United Bankshares Inc Stock Research

Market Summary

USD36.84+0.21

Market Closed

0.57%

UBSI Alerts

Big jump in Revenue (Y/Y)
Big jump in Earnings (Y/Y)

UBSI Stock Price

UBSI RSI Chart

UBSI Valuation

Market Cap

4.9B

Price/Earnings (Trailing)

12.95

Price/Sales (Trailing)

4.91

EV/EBITDA

3.64

Price/Free Cashflow

6.61

UBSI Price/Sales (Trailing)

UBSI Profitability

EBT Margin

47.48%

Return on Equity

8.41%

Return on Assets

1.29%

Free Cashflow Yield

15.14%

UBSI Fundamentals

UBSI Revenue

Revenue (TTM)

1.0B

Revenue Y/Y

57.66%

Revenue Q/Q

16.71%

UBSI Earnings

Earnings (TTM)

379.6M

Earnings Y/Y

35.09%

Earnings Q/Q

-2.75%

Price Action

52 Week Range

32.7944.15

(Low)(High)

Last 7 days

-1.5%

Last 30 days

-10.3%

Last 90 days

-9.5%

Trailing 12 Months

5.9%

UBSI Financial Health

Debt/Equity

0.22

Debt/Cashflow

0.75

UBSI Investor Care

Dividend Yield

3.93%

Dividend/Share (TTM)

1.44

Shares Dilution (1Y)

4.21%

Diluted EPS (TTM)

2.81

Peers (Alternatives to United Bankshares)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
BNS	56.4B	40.0B	-8.98%	-31.24%	5.3	1.79	34.99%	-10.60%
MTB	20.1B	6.2B	-25.47%	-35.61%	14.56	3.21	58.61%	-25.85%
CFG	15.3B	7.1B	-25.67%	-34.02%	7.39	2.17	45.54%	-10.61%
MID-CAP
EWBC	7.7B	2.3B	-27.78%	-31.39%	6.84	3.32	43.40%	29.22%
CBSH	6.9B	999.0M	-12.47%	-19.22%	14.12	6.9	17.76%	-7.98%
SIVB	6.3B	5.7B	-67.21%	-80.32%	3.9	1.11	72.48%	-22.38%
PB	5.8B	1.1B	-15.03%	-9.45%	10.96	5.25	4.58%	1.01%
FFIN	4.6B	432.9M	-13.79%	-27.60%	19.55	10.59	15.00%	3.04%
BPOP	3.9B	2.5B	-23.06%	-34.29%	3.54	1.58	16.17%	17.94%
WAL	3.6B	2.7B	-54.27%	-60.94%	3.36	1.32	62.28%	17.58%
SMALL-CAP
BANR	1.9B	450.9M	-13.73%	-5.77%	9.54	4.13	1.16%	-2.82%
SBCF	1.7B	380.5M	-21.10%	-30.57%	16.27	4.55	51.31%	-14.39%
HTLF	1.6B	674.7M	-21.79%	-19.17%	7.78	2.45	14.59%	-3.52%
LKFN	1.6B	239.6M	-12.16%	-14.61%	15.6	6.76	23.99%	8.44%

Financials for United Bankshares

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	12.7%	1,002	889	820	792	795
EBITDA	2.6%	1,306	1,273	1,202	1,190	-
EBITDA Margin	-8.9%	1.30*	1.43*	1.47*	1.50*	-
Earnings Before Taxes	7.5%	476	443	430	430	463
EBT Margin	-4.6%	0.47*	0.50*	0.52*	0.54*	-
Interest Expenses	7.7%	831	772	743	743	-
Net Income	7.3%	380	354	343	343	368
Net Income Margin	-4.7%	0.38*	0.40*	0.42*	0.43*	-
Free Cahsflow	12.0%	744	664	733	796	-

