Reported Earnings • Jul 24
Second quarter 2026 earnings: EPS and revenues exceed analyst expectations Second quarter 2026 results: EPS: US$0.95 (up from US$0.85 in 2Q 2025). Revenue: US$318.9m (up 6.2% from 2Q 2025). Net income: US$131.4m (up 9.1% from 2Q 2025). Profit margin: 41% (up from 40% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 7.1%. Revenue is forecast to grow 4.0% p.a. on average during the next 2 years, compared to a 7.6% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 13% per year. Announcement • Jul 23
United Bankshares, Inc. Reports Net Charge Off for the Second Quarter Ended June 30, 2026 United Bankshares, Inc. reported net charge off for the second quarter ended June 30, 2026. For the period, the company reported net charge-offs of $5,058,000 against $8,351,000 a year ago. Upcoming Dividend • Jun 05
Upcoming dividend of US$0.38 per share Eligible shareholders must have bought the stock before 12 June 2026. Payment date: 01 July 2026. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of American dividend payers (4.2%). Higher than average of industry peers (2.4%). Declared Dividend • May 20
First quarter dividend of US$0.38 announced Shareholders will receive a dividend of US$0.38. Ex-date: 12th June 2026 Payment date: 1st July 2026 Dividend yield will be 3.5%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 1.7% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 3.5% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • May 14
United Bankshares Declares Second Quarter Dividend, Payable July 1, 2026 United Bankshares, Inc. announced that its Board of Directors declared a second quarter 2026 dividend of $0.38 per share for shareholders of record as of June 12, 2026. The dividend payout of approximately $52.4 million on 137.8 million shares is payable July 1, 2026. Reported Earnings • Apr 26
First quarter 2026 earnings: EPS exceeds analyst expectations First quarter 2026 results: EPS: US$0.89 (up from US$0.59 in 1Q 2025). Revenue: US$308.8m (up 19% from 1Q 2025). Net income: US$124.2m (up 48% from 1Q 2025). Profit margin: 40% (up from 32% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.7%. Revenue is forecast to grow 5.1% p.a. on average during the next 2 years, compared to a 8.6% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 9% per year. Announcement • Apr 02
United Bankshares, Inc., Annual General Meeting, May 13, 2026 United Bankshares, Inc., Annual General Meeting, May 13, 2026. Location: congressional country club, 8500 river road, bethesda, maryland, United States Reported Earnings • Mar 02
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: US$3.28 (up from US$2.76 in FY 2024). Revenue: US$1.20b (up 19% from FY 2024). Net income: US$463.6m (up 25% from FY 2024). Profit margin: 39% (up from 37% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.6%. Revenue is forecast to grow 6.4% p.a. on average during the next 2 years, compared to a 9.0% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 1% per year. Declared Dividend • Feb 26
Fourth quarter dividend of US$0.38 announced Shareholders will receive a dividend of US$0.38. Ex-date: 13th March 2026 Payment date: 1st April 2026 Dividend yield will be 3.4%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (45% payout ratio) and is expected to be well covered in 3 years' time (42% forecast payout ratio). The dividend has increased by an average of 1.7% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 14% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 24
United Bankshares Declares First Quarter Dividend, Payable on April 1, 2026 United Bankshares, Inc. announced that its Board of Directors declared a first quarter 2026 dividend of $0.38 per share for shareholders of record as of March 13, 2026. The dividend payout of approximately $53.0 million on 139.4 million shares is payable April 1, 2026. Price Target Changed • Jan 25
Price target increased by 8.3% to US$44.30 Up from US$40.90, the current price target is an average from 5 analysts. New target price is 6.8% above last closing price of US$41.46. Stock is up 8.0% over the past year. The company is forecast to post earnings per share of US$3.22 for next year compared to US$2.76 last year. Reported Earnings • Jan 23
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: US$3.28 (up from US$2.76 in FY 2024). Revenue: US$1.18b (up 17% from FY 2024). Net income: US$464.6m (up 25% from FY 2024). Profit margin: 39% (up from 37% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.6%. Revenue is forecast to grow 6.6% p.a. on average during the next 2 years, compared to a 9.1% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 3% per year. Upcoming Dividend • Dec 08
