Insider Selling: First United (NASDAQ:FUNC) EVP Sells $218,400.00 in Stock

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

First United Stock Performance

Shares of NASDAQ:FUNC opened at $43.84 on Friday. The company has a market cap of $282.77 million, a P/E ratio of 11.36 and a beta of 0.52. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.91 and a current ratio of 0.91. First United Corporation has a one year low of $31.71 and a one year high of $46.30. The business’s 50-day simple moving average is $42.56 and its 200 day simple moving average is $39.17.

First United (NASDAQ:FUNC) last released its quarterly earnings results on Monday, July 20th. The bank reported $1.13 EPS for the quarter, topping the consensus estimate of $1.05 by $0.08. The firm had revenue of $23.94 million for the quarter, compared to analyst estimates of $23.55 million. First United had a return on equity of 13.85% and a net margin of 20.05%. On average, sell-side analysts forecast that First United Corporation will post 4.5 earnings per share for the current fiscal year.

First United Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Monday, July 20th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend is Monday, July 20th. First United’s payout ratio is presently 26.94%.

Hedge Funds Weigh In On First United

Several institutional investors and hedge funds have recently made changes to their positions in FUNC. Invesco Ltd. grew its position in shares of First United by 3.4% during the second quarter. Invesco Ltd. now owns 11,105 shares of the bank’s stock worth $344,000 after buying an additional 364 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of First United by 9.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,208 shares of the bank’s stock valued at $191,000 after purchasing an additional 431 shares in the last quarter. AdvisorNet Financial Inc lifted its position in shares of First United by 126.8% during the first quarter. AdvisorNet Financial Inc now owns 896 shares of the bank’s stock worth $33,000 after purchasing an additional 501 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in First United by 6.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 11,672 shares of the bank’s stock worth $437,000 after purchasing an additional 743 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its holdings in First United by 102.1% in the third quarter. BNP Paribas Financial Markets now owns 1,524 shares of the bank’s stock valued at $56,000 after buying an additional 770 shares during the last quarter. 33.27% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently weighed in on FUNC. 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 report on Wednesday, July 1st. Weiss Ratings reiterated a “buy (b)” rating on shares of First United in a report on Friday, July 10th. Hovde Group reissued an “outperform” rating and issued a $49.00 price objective on shares of First United in a research report on Thursday, July 23rd. Finally, Wall Street Zen upgraded First United from a “hold” rating to a “buy” rating in a research note on Saturday, July 25th. Three investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $49.50.

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.