First United (NASDAQ:FUNC) Announces Earnings Results

First United (NASDAQ:FUNC) issued its earnings results on Wednesday. The bank reported $1.10 EPS for the quarter, beating the consensus estimate of $0.96 by $0.14, FiscalAI reports. First United had a net margin of 21.02% and a return on equity of 13.24%. The company had revenue of $23.50 million during the quarter, compared to analysts’ expectations of $22.80 million.

First United Trading Down 1.3%

NASDAQ:FUNC traded down $0.50 on Wednesday, reaching $39.22. The company’s stock had a trading volume of 14,488 shares, compared to its average volume of 19,586. First United has a 1-year low of $24.66 and a 1-year high of $42.50. The business’s 50-day moving average price is $38.57 and its two-hundred day moving average price is $36.75. The firm has a market cap of $254.93 million, a PE ratio of 10.24 and a beta of 0.54. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.93 and a current ratio of 0.93.

First United Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, February 2nd. Shareholders of record on Friday, January 16th were issued a dividend of $0.26 per share. The ex-dividend date was Friday, January 16th. This represents a $1.04 annualized dividend and a yield of 2.7%. First United’s payout ratio is currently 27.15%.

Hedge Funds Weigh In On First United

Several institutional investors and hedge funds have recently modified their holdings of FUNC. JPMorgan Chase & Co. acquired a new stake in First United during the 2nd quarter worth approximately $148,000. Bank of America Corp DE raised its holdings in shares of First United by 154.5% during the second quarter. Bank of America Corp DE now owns 5,217 shares of the bank’s stock worth $162,000 after acquiring an additional 3,167 shares during the period. Osaic Holdings Inc. bought a new stake in First United in the 2nd quarter valued at $215,000. Qube Research & Technologies Ltd bought a new stake in First United in the 3rd quarter valued at $239,000. Finally, Invesco Ltd. lifted its position in First United by 3.4% in the 2nd quarter. Invesco Ltd. now owns 11,105 shares of the bank’s stock valued at $344,000 after acquiring an additional 364 shares in the last quarter. 33.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “buy (b-)” rating on shares of First United in a report on Thursday, January 22nd. Two equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $42.00.

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.