# United Bankshares, Inc. (UBSI)

at united, we are committed to providing each customer with an unmatched level of service. while we offer competitive products, services, rates, and technology, the level of service we provide and our commitment to building relationships is what sets us apart from our competitors. united isn’t just growing to get bigger. we are growing to satisfy the continued demand for a bank that focuses on service. with 130 branches across maryland, ohio, pennsylvania, virginia and west virginia and over 1600 employees, our mix of competitive products, combined with a high level of service and a focus on relationships is an overwhelming value proposition for our customers.

## Stock Price Trends

Stock price trends estimated using linear regression.

#### Key facts

• The primary trend is increasing.
• The growth rate of the primary trend is 192.04% per annum.
• UBSI price at the close of February 16, 2024 was \$35.27 and was lower than the bottom border of the primary price channel by \$1.99 (5.34%). This indicates a possible reversal in the primary trend direction.
• The secondary trend is decreasing.
• The decline rate of the secondary trend is 37.79% per annum.
• UBSI price at the close of February 16, 2024 was inside the secondary price channel.
• The direction of the secondary trend is opposite to the direction of the primary trend. This indicates a possible reversal in the direction of the primary trend.

### Linear Regression Model

Model equation:
Yi = α + β × Xi + εi

Top border of price channel:
Exp(Yi) = Exp(a + b × Xi + 2 × s)

Bottom border of price channel:
Exp(Yi) = Exp(a + b × Xi – 2 × s)

where:

i - observation number
Yi - natural logarithm of UBSI price
Xi - time index, 1 day interval
σ - standard deviation of εi
a - estimator of α
b - estimator of β
s - estimator of σ
Exp() - calculates the exponent of e

### Primary Trend

Start date: September 7, 2023
End date: January 30, 2024

a = -1.6267

b = 0.0029

s = 0.0541

Annual growth rate:

Exp(365 × b) – 1
= Exp(365 × 0.0029) – 1
= 192.04%

Exp(4 × s) – 1
= Exp(4 × 0.0541) – 1
= 24.15%

#### September 7, 2023 calculations

Top border of price channel:

Exp(Y1,146)
= Exp(a + b × X1,146 + 2 × s)
= Exp(a + b × 1,661 + 2 × s)
= Exp(-1.6267 + 0.0029 × 1,661 + 2 × 0.0541)
= Exp(3.3586)
= \$28.75

Bottom border of price channel:

Exp(Y1,146)
= Exp(a + b × X1,146 – 2 × s)
= Exp(a + b × 1,661 – 2 × s)
= Exp(-1.6267 + 0.0029 × 1,661 – 2 × 0.0541)
= Exp(3.1422)
= \$23.16

#### January 30, 2024 calculations

Top border of price channel:

Exp(Y1,245)
= Exp(a + b × X1,245 + 2 × s)
= Exp(a + b × 1,806 + 2 × s)
= Exp(-1.6267 + 0.0029 × 1,806 + 2 × 0.0541)
= Exp(3.7843)
= \$44.01

Bottom border of price channel:

Exp(Y1,245)
= Exp(a + b × X1,245 – 2 × s)
= Exp(a + b × 1,806 – 2 × s)
= Exp(-1.6267 + 0.0029 × 1,806 – 2 × 0.0541)
= Exp(3.5680)
= \$35.45

#### Description

• The primary trend is increasing.
• The growth rate of the primary trend is 192.04% per annum.
• UBSI price at the close of February 16, 2024 was \$35.27 and was lower than the bottom border of the primary price channel by \$1.99 (5.34%). This indicates a possible reversal in the primary trend direction.

### Secondary Trend

Start date: December 13, 2023
End date: February 16, 2024

a = 5.9286

b = -0.0013

s = 0.0200

Annual growth rate:

Exp(365 × b) – 1
= Exp(365 × -0.0013) – 1
= -37.79%

Exp(4 × s) – 1
= Exp(4 × 0.0200) – 1
= 8.35%

#### December 13, 2023 calculations

Top border of price channel:

Exp(Y1,214)
= Exp(a + b × X1,214 + 2 × s)
= Exp(a + b × 1,758 + 2 × s)
= Exp(5.9286 + -0.0013 × 1,758 + 2 × 0.0200)
= Exp(3.6826)
= \$39.75

Bottom border of price channel:

Exp(Y1,214)
= Exp(a + b × X1,214 – 2 × s)
= Exp(a + b × 1,758 – 2 × s)
= Exp(5.9286 + -0.0013 × 1,758 – 2 × 0.0200)
= Exp(3.6025)
= \$36.69

#### February 16, 2024 calculations

Top border of price channel:

Exp(Y1,258)
= Exp(a + b × X1,258 + 2 × s)
= Exp(a + b × 1,823 + 2 × s)
= Exp(5.9286 + -0.0013 × 1,823 + 2 × 0.0200)
= Exp(3.5981)
= \$36.53

Bottom border of price channel:

Exp(Y1,258)
= Exp(a + b × X1,258 – 2 × s)
= Exp(a + b × 1,823 – 2 × s)
= Exp(5.9286 + -0.0013 × 1,823 – 2 × 0.0200)
= Exp(3.5179)
= \$33.71

#### Description

• The secondary trend is decreasing.
• The decline rate of the secondary trend is 37.79% per annum.
• UBSI price at the close of February 16, 2024 was inside the secondary price channel.