Bank of New York Mellon Corp Makes New $1.13 Million Investment in First United Corporation $FUNC

Key Points

• Bank of New York Mellon purchased 25,576 shares of First United, valued at approximately $1.13 million, giving it a 0.40% stake. Institutional investors collectively own 33.27% of the company.
• First United reported quarterly earnings of $1.13 per share, exceeding analysts’ $1.05 estimate, while revenue reached $65.27 million. The bank also declared a $0.26 quarterly dividend, equivalent to a 2.3% yield.
• Analysts maintain a generally positive outlook, with a consensus “Buy” rating and an average price target of $49.50, compared with the stock’s reported price of $44.40.

Bank of New York Mellon Corp bought a new position in shares of First United Corporation (NASDAQ:FUNC - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 25,576 shares of the bank's stock, valued at approximately $1,128,000. Bank of New York Mellon Corp owned 0.40% of First United at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. AdvisorNet Financial Inc increased its holdings in shares of First United by 126.8% during the 1st quarter. AdvisorNet Financial Inc now owns 896 shares of the bank's stock worth $33,000 after purchasing an additional 501 shares during the period. Kestra Advisory Services LLC bought a new stake in shares of First United in the 4th quarter worth approximately $38,000. BNP Paribas Financial Markets grew its holdings in shares of 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 in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of First United during the 2nd quarter worth approximately $102,000. Finally, New York State Common Retirement Fund bought a new stake in shares of First United during the second quarter valued at approximately $105,000. Institutional investors and hedge funds own 33.27% of the company's stock.

First United Stock Up 1.7%

Shares of FUNC opened at $44.40 on Friday. First United Corporation has a 12-month low of $33.54 and a 12-month high of $46.30. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.15. The company's 50-day moving average price is $44.28 and its 200 day moving average price is $40.46. The firm has a market cap of $286.38 million, a P/E ratio of 11.50 and a beta of 0.51.

First United (NASDAQ:FUNC - Get Free Report) last announced its quarterly earnings data on Monday, July 20th. The bank reported $1.13 earnings per share for the quarter, beating analysts' consensus estimates of $1.05 by $0.08. The firm had revenue of $65.27 million during the quarter, compared to analysts' expectations of $23.55 million. First United had a net margin of 20.05% and a return on equity of 13.69%. On average, sell-side analysts forecast that First United Corporation will post 4.5 earnings per share for the current year.

First United Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 3rd. Stockholders of record on Monday, July 20th were issued a $0.26 dividend. The ex-dividend date was Monday, July 20th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.3%. First United's dividend payout ratio is presently 26.94%.

Insider Buying and Selling at First United

In other news, EVP Robert L. Fisher II sold 5,250 shares of the business's stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $45.29, for a total transaction of $237,772.50. Following the completion of the transaction, the executive vice president directly owned 9,105 shares in the company, valued at approximately $412,365.45. The trade was a 36.57% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Keith Sanders sold 5,000 shares of the stock in a transaction on Thursday, July 23rd. The stock was sold at an average price of $43.68, for a total transaction of $218,400.00. Following the completion of the sale, the executive vice president owned 10,342 shares in the company, valued at approximately $451,738.56. This trade represents a 32.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have acquired 280 shares of company stock valued at $12,816 and have sold 11,250 shares valued at $500,752. Company insiders own 8.10% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently commented on FUNC shares. Raymond James Financial boosted their price target on 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 research note on Friday, July 10th. Wall Street Zen lowered shares of First United from a "buy" rating to a "hold" rating in a research report on Saturday, August 15th. Finally, Hovde Group restated an "outperform" rating and issued a $49.00 price target on shares of First United in a research note on Thursday, July 23rd. Three analysts have rated the stock with a Buy rating, According to MarketBeat.com, First United has a consensus rating of "Buy" and an average target price of $49.50.

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.

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