Upcoming dividend of US$0.38 per share Eligible shareholders must have bought the stock before 12 December 2025. Payment date: 02 January 2026. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 3.9%. Lower than top quartile of American dividend payers (4.4%). Higher than average of industry peers (2.4%). Declared Dividend • Nov 24
Third quarter dividend increased to US$0.38 Dividend of US$0.38 is 2.7% higher than last year. Ex-date: 12th December 2025 Payment date: 2nd January 2026 Dividend yield will be 4.0%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (48% payout ratio) and is expected to be well covered in 3 years' time (44% forecast payout ratio). The dividend has increased by an average of 1.5% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 14% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 21
United Bankshares, Inc. Declares Fourth Quarter Dividend, Payable on January 2, 2026 United Bankshares, Inc. announced that its Board of Directors declared a fourth quarter dividend of $0.38 per share for shareholders of record as of December 12, 2025. Dividends per share of $1.49 for the year 2025 represents an increase over the $1.48 per share paid for the year of 2024. The dividend payout of approximately $53.4 million on 140.4 million shares is payable January 2, 2026. Reported Earnings • Oct 24
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: US$0.92 (up from US$0.70 in 3Q 2024). Revenue: US$311.2m (up 22% from 3Q 2024). Net income: US$130.7m (up 38% from 3Q 2024). Profit margin: 42% (up from 37% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.6%. Earnings per share (EPS) also surpassed analyst estimates by 13%. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Oct 23
United Bankshares, Inc. Reports Net Charge Offs for the Third Quarter Ended September 30, 2025 United Bankshares, Inc. reported net charge offs for the third quarter ended September 30, 2025. For the quarter, net charge-offs were $20.0 million, or 0.33% on an annualized basis as a percentage of average loans & leases, net of unearned income for the third quarter of 2025. Net charge-offs were $8.4 million, or 0.14% on an annualized basis as a percentage of average loans & leases, net of unearned income for the second quarter of 2025. Net charge-offs were $3.6 million, or 0.07% on an annualized basis as a percentage of average loans & leases, net of unearned income for the third quarter of 2024. Declared Dividend • Aug 27
Second quarter dividend of US$0.37 announced Dividend of US$0.37 is the same as last year. Ex-date: 12th September 2025 Payment date: 1st October 2025 Dividend yield will be 3.8%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 1.5% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 8.7% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 26
United Bankshares Declares Third Quarter Dividend, Payable on October 1, 2025 United Bankshares, Inc. announced that its Board of Directors declared a third quarter dividend of $0.37 per share for shareholders of record as of September 12, 2025 and dividend payable on October 1, 2025. Reported Earnings • Jul 25
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: US$0.85 (up from US$0.71 in 2Q 2024). Revenue: US$300.1m (up 20% from 2Q 2024). Net income: US$120.7m (up 25% from 2Q 2024). Profit margin: 40% (up from 39% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is forecast to grow 9.8% p.a. on average during the next 2 years, compared to a 7.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 2% per year. Announcement • Jul 24
United Bankshares, Inc. Reports Net Charge Offs for the Second Quarter of 2025 United Bankshares, Inc. reported net charge offs for the second quarter of 2025. Net charge-offs were $8.4 million, or 0.14% on an annualized basis as a percentage of average loans & leases, net of unearned income for the second quarter of 2025. Net charge-offs were $8.0 million, or 0.14% on an annualized basis as a percentage of average loans & leases, net of unearned income for the first quarter of 2025. Net charge-offs were $1.3 million, or 0.02% on an annualized basis as a percentage of average loans & leases, net of unearned income for the second quarter of 2024. Upcoming Dividend • Jun 06
Upcoming dividend of US$0.37 per share Eligible shareholders must have bought the stock before 13 June 2025. Payment date: 01 July 2025. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 4.1%. Lower than top quartile of American dividend payers (4.8%). Higher than average of industry peers (2.7%). Declared Dividend • May 18
First quarter dividend of US$0.37 announced Dividend of US$0.37 is the same as last year. Ex-date: 13th June 2025 Payment date: 1st July 2025 Dividend yield will be 4.0%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 1.5% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 9.6% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • May 15
