First United (NASDAQ:FUNC) Cut to “Hold” at Wall Street Zen

Wall Street Zen lowered shares of First United (NASDAQ:FUNC) from a buy rating to a hold rating in a research report sent to investors on Saturday morning.

A number of other analysts have also recently commented on FUNC. Raymond James Financial boosted their price objective on First United from $44.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, July 1st. Hovde Group reiterated 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 reissued a “buy (b)” rating on shares of First United in a research note on Friday, July 10th. Three investment analysts have rated the stock with a Buy rating, According to MarketBeat, First United currently has an average rating of “Buy” and an average price target of $49.50.

First United Price Performance

NASDAQ:FUNC opened at $44.93 on Friday. 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 has a 52 week low of $33.54 and a 52 week high of $46.30. The stock’s 50-day moving average price is $44.05 and its 200-day moving average price is $39.77. The stock has a market capitalization of $289.80 million, a PE ratio of 11.64 and a beta of 0.52.

First United (NASDAQ:FUNC) last released its quarterly earnings results on Monday, July 20th. The bank reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.08. The company had revenue of $65.27 million during the quarter, compared to analysts’ expectations of $23.55 million. First United had a return on equity of 13.69% and a net margin of 20.05%. As a group, equities analysts expect that First United will post 4.5 EPS for the current fiscal year.

First United Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, August 3rd. Investors of record on Monday, July 20th were paid a $0.26 dividend. The ex-dividend date of this dividend was Monday, July 20th. This represents a $1.04 dividend on an annualized basis and a yield of 2.3%. First United’s dividend payout ratio (DPR) is currently 26.94%.

Insider Buying and Selling

In other First United news, Director Irvin Robert Rudy sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $44.58, for a total transaction of $44,580.00. Following the completion of the sale, the director directly owned 37,500 shares in the company, valued at approximately $1,671,750. The trade was a 2.60% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Robert L. Fisher II sold 5,250 shares of the stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $45.29, for a total value of $237,772.50. Following the transaction, the executive vice president directly owned 9,105 shares of the company’s stock, valued at $412,365.45. The trade was a 36.57% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have bought 280 shares of company stock worth $12,816 and have sold 11,250 shares worth $500,752. 8.10% of the stock is currently owned by insiders.

Institutional Trading of First United

A number of institutional investors have recently made changes to their positions in the company. AdvisorNet Financial Inc raised its stake 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 purchasing an additional 501 shares during the last quarter. Kestra Advisory Services LLC purchased a new position in First United in the 4th quarter valued at $38,000. BNP Paribas Financial Markets boosted its stake 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 stake in First United during the 2nd quarter worth $102,000. Finally, New York State Common Retirement Fund purchased a new stake in shares of First United during the second quarter worth $105,000. 33.27% of the stock is owned by institutional investors and hedge funds.

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.