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

First United Corporation (NASDAQ:FUNC) shares passed above its 50 day moving average during trading on Tuesday . The stock has a 50 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.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on FUNC shares. Raymond James Financial increased their price objective on shares of First United from $44.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 1st. Wall Street Zen downgraded First United from a “buy” rating to a “hold” rating in a research note on Monday, June 15th. Finally, Hovde Group started coverage on First United in a report on Friday, May 29th. They issued an “outperform” rating and a $44.50 price target on the stock. Three analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $47.25.

First United Price Performance

The stock has a market capitalization of $283.41 million, a P/E ratio of 11.24 and a beta of 0.52. The business’s 50 day simple moving average is $40.15 and its two-hundred day simple moving average is $38.44. 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 (NASDAQ:FUNC) last posted its earnings results on Tuesday, April 21st. The bank reported $1.02 earnings per share for the quarter, topping 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 company had revenue of $23.41 million for the quarter, compared to analyst estimates of $22.83 million. As a group, sell-side analysts forecast that First United Corporation will post 4.4 earnings per share for the current fiscal year.

First United Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Monday, July 20th will be paid 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 is 26.60%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. AdvisorNet Financial Inc raised its position in First United by 126.8% in the 1st quarter. AdvisorNet Financial Inc now owns 896 shares of the bank’s stock valued at $33,000 after buying an additional 501 shares during the last quarter. Kestra Advisory Services LLC purchased a new position in First United during the 4th quarter worth $38,000. BNP Paribas Financial Markets boosted its holdings 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 acquiring an additional 770 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of First United in the 2nd quarter worth $102,000. Finally, New York State Common Retirement Fund purchased a new stake in shares of First United in the second quarter valued at about $105,000. Hedge funds and other institutional investors 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.