United Bankshares, Inc. Declares Second Quarter 2025 Dividend, Payable on July 1, 2025 United Bankshares, Inc. announced that its Board of Directors declared a second quarter 2025 dividend of $0.37 per share for shareholders of record as of June 13, 2025. The dividend payout of approximately $52.6 million on 142.1 million shares is payable July 1, 2025. The year of 2024 represented the 51st consecutive year of dividend increases for United shareholders. Reported Earnings • Apr 27
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: US$0.59 (down from US$0.64 in 1Q 2024). Revenue: US$279.2m (up 12% from 1Q 2024). Net income: US$84.3m (down 2.7% from 1Q 2024). Profit margin: 30% (down from 35% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.2%. Earnings per share (EPS) also surpassed analyst estimates by 18%. Revenue is forecast to grow 10.0% p.a. on average during the next 2 years, compared to a 7.1% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 1% per year. Announcement • Apr 25
United Bankshares, Inc. Reports Net Charge Offs for the First Quarter Ended March 31, 2025 United Bankshares, Inc. reported net charge offs for the first quarter ended March 31, 2025. For the quarter, the company reported Net charge-offs were $8.041 million against $2.070 million a year ago. Announcement • Apr 03
United Bankshares, Inc., Annual General Meeting, May 14, 2025 United Bankshares, Inc., Annual General Meeting, May 14, 2025. Location: congressional country club, 8500 river road, bethesda, maryland, United States Reported Earnings • Mar 04
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: US$2.76 (up from US$2.72 in FY 2023). Revenue: US$1.01b (down 1.4% from FY 2023). Net income: US$372.2m (up 1.8% from FY 2023). Profit margin: 37% (up from 36% in FY 2023). The increase in margin was driven by lower expenses. Net interest margin (NIM): 3.49% (down from 3.56% in FY 2023). Non-performing loans: 0.34% (up from 0.21% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.0%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 7.2% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 1% per year. Declared Dividend • Feb 27
Fourth quarter dividend of US$0.37 announced Dividend of US$0.37 is the same as last year. Ex-date: 14th March 2025 Payment date: 1st April 2025 Dividend yield will be 4.1%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (54% payout ratio) and is expected to be covered in 3 years' time (50% forecast payout ratio). The dividend has increased by an average of 1.5% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 12% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 25
United Bankshares, Inc. Declares First Quarter 2025 Dividend, payable on April 1, 2025 United Bankshares, Inc. announced that its Board of Directors declared a first quarter 2025 dividend of $0.37 per share for shareholders of record as of March 14, 2025. The dividend payout of approximately $53.0 million on 143.2 million shares is payable April 1, 2025. Reported Earnings • Jan 26
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: US$2.77 (up from US$2.72 in FY 2023). Revenue: US$1.01b (down 1.4% from FY 2023). Net income: US$373.0m (up 2.1% from FY 2023). Profit margin: 37% (up from 36% in FY 2023). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.0%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 7.1% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 3% per year. Upcoming Dividend • Dec 06
Upcoming dividend of US$0.37 per share Eligible shareholders must have bought the stock before 13 December 2024. Payment date: 02 January 2025. Payout ratio is a comfortable 56% and this is well supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of American dividend payers (4.2%). Higher than average of industry peers (2.5%). Declared Dividend • Nov 13
Third quarter dividend of US$0.37 announced Dividend of US$0.37 is the same as last year. Ex-date: 13th December 2024 Payment date: 2nd January 2025 Dividend yield will be 3.5%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (56% payout ratio) and is expected to be covered in 3 years' time (51% forecast payout ratio). The dividend has increased by an average of 1.5% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 11% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 09
United Bankshares, Inc. Declares Dividend for the Fourth Quarter 2024, Payable on January 2, 2025 United Bankshares, Inc. announced that its Board of Directors declared a fourth quarter 2024 dividend of $0.37 per share for shareholders of record as of December 13, 2024. Dividends per share of $1.48 for the year 2024 represents an increase over the $1.45 per share paid for the year of 2023. The dividend is payable January 2, 2025. Announcement • Oct 26
