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

First United (NASDAQ:FUNC) released its quarterly earnings data 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 return on equity of 13.39% and a net margin of 20.55%.The business had revenue of $23.94 million for the quarter, compared to analyst estimates of $23.55 million.

First United Trading Down 1.6%

FUNC opened at $44.64 on Tuesday. First United has a fifty-two week low of $31.71 and a fifty-two week 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 firm has a market capitalization of $287.93 million, a price-to-earnings ratio of 11.42 and a beta of 0.52. The company’s 50 day moving average price is $41.40 and its two-hundred day moving average price is $38.78.

First United Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Investors 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 annualized dividend and a yield of 2.3%. First United’s dividend payout ratio (DPR) is currently 26.60%.

Hedge Funds Weigh In On First United

Large investors have recently modified their holdings of the business. Kestra Advisory Services LLC bought a new stake in shares of First United in the fourth quarter worth $38,000. BNP Paribas Financial Markets raised its position in 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. acquired a new position in First United during the 2nd quarter worth about $102,000. New York State Common Retirement Fund acquired a new position in First United during the 2nd quarter worth about $105,000. Finally, JPMorgan Chase & Co. acquired a new position in First United during the 2nd quarter worth about $148,000. Institutional investors own 33.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on FUNC. Wall Street Zen cut shares of First United from a “buy” rating to a “hold” rating in a report on Monday, June 15th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of First United in a report on Friday, July 10th. Hovde Group began coverage on shares of First United in a research report on Friday, May 29th. They set an “outperform” rating and a $44.50 price objective for the company. Finally, Raymond James Financial increased their price objective on shares of First United from $44.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday, July 1st. Three equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, First United presently has a consensus rating of “Buy” and an average price target of $47.25.

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.