* denotes actual numbers (not divided by Millions)
Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	1.5%	29,489	29,048	28,778	29,366	29,329
Cash Equivalents	-13.2%	1,177	1,356	1,658	2,803	3,758
Net PPE	0.2%	199	199	198	200	197
Goodwill	0%	1,889	1,889	1,889	1,889	1,886
Liabilities	1.5%	24,973	24,608	24,291	24,770	24,610
. Short Term Borrowings	-6.0%	128	136	129	-	-
Long Term Debt	97.8%	1,011	511	532	817	-
Shareholder's Equity	1.7%	4,516	4,440	4,487	4,595	4,719
Retained Earnings	3.4%	1,575	1,524	1,470	1,423	1,391
Additional Paid-In Capital	0.2%	3,169	3,164	3,160	3,156	3,150
Accumulated Depreciation	-	202	-	-	-	-
Shares Outstanding	-0.3%	134	135	136	131	-

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	11.9%	761	680	748	813	610
Share Based Compensation	-	8.00	-	-	-	-
Cashflow From Investing	-13.0%	-3,447	-3,052	-2,356	-1,248	16.00
Cashflow From Financing	134.5%	105	-304	-410	276	924
Dividend Payments	1.7%	193	190	187	182	181
Buy Backs	0%	79.00	79.00	79.00	26.00	11.00

Risks for UBSI

What is the probability of a big loss on UBSI?

61.1%

Probability that United Bankshares stock will be more than 20% underwater in next one year

25%

Probability that United Bankshares stock will be more than 30% underwater in next one year.

17.3%

Probability that United Bankshares stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does UBSI drawdown profile look like?

Y-axis is the maximum loss one would have experienced if United Bankshares was unfortunately bought at previous high price.

Drawdowns

Returns for UBSI

Cumulative Returns on UBSI

7.1%

10-Year Cumulative Returns

3.8%

7-Year Cumulative Returns

4.8%

5-Year Cumulative Returns

20.5%

3-Year Cumulative Returns

What are the long-term rolling returns for UBSI?

FIve years rolling returns for United Bankshares.

Annualized Returns

Which funds bought or sold UBSI recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	added	46.45	942,496	2,374,500	-%
2023-03-08	SHEETS SMITH WEALTH MANAGEMENT	sold off	-100	-312,000	-	-%
2023-03-06	Rockefeller Capital Management L.P.	added	0.88	49,000	393,000	-%
2023-02-28	Voya Investment Management LLC	unchanged	-	239,644	2,049,640	-%
2023-02-23	Centurion Wealth Management LLC	new	-	328,478	328,478	0.18%
2023-02-22	TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY	added	8.00	160,000	875,000	0.01%
2023-02-21	NORTHWESTERN MUTUAL INVESTMENT MANAGEMENT COMPANY, LLC	reduced	-35.89	-190,414	504,586	0.01%
2023-02-21	NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO	added	17.99	92,911	368,911	-%
2023-02-21	MACQUARIE GROUP LTD	sold off	-100	-117,000	-	-%
2023-02-17	TRUIST FINANCIAL CORP	reduced	-13.53	-115,915	5,509,080	0.01%

Latest Funds Activity

Are funds buying UBSI calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own UBSI

No. of Funds

United Bankshares News

Schedule 13G FIlings of United Bankshares

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 09, 2023	vanguard group inc	10.41%	14,016,115	SC 13G/A
Feb 07, 2023	state street corp	10.58%	14,243,920	SC 13G/A
Jan 23, 2023	blackrock inc.	14.7%	19,774,245	SC 13G/A
Jun 09, 2022	vanguard group inc	10.01%	13,544,798	SC 13G/A
Mar 11, 2022	blackrock inc.	13.5%	18,379,026	SC 13G/A
Feb 11, 2022	state street corp	8.34%	11,373,581	SC 13G/A
Feb 10, 2022	vanguard group inc	9.45%	12,883,896	SC 13G/A
Feb 08, 2022	blackrock inc.	13.5%	18,379,026	SC 13G
Feb 16, 2021	dimensional fund advisors lp	4.8%	6,178,478	SC 13G/A
Feb 11, 2021	state street corp	7.15%	9,280,760	SC 13G

UBSI Fair Value

United Bankshares fair value in different scenarios

The table shows the Fair Value estimates for United Bankshares for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	- -	- -	- -	- -	- -
Current Inflation	30.53 -17.13%	36.96 0.33%	48.60 31.92%	75.60 105.21%	99.21 169.30%
Very High Inflation	- -	- -	- -	- -	- -

Historical United Bankshares Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of United Bankshares

