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

First United (NASDAQ:FUNC) posted 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. First United had a net margin of 20.55% and a return on equity of 13.39%. The firm had revenue of $23.94 million during the quarter, compared to analyst estimates of $23.55 million.

First United Price Performance

Shares of NASDAQ:FUNC traded down $0.71 during midday trading on Monday, reaching $44.64. 18,946 shares of the company’s stock traded hands, compared to its average volume of 17,140. First United has a 1 year low of $31.71 and a 1 year high of $46.30. The company has a market cap of $287.79 million, a P/E ratio of 11.42 and a beta of 0.52. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.91 and a current ratio of 0.91. The company has a fifty day simple moving average of $41.25 and a two-hundred day simple moving average of $38.73.

First United Dividend Announcement

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 given a dividend of $0.26 per share. The ex-dividend date is Monday, July 20th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.3%. First United’s dividend payout ratio (DPR) is 26.60%.

Wall Street Analysts Forecast Growth

FUNC has been the topic of several analyst reports. Raymond James Financial raised their price target on shares of First United from $44.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, July 1st. Weiss Ratings reiterated a “buy (b)” rating on shares of First United in a research report on Friday, July 10th. Hovde Group assumed 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 on the stock. Finally, Wall Street Zen lowered shares of First United from a “buy” rating to a “hold” rating in a research note on Monday, June 15th. Three investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $47.25.

Hedge Funds Weigh In On First United

A number of large investors have recently added to or reduced their stakes in FUNC. Kestra Advisory Services LLC purchased a new position in First United during the fourth quarter valued at $38,000. BNP Paribas Financial Markets raised 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 during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in First United in the 2nd quarter valued at about $102,000. New York State Common Retirement Fund purchased a new position in First United in the 2nd quarter valued at about $105,000. Finally, JPMorgan Chase & Co. acquired a new stake in First United in the 2nd quarter worth about $148,000. 33.27% of the stock is currently owned by institutional investors and hedge funds.

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.