Keith Sanders Sells 5,000 Shares of First United (NASDAQ:FUNC) Stock

First United Corporation (NASDAQ:FUNC) EVP Keith Sanders sold 5,000 shares of the firm’s stock in a transaction dated Thursday, July 23rd. The shares were sold at an average price of $43.68, for a total value of $218,400.00. Following the transaction, the executive vice president directly owned 10,342 shares of the company’s stock, valued at $451,738.56. This represents a 32.59% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

First United Price Performance

Shares of First United stock opened at $44.73 on Thursday. First United Corporation has a 52 week low of $31.71 and a 52 week high of $46.30. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.15. The stock has a market cap of $288.51 million, a PE ratio of 11.59 and a beta of 0.52. The company’s 50-day moving average price is $42.44 and its two-hundred day moving average price is $39.13.

First United (NASDAQ:FUNC) last posted its quarterly earnings data on Monday, July 20th. The bank reported $1.13 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.08. The company had revenue of $23.94 million during 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 13.85%. As a group, sell-side analysts anticipate that First United Corporation will post 4.5 EPS for the current fiscal year.

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 issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date is Monday, July 20th. First United’s dividend payout ratio (DPR) is presently 26.94%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on FUNC shares. Wall Street Zen upgraded First United from a “hold” rating to a “buy” rating in a research report on Saturday, July 25th. Raymond James Financial lifted their target price on First United from $44.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday, July 1st. Hovde Group reaffirmed an “outperform” rating and set a $49.00 target price on shares of First United in a research report on Thursday, July 23rd. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of First United in a report on Friday, July 10th. Three analysts have rated the stock with a Buy rating, According to MarketBeat, First United has an average rating of “Buy” and a consensus price target of $49.50.

Hedge Funds Weigh In On First United

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Daytona Street Capital LLC purchased a new stake in shares of First United in the fourth quarter valued at $1,390,000. Bank of America Corp DE grew its holdings in shares of First United by 154.5% during the second quarter. Bank of America Corp DE now owns 5,217 shares of the bank’s stock valued at $162,000 after buying an additional 3,167 shares in the last quarter. JPMorgan Chase & Co. acquired a new position in First United during the second quarter valued at $148,000. New York State Common Retirement Fund acquired a new position in First United during the second quarter valued at $105,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in First United in the 2nd quarter worth about $102,000. 33.27% of the stock is currently 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.