View All Filings

Date Filed	Form Type	Document
Mar 01, 2023	10-K	Annual Report
Feb 28, 2023	4	Insider Trading
Feb 28, 2023	4	Insider Trading
Feb 28, 2023	4	Insider Trading
Feb 28, 2023	4	Insider Trading
Feb 28, 2023	4	Insider Trading
Feb 28, 2023	4	Insider Trading
Feb 28, 2023	4	Insider Trading
Feb 28, 2023	4	Insider Trading
Feb 28, 2023	4	Insider Trading

Latest Insider Trading transactions for UBSI

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-02-25	CONSAGRA JAMES J JR	sold (taxes)	-45,238	40.94	-1,105	chief operating officer
2023-02-25	ADAMS RICHARD M JR	sold (taxes)	-45,238	40.94	-1,105	chief executive officer
2023-02-25	Schultheis Anna J	sold (taxes)	-2,579	40.94	-63.00	executive vice president
2023-02-25	Humphrey Matthew L	sold (taxes)	-17,972	40.94	-439	executive vice president
2023-02-25	Gurtis Julie R	sold (taxes)	-4,053	40.94	-99.00	executive vice president
2023-02-25	Tatterson William Mark	sold (taxes)	-36,191	40.94	-884	executive vice president
2023-02-25	Shaver Ami L	sold (taxes)	-2,906	40.94	-71.00	executive vice president
2023-02-25	Williams Darren K	sold (taxes)	-21,125	40.94	-516	executive vice-president
2023-02-25	Draber Ross M	sold (taxes)	-4,667	40.94	-114	executive vice president
2023-02-25	ADAMS RICHARD M SR	sold (taxes)	-132,032	40.94	-3,225	chairman of the board

About United Bankshares

Richard M. Adams

www.ubsi-inc.com

2970

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; construction and real estate loans; personal, student, credit card, commercial, and floor plan loans; and home equity loans. In addition, the company provides credit cards; safe deposit boxes, wire transfers, and other banking products and services; investment and security services; services to correspondent banks, including buying and selling federal funds; automated teller machine services; and internet and telephone banking services. Further, it offers community banking services, such as asset management, real property title insurance, financial planning, mortgage banking, and brokerage services. As of December 31, 2021, the company operated 250 offices in Virginia, Maryland, Washington, D.C., North Carolina, South Carolina, Georgia, Pennsylvania, West Virginia, and Ohio. United Bankshares, Inc. was incorporated in 1982 and is headquartered in Charleston, West Virginia.

UBSI Income Statement

2022-12-31

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Interest income
Interest and fees on loans and leases	$ 864,583	$ 724,493	$ 721,829
Interest on federal funds sold and other short-term investments	22,950	8,734	9,780
Interest and dividends on securities:
Taxable	105,780	54,678	61,808
Tax-exempt	8,677	7,212	4,965
Total interest income	1,001,990	795,117	798,382
Interest expense
Interest on deposits	80,237	41,620	78,579
Interest on short-term borrowings	1,785	693	1,027
Interest on long-term borrowings	23,537	10,070	29,003
Total interest expense	105,559	52,383	108,609
Net interest income	896,431	742,734	689,773
Provision for credit losses	18,822	(23,970)	106,562
Net interest income after provision for credit losses	877,609	766,704	583,211
Other income
Income from bank-owned life insurance	9,188	6,840	7,217
Mortgage loan servicing income	9,235	9,605	6,213
Net gain on the sale of bank premises	0	0	2,229
Net investment securities gains	776	2,676	3,155
Other income	7,340	8,040	2,711
Total other income	153,261	278,128	354,775
Other expense
Employee compensation	242,408	279,970	274,661
Employee benefits	45,944	53,871	48,870
Net occupancy expense	45,129	42,034	41,303
Other real estate owned ("OREO") expense	2,138	5,370	3,805
Net losses on the sales of OREO properties	700	54	1,972
Equipment expense	29,320	25,979	20,861
Data processing expense	29,997	31,446	35,420
Mortgage loan servicing expense and impairment	7,099	12,246	9,431
Bankcard processing expense	1,938	1,706	1,735
FDIC insurance expense	11,988	8,346	10,132
FHLB prepayment penalties	0	15	10,385
Other expense	138,426	120,942	119,671
Total other expense	555,087	581,979	578,246
Income before income taxes	475,783	462,853	359,740
Income taxes	96,156	95,115	70,717
Net income	$ 379,627	$ 367,738	$ 289,023
Earnings per common share:
Basic	$ 2.81	$ 2.84	$ 2.4
Diluted	2.8	2.83	2.4
Dividends per common share	$ 1.44	$ 1.41	$ 1.4
Average outstanding shares:
Basic	134,776,241	129,276,452	120,017,247
Diluted	135,117,512	129,512,853	120,090,232
Fees from trust services [Member]
Other income
Revenue from contract	$ 17,216	$ 16,552	$ 13,903
Fees from brokerage services [Member]
Other income
Revenue from contract	16,412	15,559	11,758
Fees from deposit services [Member]
Other income
Revenue from contract	40,557	38,689	34,833
Bankcard fees and merchant discounts [Member]
Other income
Revenue from contract	6,580	5,485	4,066
Other service charges, commissions, and fees [Member]
Other income
Revenue from contract	3,267	2,990	2,596
Income from mortgage banking activities [Member]
Other income
Revenue from contract	$ 42,690	$ 171,692	$ 266,094