United Bankshares, Inc. Reports Net Charge-Offs for the Third Quarter Ended September 30, 2024 United Bankshares, Inc. reported net charge-offs for the third quarter ended September 30, 2024. For the quarter, the company reported net charge-offs of $3,599,000 compared to $1,784,000 a year ago. Reported Earnings • Oct 25
Third quarter 2024 earnings: EPS exceeds analyst expectations Third quarter 2024 results: EPS: US$0.71 (down from US$0.71 in 3Q 2023). Revenue: US$255.3m (flat on 3Q 2023). Net income: US$95.3m (flat on 3Q 2023). Profit margin: 37% (in line with 3Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.2%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has increased by 1% per year. Announcement • Oct 04
United Bankshares, Inc. to Report Q3, 2024 Results on Oct 24, 2024 United Bankshares, Inc. announced that they will report Q3, 2024 results Pre-Market on Oct 24, 2024 Declared Dividend • Aug 29
Second quarter dividend of US$0.37 announced Shareholders will receive a dividend of US$0.37. Ex-date: 13th September 2024 Payment date: 1st October 2024 Dividend yield will be 3.8%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 1.5% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 1.2% over the next year. However, it would need to fall by 39% to increase the payout ratio to a potentially unsustainable range. Price Target Changed • Jul 30
Price target increased by 9.6% to US$41.00 Up from US$37.40, the current price target is an average from 5 analysts. New target price is 6.4% above last closing price of US$38.55. Stock is up 17% over the past year. The company is forecast to post earnings per share of US$2.69 for next year compared to US$2.72 last year. Reported Earnings • Jul 26
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: US$0.71 (up from US$0.69 in 2Q 2023). Revenue: US$250.2m (flat on 2Q 2023). Net income: US$96.5m (up 4.6% from 2Q 2023). Profit margin: 39% (up from 37% in 2Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 10%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 6.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$37.01, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 12x in the Banks industry in the US. Total returns to shareholders of 22% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$49.34 per share. Upcoming Dividend • Jun 07
Upcoming dividend of US$0.37 per share Eligible shareholders must have bought the stock before 14 June 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 56% and this is well supported by cash flows. Trailing yield: 4.6%. Lower than top quartile of American dividend payers (4.7%). Higher than average of industry peers (3.0%). Declared Dividend • May 19
First quarter dividend of US$0.37 announced Shareholders will receive a dividend of US$0.37. Ex-date: 14th June 2024 Payment date: 1st July 2024 Dividend yield will be 4.2%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 1.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to remain steady over the next year, which should provide adequate earnings cover for the dividend. Announcement • May 16
United Bankshares, Inc. Declares Second Quarter Dividend, Payable on July 1, 2024 United Bankshares, Inc. announced that its board of directors declared a second quarter dividend of $0.37 per share for shareholders of record as of June 14, 2024. The dividend payout of approximately $52.7 million on 135.2 million shares is payable July 1, 2024. Announcement • May 11
United Bankshares, Inc. (NasdaqGS:UBSI) entered into an Agreement and Plan of Merger to acquire Piedmont Bancorp, Inc. for approximately $270 million. United Bankshares, Inc. (NasdaqGS:UBSI) entered into an Agreement and Plan of Merger to acquire Piedmont Bancorp, Inc. for approximately $270 million on May 9, 2024. Pursuant to the merger agreement, United will acquire 100% of the outstanding shares of Piedmont in exchange for common shares of United. The exchange ratio will be fixed at 0.300 of United’s shares for each share of Piedmont, resulting in an aggregate transaction value of approximately $267 million. The Merger Agreement further provides that a termination fee of $10,690,000 will be payable by Piedmont in the event of a termination of the Merger Agreement. The merger has been approved by the Boards of Directors of both companies. The transaction is subject to the satisfaction of customary closing conditions, including approval by the shareholders of Piedmont and the receipt of required regulatory approvals which at the Federal level include the approval of the Federal Reserve and effectiveness of the registration statement on Form S-4 for United Common Stock to be issued in the Merger. The merger is expected to close late in the fourth quarter of 2024 or early in the first quarter of 2025. Raymond James served as financial advisor and Sandra M. Murphy of Bowles Rice LLP and Sullivan & Cromwell LLP served as legal counsel to United. Piper Sandler & Co. and Burke Stelling Group, LLC served as financial advisors to Piedmont, and Burke Stelling Group provided a fairness opinion to Peidmont. Mark C. Kanaly of Alston & Bird LLP served as legal counsel to Piedmont. Reported Earnings • Apr 25
