United Bankshares: The Dividend May Be Greater Than The Growth

  • United Bankshares' frequent acquisitions, including the recent Piedmont Bancorp deal, have led to deteriorating financial metrics and integration challenges. Key ratios like ROA, ROE, and capital levels have declined post-merger, with a sharp rise in credit loss provisions raising concerns about loan quality. Despite a strong dividend history and attractive yield, UBSI's valuation is high relative to peers, and organic growth remains weak.