First United (NASDAQ:FUNC) Announces Earnings Results

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

First United Trading Down 1.3%

First United stock opened at $39.22 on Thursday. First United has a one year low of $24.66 and a one year high of $42.50. The business’s fifty day moving average is $38.60 and its 200 day moving average is $36.77. The stock has a market capitalization 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 current ratio of 0.93 and a quick ratio of 0.93.

First United Announces Dividend

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

Wall Street Analysts Forecast Growth

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

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Millennium Management LLC boosted its holdings in First United by 349.9% in the first quarter. Millennium Management LLC now owns 140,586 shares of the bank’s stock worth $4,220,000 after purchasing an additional 109,340 shares during the last quarter. Geode Capital Management LLC increased its position in First United by 112.3% during the second quarter. Geode Capital Management LLC now owns 139,939 shares of the bank’s stock valued at $4,340,000 after acquiring an additional 74,032 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in First United by 53.2% in the first quarter. Goldman Sachs Group Inc. now owns 58,718 shares of the bank’s stock valued at $1,763,000 after acquiring an additional 20,387 shares during the period. Jane Street Group LLC boosted its position in First United by 67.4% in the first quarter. Jane Street Group LLC now owns 26,035 shares of the bank’s stock worth $782,000 after purchasing an additional 10,483 shares during the last quarter. Finally, Osaic Holdings Inc. bought a new stake in shares of First United during the 2nd quarter valued at about $215,000. 33.27% of the stock is owned by hedge funds and other institutional investors.

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.