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: EPS: US$0.65 (down from US$0.73 in 1Q 2023). Revenue: US$249.0m (down 4.3% from 1Q 2023). Net income: US$86.8m (down 12% from 1Q 2023). Profit margin: 35% (down from 38% in 1Q 2023). Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) also missed analyst estimates by 1.3%. Revenue is forecast to grow 4.8% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 6% per year. Announcement • Apr 03
United Bankshares, Inc., Annual General Meeting, May 15, 2024 United Bankshares, Inc., Annual General Meeting, May 15, 2024, at 16:00 US Eastern Standard Time. Location: the Congressional Country Club, 8500 River Road Bethesda Maryland United States Agenda: To elect fourteen persons to serve as directors of United; to ratify the selection of Ernst & Young LLP to act as the independent registered public accounting firm for 2024; and to approve, on an advisory basis, the compensation of United’s named executive officers. Reported Earnings • Mar 04
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: US$2.72 (down from US$2.81 in FY 2022). Revenue: US$1.02b (flat on FY 2022). Net income: US$365.4m (down 3.5% from FY 2022). Profit margin: 36% (down from 37% in FY 2022). Net interest margin (NIM): 3.56% (up from 3.50% in FY 2022). Non-performing loans: 0.21% (down from 0.28% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.5%. Revenue is forecast to grow 3.7% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Declared Dividend • Mar 01
Fourth quarter dividend of US$0.37 announced Shareholders will receive a dividend of US$0.37. Ex-date: 7th March 2024 Payment date: 1st April 2024 Dividend yield will be 4.3%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (53% payout ratio) and is expected to be covered in 3 years' time (55% forecast payout ratio). The dividend has increased by an average of 1.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to remain steady over the next 2 years, which should provide adequate earnings cover for the dividend. Announcement • Feb 27
United Bankshares, Inc. Declares Dividend for the First Quarter 2024, Payable on April 1,2024 United Bankshares, Inc. announced that its Board of Directors declared a first quarter 2024 dividend of $0.37 per share for shareholders of record as of March 8, 2024. The dividend payout of approximately $49.9 million on 135.0 million shares is payable April 1, 2024. The year of 2023 represented the 50th consecutive year of dividend increases for United shareholders. Only one other major banking company in the USA has achieved such a dividend record. Reported Earnings • Jan 26
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: US$2.72 (down from US$2.81 in FY 2022). Revenue: US$1.02b (flat on FY 2022). Net income: US$366.3m (down 3.3% from FY 2022). Profit margin: 36% (in line with FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.5%. Revenue is forecast to grow 3.3% p.a. on average during the next 2 years, compared to a 5.5% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 5% per year. Buy Or Sell Opportunity • Jan 23
Now 21% undervalued Over the last 90 days, the stock has risen 36% to US$36.71. The fair value is estimated to be US$46.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.5% over the last 3 years. Earnings per share has grown by 3.9%. Revenue is forecast to grow by 4.7% in 2 years. Earnings are forecast to decline by 7.5% in the next 2 years. Price Target Changed • Dec 28
Price target increased by 12% to US$34.95 Up from US$31.17, the current price target is an average from 6 analysts. New target price is 8.6% below last closing price of US$38.23. Stock is down 6.3% over the past year. The company is forecast to post earnings per share of US$2.77 for next year compared to US$2.81 last year. Upcoming Dividend • Nov 30
Upcoming dividend of US$0.37 per share at 4.4% yield Eligible shareholders must have bought the stock before 07 December 2023. Payment date: 02 January 2024. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 4.4%. Lower than top quartile of American dividend payers (5.0%). Higher than average of industry peers (3.6%). Announcement • Nov 11
