
In Q1 2026 so far (quarter still filing), institutions are net buyers — bought 4.4% of float, sold 1.4%.
Ownership composition
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| BlackRock, Inc.Passive | $835M | $34.92 | +$3.6M | −$15.2M | -0.2% | $5.69T |
| STATE STREET CORPPassive | $333M | $30.70 | +$1.0M | −$7.7M | -0.2% | $2.89T |
| DIMENSIONAL FUND ADVISORS LPPassive | $317M | $32.47 | +$2.4M | −$5.7M | -0.4% | $480.92B |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $301M | $41.42 | +$301M | +$301M | — | $1.91T |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $263M | $41.42 | +$263M | +$263M | — | $4.04T |
| EARNEST PARTNERS LLC | $171M | $32.92 | −$4.4M | −$3.3M | -1.0% | $24.25B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $163M | $33.33 | +$5.8M | +$19.1M | +2.3% | $1.61T |
| VICTORY CAPITAL MANAGEMENT INC | $129M | $33.73 | −$7.4M | −$19.0M | -0.2% | $156.12B |
| AQR CAPITAL MANAGEMENT LLC | $98.1M | $36.62 | +$31.0M | +$86.5M | -0.2% | $218.19B |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $70.2M | $32.21 | +$692K | −$1.6M | +0.7% | $645.81B |
| SILVERCREST ASSET MANAGEMENT GROUP LLC | $68.6M | $31.31 | −$8.1M | −$25.9M | -0.3% | $13.84B |
| NORTHERN TRUST CORPPassive | $68.3M | $34.86 | +$2.4M | −$3.5M | -0.2% | $755.34B |
| BANK OF AMERICA CORP /DE/ | $67.6M | $35.31 | +$11.5M | +$18.1M | -0.1% | $1.36T |
| MORGAN STANLEY | $66.6M | $34.31 | +$8.5M | +$35.6M | -0.3% | $1.65T |
| GOLDMAN SACHS GROUP INC | $65.0M | $29.88 | +$16.3M | +$38.4M | -0.2% | $760.93B |
| Bank of New York Mellon Corp | $56.4M | $34.44 | +$441K | −$382K | -0.2% | $543.21B |
| FULLER & THALER ASSET MANAGEMENT, INC. | $55.0M | $33.09 | −$2.0M | −$7.1M | -0.1% | $29.55B |
| Fisher Asset Management, LLC | $50.2M | $29.23 | +$1.2M | −$850K | +0.1% | $294.89B |
| BNP Paribas Asset Management Holding S.A. | $40.8M | $35.79 | +$2.6M | +$10.4M | -1.1% | $85.48B |
| VANGUARD FIDUCIARY TRUST COPassive | $37.5M | $41.42 | +$37.5M | +$37.5M | — | $395.83B |
Trading behavior
▸ Compare to holder-profile behavior (across all their stocks)
Biggest decreases this quarter
New buyers this quarter
Top-5 holders · 49.4%
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
Analyst Coverage
| Quarter | Revenue | EBITDA | Net Inc | EPS | EPS Range | # Analysts |
|---|---|---|---|---|---|---|
| 2025 Q3 | 309M | 112M | 114M | $0.81 | $0.81 – $0.82 | 4 |
| 2025 Q4 | 316M | 115M | 120M | $0.86 | $0.84 – $0.87 | 4 |
| 2026 Q1 | 315M | 114M | 119M | $0.85 | $0.84 – $0.86 | 4 |
| 2026 Q2 | 320M | 116M | 124M | $0.88 | $0.85 – $0.91 | 4 |
| 2026 Q3 | 329M | 119M | 128M | $0.92 | $0.89 – $0.94 | 4 |
| 2026 Q4 | 333M | 121M | 131M | $0.94 | $0.93 – $0.94 | 2 |
| 2027 Q1 | 330M | 120M | 127M | $0.90 | $0.90 – $0.91 | 2 |
| 2027 Q2 | 336M | 122M | 131M | $0.93 | $0.93 – $0.94 | 1 |
| 2027 Q3 | 345M | 125M | 136M | $0.97 | $0.96 – $0.98 | 1 |
| 2027 Q4 | 348M | 127M | 139M | $0.99 | $0.98 – $1.00 | 2 |
Corporate
Executive Compensation (2023-2025)
Insider Trading (last 12mo)
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-05-15 | BUY | WINTER P CLINTON | director | 744 | $0.00 | $0 | $0 |
