Pinnacle Holdings LLC Invests $2.60 Million in First United Corporation $FUNC

Pinnacle Holdings LLC acquired a new position in shares of First United Corporation (NASDAQ:FUNC) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 58,916 shares of the bank’s stock, valued at approximately $2,599,000.

Several other institutional investors and hedge funds also recently made changes to their positions in FUNC. BlackRock Inc. acquired a new stake in First United during the 2nd quarter worth approximately $20,125,000. De Lisle Partners LLP bought a new stake in First United in the 2nd quarter valued at $7,277,000. Millennium Management LLC grew its holdings in First United by 349.9% in the 1st quarter. Millennium Management LLC now owns 140,586 shares of the bank’s stock valued at $4,220,000 after buying an additional 109,340 shares in the last quarter. Geode Capital Management LLC increased its position in First United by 112.3% during the 2nd quarter. Geode Capital Management LLC now owns 139,939 shares of the bank’s stock worth $4,340,000 after buying an additional 74,032 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its position in First United by 1.2% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 101,118 shares of the bank’s stock worth $3,718,000 after buying an additional 1,194 shares during the period. Institutional investors and hedge funds own 33.27% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on FUNC shares. Wall Street Zen downgraded First United from a “buy” rating to a “hold” rating in a report on Saturday, August 15th. Weiss Ratings restated a “buy (b)” rating on shares of First United in a research note on Friday, July 10th. Hovde Group reaffirmed an “outperform” rating and set a $49.00 price target on shares of First United in a research report on Thursday, July 23rd. Finally, Raymond James Financial lifted their price objective on shares of First United from $44.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 1st. Three research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $49.50.

First United Stock Performance

FUNC opened at $42.94 on Monday. The stock has a market capitalization of $276.96 million, a price-to-earnings ratio of 11.12 and a beta of 0.52. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.15. First United Corporation has a twelve month low of $33.54 and a twelve month high of $46.30. The company has a 50-day simple moving average of $44.23 and a 200 day simple moving average of $39.92.

First United (NASDAQ:FUNC) last released its earnings results on Monday, July 20th. The bank reported $1.13 EPS for the quarter, beating the consensus estimate of $1.05 by $0.08. The firm had revenue of $65.27 million for the quarter, compared to analyst estimates of $23.55 million. First United had a net margin of 20.05% and a return on equity of 13.69%. Analysts predict that First United Corporation will post 4.5 EPS for the current fiscal year.

First United Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 3rd. Investors of record on Monday, July 20th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend was Monday, July 20th. First United’s dividend payout ratio (DPR) is 26.94%.

Insiders Place Their Bets

In other news, Director Irvin Robert Rudy sold 1,000 shares of the business’s stock in a transaction on Friday, July 24th. The stock was 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. The trade was a 2.60% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Keith Sanders sold 5,000 shares of the company’s stock in a transaction on Thursday, July 23rd. The stock was sold at an average price of $43.68, for a total value of $218,400.00. Following the sale, the executive vice president owned 10,342 shares of the company’s stock, valued at approximately $451,738.56. This represents a 32.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders acquired 280 shares of company stock worth $12,816 and sold 11,250 shares worth $500,752. Corporate insiders own 8.10% of the company’s stock.

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.