Union Bankshares (NASDAQ:UBSH) has been a model of profitable growth for community banks over the last several years. This company is extremely well run, and it shows in its ever-rising profit numbers. Key acquisitions have helped over the years as well, and of course, everything financial has rallied hard since early November. All of these things matter, but at the same time, is UBSH really good enough for 19 times this year's earnings? That's a nosebleed multiple and then some for a bank even one as good as UBSH. I've been too cautious on UBSH as it has continued to rally into the stratosphere, but that doesn't mean I think chasing it here is a good idea.