| 2026-04-01 | BUY | WINTER P CLINTON | director | 512 | $0.00 | $0 | $0 |
| 2026-03-04 | BUY | WINTER P CLINTON | director | 62 | $0.00 | $0 | $0 |
| 2026-02-25 | BUY | WINTER P CLINTON | director | 710 | $0.00 | $0 | $0 |
| 2026-01-28 | BUY | Rice Lacy I III | director | 101 | $41.59 | $4K | $4K |
| 2026-01-02 | BUY | WINTER P CLINTON | director | 548 | $0.00 | $0 | $0 |
| 2025-11-24 | BUY | WINTER P CLINTON | director | 882 | $0.00 | $0 | $0 |
| 2025-11-07 | BUY | WINTER P CLINTON | director | 138 | $0.00 | $0 | $0 |
| 2025-10-08 | BUY | WINTER P CLINTON | director | 536 | $0.00 | $0 | $0 |
| 2025-08-26 | BUY | WINTER P CLINTON | director | 662 | $0.00 | $0 | $0 |
| 2025-08-06 | BUY | WINTER P CLINTON | director | 278 | $0.00 | $0 | $0 |
| 2025-07-01 | BUY | WINTER P CLINTON | director | 511 | $0.00 | $0 | $0 |
Order Flow (FINRA, ~3w lag)
Revenue Breakdown
Revenue Segments
| Deposit Account | $9.6M | +3% |
| Fiduciary and Trust | $7.4M | +31% |
| Service, Other | $4.9M | +2% |
| Mortgage Banking | $2.6M | +3% |
| Credit Card | $2.0M | +13% |
| Financial Service, Other | $1.1M | +2% |
Filing Risk Analysis
Filing Risk Scores
United Bankshares: Routine Regional Banking Compliance with Minimal Forensic Signals
Counter-Thesis
Counter-Thesis & Recent News
United Bankshares reported record fiscal year 2025 earnings of $464.6 million ($3.27/share) and record Q4 earnings of $0.91/share, beating analyst estimates of $0.86. In February 2026, the company declared its Q1 2026 dividend of $0.38, marking 52 consecutive years of dividend increases—a feat matched by only one other major U.S. bank. Source: Business Wire, Investing.com (Jan/Feb 2026).
Bears argue the stock is overvalued with a P/E ratio of ~12.4x, slightly exceeding the industry average of 11.5x. There are also concerns regarding slowing organic growth (forecasted at 5-6% annually) and a measurable uptick in non-performing loans (NPLs), which rose from $73.4M in late 2024 to $116.9M by Q3 2025. Source: Simply Wall St, MarketBeat (Jan 2026).
The primary red flag is the deterioration in credit quality, specifically the volatility in non-performing assets throughout 2025. Additionally, the recent acquisition of Piedmont Bancorp has increased expense levels, which bears fear could compress margins if the expected Southeast expansion synergies do not materialize rapidly. Source: UBSI Earnings Report (Jan 2026).
UBSI faces intense competition in its new growth markets (Atlanta, Charlotte, and Raleigh) from larger national banks and aggressive regional players. However, contrarians note that UBSI's 'Community Banking' model and stable 'core funding' from rural West Virginia provide a low-cost deposit base that competitors struggle to replicate. Source: News and Sentinel (March 2026).
Sentiment remains highly positive in its legacy Mid-Atlantic markets, where the bank has a 186-year history. CEO Richard Adams Jr. emphasizes a 'customer-centric' culture that has maintained high retention rates. Analysts currently hold a 'Moderate Buy' consensus, suggesting that the bank's regional brand loyalty is a moat against larger digital-first competitors. Source: Ticker Nerd, GuruFocus (March 2026).