Insider Selling: First United (NASDAQ:FUNC) Director Sells $44,580.00 in Stock

First United Corporation (NASDAQ:FUNC) Director Irvin Robert Rudy sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $44.58, for a total transaction of $44,580.00. Following the completion of the transaction, the director owned 37,500 shares of the company’s stock, valued at approximately $1,671,750. This trade represents a 2.60% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

First United Stock Down 2.0%

NASDAQ:FUNC opened at $43.84 on Friday. First United Corporation has a one year low of $31.71 and a one year high of $46.30. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.91 and a quick ratio of 0.91. The company has a market cap of $282.77 million, a PE ratio of 11.36 and a beta of 0.52. The firm’s 50 day simple moving average is $42.56 and its 200 day simple moving average is $39.17.

First United (NASDAQ:FUNC) last announced its quarterly earnings results on Monday, July 20th. The bank reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.08. The firm had revenue of $23.94 million during the quarter, compared to analysts’ expectations of $23.55 million. First United had a net margin of 20.05% and a return on equity of 13.85%. On average, research analysts anticipate that First United Corporation will post 4.5 earnings per share for the current year.

First United Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Monday, July 20th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Monday, July 20th. First United’s dividend payout ratio is presently 26.94%.

Institutional Trading of First United

Institutional investors have recently bought and sold shares of the company. Millennium Management LLC raised its position in shares of First United by 349.9% in the 1st quarter. Millennium Management LLC now owns 140,586 shares of the bank’s stock worth $4,220,000 after acquiring an additional 109,340 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of First United by 112.3% in the 2nd quarter. Geode Capital Management LLC now owns 139,939 shares of the bank’s stock valued at $4,340,000 after purchasing an additional 74,032 shares during the period. Daytona Street Capital LLC bought a new stake in shares of First United during the 4th quarter valued at about $1,390,000. Marshall Wace LLP boosted its position in shares of First United by 118.1% during the 4th quarter. Marshall Wace LLP now owns 44,047 shares of the bank’s stock valued at $1,649,000 after purchasing an additional 23,850 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in shares of First United by 53.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 58,718 shares of the bank’s stock valued at $1,763,000 after purchasing an additional 20,387 shares in the last quarter. Institutional investors own 33.27% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on the company. Wall Street Zen raised First United from a “hold” rating to a “buy” rating in a report on Saturday, July 25th. Weiss Ratings reissued a “buy (b)” rating on shares of First United in a research note on Friday, July 10th. Raymond James Financial raised their price objective on First United from $44.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 1st. Finally, Hovde Group reiterated an “outperform” rating and issued a $49.00 target price on shares of First United in a report on Thursday, July 23rd. Three equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, First United has an average rating of “Buy” and an average price target of $49.50.

First United Company Profile

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.