First United (NASDAQ:FUNC) Releases Quarterly Earnings Results, Beats Estimates By $0.08 EPS

First United (NASDAQ:FUNC) released its quarterly earnings data on Monday. The bank reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.08, FiscalAI reports. First United had a net margin of 20.55% and a return on equity of 13.39%. The business had revenue of $23.94 million for the quarter, compared to analysts’ expectations of $23.55 million.

First United Stock Performance

Shares of FUNC traded down $0.71 during trading hours on Monday, reaching $44.64. 18,951 shares of the company’s stock traded hands, compared to its average volume of 17,202. The firm has a market capitalization of $287.79 million, a price-to-earnings ratio of 11.42 and a beta of 0.52. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.91 and a quick ratio of 0.91. First United has a twelve month low of $31.71 and a twelve month high of $46.30. The business’s fifty day simple moving average is $41.25 and its two-hundred day simple moving average is $38.73.

First United Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Monday, July 20th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend is Monday, July 20th. First United’s dividend payout ratio (DPR) is 26.60%.

Institutional Investors Weigh In On First United

Several institutional investors have recently bought and sold shares of the stock. Hsbc Holdings PLC bought a new position in First United in the 4th quarter valued at about $301,000. Corient Private Wealth LLC bought a new stake in shares of First United during the 4th quarter worth about $205,000. Empowered Funds LLC raised its position in shares of First United by 10.1% during the 4th quarter. Empowered Funds LLC now owns 35,869 shares of the bank’s stock worth $1,343,000 after buying an additional 3,293 shares in the last quarter. Bridgeway Capital Management LLC lifted its stake in shares of First United by 4.7% in the 4th quarter. Bridgeway Capital Management LLC now owns 73,537 shares of the bank’s stock worth $2,753,000 after acquiring an additional 3,293 shares during the period. Finally, AQR Capital Management LLC acquired a new stake in shares of First United in the 4th quarter worth approximately $215,000. Institutional investors and hedge funds own 33.27% of the company’s stock.

Analyst Ratings Changes

A number of research firms have issued reports on FUNC. Hovde Group began coverage on shares of First United in a research note on Friday, May 29th. They set an “outperform” rating and a $44.50 target price for the company. Weiss Ratings restated a “buy (b)” rating on shares of First United in a research report on Friday, July 10th. Wall Street Zen lowered shares of First United from a “buy” rating to a “hold” rating in a research note on Monday, June 15th. Finally, Raymond James Financial lifted their price target on First United from $44.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, July 1st. Three research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $47.25.

About First United

First United Corporation is a bank holding company that, through its subsidiary First United Bank & Trust, provides a full suite of commercial and consumer banking services to individuals, businesses, and agricultural customers across central Oklahoma. The company offers deposit accounts such as checking, savings, money market and time deposits, alongside a variety of lending solutions covering commercial real estate, construction, agricultural and consumer loans.

In addition to traditional banking products, First United delivers treasury management and cash management solutions designed to streamline client operations, as well as online and mobile banking platforms for account access and payments.