United Bankshares, Inc. Declares Fourth Quarter Dividend, Payable on January 2, 2024 United Bankshares, Inc. announced that its Board of Directors declared a fourth quarter dividend of $0.37 per share for shareholders of record as of December 8, 2023. Dividends per share of $1.45 for the year 2023 represents an increase over the $1.44 per share paid for the year of 2022. The dividend payout of approximately $49.9 million on 134.9 million shares is payable January 2, 2024. The year 2023 marks the 50th consecutive year of dividend increases to United shareholders. Reported Earnings • Oct 26
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: US$0.71 (down from US$0.76 in 3Q 2022). Revenue: US$256.2m (down 3.5% from 3Q 2022). Net income: US$96.2m (down 6.0% from 3Q 2022). Profit margin: 38% (down from 39% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) also surpassed analyst estimates by 9.2%. Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 3% per year. Announcement • Aug 29
United Bankshares, Inc. Declares Third Quarter Dividend, Payable on October 2, 2023 United Bankshares, Inc. announced that its Board of Directors declared a third quarter dividend of $0.36 per share for shareholders of record as of September 8, 2023. The dividend payout of approximately $48.6 million on 134.9 million shares is payable October 2, 2023. Reported Earnings • Jul 28
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: US$0.69 (down from US$0.71 in 2Q 2022). Revenue: US$251.2m (down 3.8% from 2Q 2022). Net income: US$92.5m (down 3.0% from 2Q 2022). Profit margin: 37% (in line with 2Q 2022). Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 3.0%. Revenue is forecast to stay flat during the next 2 years compared to a 4.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 8% per year. Announcement • Jul 28
United Bankshares, Inc. Reports Net Charge-Offs for the Second Quarter of 2023 United Bankshares, Inc. reported net charge-offs for the second quarter of 2023. The company’s net charge-offs were $1.2 million for the second quarter of 2023. Buying Opportunity • Jun 13
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be US$41.12, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 7.1%. Revenue is forecast to grow by 0.8% in a year. Earnings is forecast to decline by 8.5% in the next year. Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$34.01, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 8x in the Banks industry in the US. Total returns to shareholders of 31% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$41.12 per share. Upcoming Dividend • Jun 01
Upcoming dividend of US$0.36 per share at 4.9% yield Eligible shareholders must have bought the stock before 08 June 2023. Payment date: 03 July 2023. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 4.9%. Lower than top quartile of American dividend payers (5.2%). Higher than average of industry peers (3.7%). Recent Insider Transactions • May 28
Insider recently bought US$294k worth of stock On the 25th of May, Lacy Rice bought around 10k shares on-market at roughly US$29.43 per share. This transaction amounted to 43% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$332k more in shares than they have sold in the last 12 months. Recent Insider Transactions • May 17
Vice Chairman of the Board recently bought US$100k worth of stock On the 16th of May, Michael Fitzgerald bought around 4k shares on-market at roughly US$28.49 per share. This transaction amounted to 1.7% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Michael's only on-market trade for the last 12 months. Announcement • May 11
United Bankshares, Inc. Declares Second Quarter Dividend, Payable on July 3, 2023 United Bankshares, Inc. announced that its Board of Directors declared a second quarter dividend of $0.36 per share for shareholders of record as of June 9, 2023. The dividend payout of approximately $48.6 million on 134.9 million shares is payable July 3, 2023. Price Target Changed • May 10
Price target decreased by 7.5% to US$35.00 Down from US$37.83, the current price target is an average from 6 analysts. New target price is 20% above last closing price of US$29.28. Stock is down 15% over the past year. The company is forecast to post earnings per share of US$2.71 for next year compared to US$2.81 last year. Reported Earnings • Apr 28
First quarter 2023 earnings: Revenues miss analyst expectations First quarter 2023 results: Revenue: US$260.2m (up 8.1% from 1Q 2022). Net income: US$98.3m (up 21% from 1Q 2022). Profit margin: 38% (up from 34% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.4%. Revenue is forecast to grow 2.0% p.a. on average during the next 2 years, compared to a 3.4% growth forecast for the Banks industry in the US. Price Target Changed • Apr 10
