First United (NASDAQ:FUNC) Posts Quarterly Earnings Results, Beats Expectations By $0.14 EPS

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

First United Stock Down 1.3%

FUNC stock traded down $0.50 on Wednesday, hitting $39.22. 14,488 shares of the company’s stock were exchanged, compared to its average volume of 19,586. The firm has a 50 day moving average price of $38.57 and a two-hundred day moving average price of $36.75. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.93 and a current ratio of 0.93. First United has a 12-month low of $24.66 and a 12-month high of $42.50. The stock has a market cap of $254.93 million, a P/E ratio of 10.24 and a beta of 0.54.

First United Announces Dividend

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

Analyst Ratings Changes

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

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Millennium Management LLC raised its holdings in shares of 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 buying an additional 109,340 shares during the last quarter. Geode Capital Management LLC raised its stake in First United by 112.3% in the 2nd quarter. Geode Capital Management LLC now owns 139,939 shares of the bank’s stock worth $4,340,000 after acquiring an additional 74,032 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in First United by 1.2% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 101,118 shares of the bank’s stock worth $3,718,000 after acquiring an additional 1,194 shares during the last quarter. Bridgeway Capital Management LLC grew its stake in First United by 3.6% during the 2nd quarter. Bridgeway Capital Management LLC now owns 70,378 shares of the bank’s stock valued at $2,182,000 after purchasing an additional 2,461 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in shares of First United by 53.2% in the first quarter. Goldman Sachs Group Inc. now owns 58,718 shares of the bank’s stock worth $1,763,000 after purchasing an additional 20,387 shares during the last quarter. Institutional investors and hedge funds own 33.27% of the company’s stock.

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.