UBSI Balance Sheet

2022-12-31

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets
Cash and due from banks	$ 294,155	$ 282,878
Interest-bearing deposits with other banks	881,418	3,474,365
Federal funds sold	1,079	927
Total cash and cash equivalents	1,176,652	3,758,170
Securities available for sale at estimated fair value (amortized cost-$5,011,729 at December 31, 2022 and $4,031,494 at December 31, 2021, allowance for credit losses of $0 at December 31, 2022 and December 31, 2021)	4,541,925	4,042,699
Securities held to maturity, net of allowance for credit losses of $18 at December 31, 2022 and $19 at December 31, 2021 (estimated fair value-$1,020 at December 31, 2022 and December 31, 2021)	1,002	1,001
Equity securities at estimated fair value	7,629	12,404
Other investment securities	322,048	239,645
Loans held for sale measured using fair value option	56,879	504,416
Loans and leases	20,580,163	18,051,307
Less: Unearned income	(21,997)	(27,659)
Loans and leases, net of unearned income	20,558,166	18,023,648
Less: Allowance for loan and lease losses	(234,746)	(216,016)
Net loans and leases	20,323,420	17,807,632
Bank premises and equipment	199,161	197,220
Operating lease right-of-use assets	71,144	81,942
Goodwill	1,888,889	1,886,494
Mortgage servicing rights, net of valuation allowance of $0 at December 31, 2022 and $883 at December 31, 2021	21,022	23,144
Bank-owned life insurance ("BOLI")	480,184	478,067
Accrued interest receivable, net of allowance for credit losses of $0 at December 31, 2022 and $8 at December 31, 2021	94,890	64,512
Other assets	304,535	231,556
TOTAL ASSETS	29,489,380	29,328,902
Deposits:
Noninterest-bearing	7,199,678	7,496,560
Interest-bearing	15,103,488	15,853,703
Total deposits	22,303,166	23,350,263
Borrowings:
Securities sold under agreements to repurchase	160,698	128,844
Federal Home Loan Bank ("FHLB") borrowings	1,910,775	532,199
Other long-term borrowings	286,881	285,195
Reserve for lending-related commitments	46,189	31,442
Operating lease liabilities	75,749	86,703
Accrued expenses and other liabilities	189,729	195,628
TOTAL LIABILITIES	24,973,187	24,610,274
Shareholders' Equity
Preferred stock, $1.00 par value; Authorized-50,000,000 shares, none issued	0	0
Common stock, $2.50 par value; Authorized-200,000,000 shares; issued-142,011,560 and 141,360,266 at December 31, 2022 and December 31, 2021, respectively, including 7,266,438 and 4,967,508 shares in treasury at December 31, 2022 and December 31, 2021, respectively	355,029	353,402
Surplus	3,168,874	3,149,955
Retained earnings	1,575,426	1,390,777
Accumulated other comprehensive loss	(332,732)	(4,888)
Treasury stock, at cost	(250,404)	(170,618)
TOTAL SHAREHOLDERS' EQUITY	4,516,193	4,718,628
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 29,489,380	$ 29,328,902