Price target decreased by 8.2% to US$37.83 Down from US$41.20, the current price target is an average from 6 analysts. New target price is 9.5% above last closing price of US$34.56. Stock is up 2.1% over the past year. The company is forecast to post earnings per share of US$2.84 for next year compared to US$2.81 last year. Buying Opportunity • Mar 10
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 10%. The fair value is estimated to be US$47.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 5.9%. Revenue is forecast to grow by 9.3% in 2 years. Earnings is forecast to grow by 4.3% in the next 2 years. Reported Earnings • Mar 07
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: US$2.82. Revenue: US$1.03b (down 1.3% from FY 2021). Net income: US$379.6m (up 3.5% from FY 2021). Profit margin: 37% (up from 35% in FY 2021). The increase in margin was driven by lower expenses. Net interest margin (NIM): 3.50% (up from 3.09% in FY 2021). Non-performing loans: 0.28% (down from 0.50% in FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.8%. Revenue is forecast to grow 4.3% p.a. on average during the next 2 years, compared to a 7.2% growth forecast for the Banks industry in the US. Announcement • Jan 27
United Bankshares, Inc. Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2022 United Bankshares, Inc. reported Net charge-offs for the fourth quarter ended December 31, 2022. Net charge-offs were $1,234,000 for the fourth quarter of 2022 compared to net charge-offs of $125,000 for the fourth quarter of 2021. Reported Earnings • Jan 26
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: US$2.83. Revenue: US$1.03b (down 1.4% from FY 2021). Net income: US$379.6m (up 3.5% from FY 2021). Profit margin: 37% (up from 35% in FY 2021). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.8%. Revenue is forecast to grow 3.9% p.a. on average during the next 2 years, compared to a 6.2% growth forecast for the Banks industry in the US. Buying Opportunity • Dec 31
Now 20% undervalued Over the last 90 days, the stock is up 13%. The fair value is estimated to be US$50.63, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 5.1%. Revenue is forecast to grow by 10% in 2 years. Earnings is forecast to grow by 11% in the next 2 years. Buying Opportunity • Dec 15
Now 22% undervalued Over the last 90 days, the stock is up 6.8%. The fair value is estimated to be US$50.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 5.1%. Revenue is forecast to grow by 10% in 2 years. Earnings is forecast to grow by 11% in the next 2 years. Price Target Changed • Dec 09
Price target increased to US$41.75 Up from US$38.33, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of US$41.20. Stock is up 14% over the past year. The company is forecast to post earnings per share of US$2.86 for next year compared to US$2.84 last year. Recent Insider Transactions Derivative • Dec 04
CEO & Director exercised options and sold US$146k worth of stock On the 30th of November, Richard Adams exercised 11.10k options at around US$26.19, then sold 9k of the shares acquired at an average of US$42.89 per share and kept the remainder. For the year to December 2015, Richard's total compensation was 35% salary and 65% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since December 2021, Richard's direct individual holding has increased from 109.08k shares to 113.50k. Company insiders have collectively sold US$173k more than they bought, via options and on-market transactions in the last 12 months. Upcoming Dividend • Dec 01
Upcoming dividend of US$0.36 per share Eligible shareholders must have bought the stock before 08 December 2022. Payment date: 03 January 2023. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of American dividend payers (4.3%). Higher than average of industry peers (3.0%). Recent Insider Transactions • Nov 18
Independent Director recently sold US$107k worth of stock On the 15th of November, J. McNamara sold around 3k shares on-market at roughly US$42.75 per share. This transaction amounted to 3.1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought US$154k more than they sold in the last 12 months. Reported Earnings • Oct 28
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: US$0.77 (up from US$0.71 in 3Q 2021). Revenue: US$265.6m (up 2.9% from 3Q 2021). Net income: US$102.6m (up 12% from 3Q 2021). Profit margin: 39% (up from 36% in 3Q 2021). The increase in margin was primarily driven by higher revenue. Revenue exceeded analyst estimates by 2.7%. Earnings per share (EPS) also surpassed analyst estimates by 15%. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 2% per year.