First United (NASDAQ:FUNC) Releases Quarterly Earnings Results

First United (NASDAQ:FUNC) announced its earnings results on Monday. The bank reported $1.13 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.08, FiscalAI reports. The company had revenue of $23.94 million for the quarter, compared to the consensus estimate of $23.55 million. First United had a return on equity of 13.85% and a net margin of 20.05%.

First United Stock Performance

Shares of FUNC stock opened at $44.18 on Wednesday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.15. The stock has a 50 day simple moving average of $41.54 and a 200-day simple moving average of $38.82. The company has a market cap of $284.96 million, a price-to-earnings ratio of 11.45 and a beta of 0.52. First United has a 12-month low of $31.71 and a 12-month high of $46.30.

First United Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Monday, July 20th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend is Monday, July 20th. First United’s dividend payout ratio is 26.60%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Kestra Advisory Services LLC purchased a new position in First United in the fourth quarter worth $38,000. BNP Paribas Financial Markets boosted its position in shares of First United by 102.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,524 shares of the bank’s stock worth $56,000 after purchasing an additional 770 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of First United during the 2nd quarter worth $102,000. New York State Common Retirement Fund acquired a new position in shares of First United during the 2nd quarter worth $105,000. Finally, JPMorgan Chase & Co. acquired a new position in shares of First United during the 2nd quarter worth $148,000. Institutional investors and hedge funds own 33.27% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Raymond James Financial increased their price target on First United from $44.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday, July 1st. Wall Street Zen cut shares of First United from a “buy” rating to a “hold” rating in a research note on Monday, June 15th. Hovde Group started coverage on shares of First United in a research report on Friday, May 29th. They set an “outperform” rating and a $44.50 price objective for the company. Finally, Weiss Ratings restated a “buy (b)” rating on shares of First United in a research report on Friday, July 10th. Three analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price 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.