First United (NASDAQ:FUNC) Stock Passes Above 50 Day Moving Average – Here’s Why

First United Corporation (NASDAQ:FUNC)’s share price passed above its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of $40.15 and traded as high as $44.59. First United shares last traded at $43.96, with a volume of 23,138 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on FUNC. Hovde Group initiated coverage on shares of First United in a report on Friday, May 29th. They issued an “outperform” rating and a $44.50 price objective for the company. Wall Street Zen cut shares of First United from a “buy” rating to a “hold” rating in a research report on Monday, June 15th. Finally, Raymond James Financial raised their price target 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 investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, First United has a consensus rating of “Buy” and an average target price of $47.25.

First United Stock Down 0.8%

The stock has a 50-day moving average price of $40.15 and a 200-day moving average price of $38.44. 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 capitalization of $283.41 million, a P/E ratio of 11.24 and a beta of 0.52.

First United (NASDAQ:FUNC) last released its earnings results on Tuesday, April 21st. The bank reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.10. First United had a net margin of 20.55% and a return on equity of 13.39%. The business had revenue of $23.41 million during the quarter, compared to the consensus estimate of $22.83 million. On average, research analysts predict that First United Corporation will post 4.4 EPS for the current fiscal year.

First United Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Monday, July 20th will be given a $0.26 dividend. The ex-dividend date of this dividend is Monday, July 20th. This represents a $1.04 annualized dividend and a dividend yield of 2.4%. First United’s dividend payout ratio (DPR) is 26.60%.

Institutional Investors Weigh In On First United

Large investors have recently added to or reduced their stakes in the business. Millennium Management LLC increased 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 in the last quarter. Goldman Sachs Group Inc. boosted its holdings 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 worth $1,763,000 after buying an additional 20,387 shares in the last quarter. Empowered Funds LLC grew its position in shares of First United by 6.7% during the 1st quarter. Empowered Funds LLC now owns 26,549 shares of the bank’s stock worth $797,000 after buying an additional 1,656 shares during the period. Jane Street Group LLC increased its stake in shares of First United by 67.4% in the 1st quarter. Jane Street Group LLC now owns 26,035 shares of the bank’s stock valued at $782,000 after acquiring an additional 10,483 shares in the last quarter. Finally, Geode Capital Management LLC increased 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 acquiring an additional 74,032 shares in the last quarter. Institutional investors and hedge funds own 33.27% 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.