BlackRock Inc. Takes Position in First United Corporation $FUNC

Key Points

• BlackRock acquired 456,248 shares of First United, valued at roughly $20.1 million, giving it a 7.07% stake. Institutional investors collectively own 33.27% of the bank.
• Analyst sentiment remains positive, with a consensus “Buy” rating and an average price target of $49.50, despite one downgrade to “Hold.”
• First United exceeded quarterly earnings expectations, reporting $1.13 in EPS versus the $1.05 estimate, and pays a quarterly dividend of $0.26, equivalent to a 2.4% annual yield.

BlackRock Inc. bought a new stake in shares of First United Corporation (NASDAQ:FUNC - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 456,248 shares of the bank's stock, valued at approximately $20,125,000. BlackRock Inc. owned about 7.07% of First United as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the stock. De Lisle Partners LLP raised its position in First United by 3.3% in the 4th quarter. De Lisle Partners LLP now owns 155,390 shares of the bank's stock valued at $5,804,000 after buying an additional 5,000 shares during the last quarter. Millennium Management LLC lifted its stake in First United by 349.9% during the 1st quarter. Millennium Management LLC now owns 140,586 shares of the bank's stock valued at $4,220,000 after acquiring an additional 109,340 shares in the last quarter. Geode Capital Management LLC boosted its holdings in First United by 112.3% during 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 boosted its holdings in First United by 1.2% during 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. Finally, State Street Corp grew its stake in shares of First United by 7.5% in the 4th quarter. State Street Corp now owns 85,376 shares of the bank's stock worth $3,196,000 after acquiring an additional 5,988 shares in the last quarter. Institutional investors own 33.27% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Wall Street Zen downgraded shares of First United from a "buy" rating to a "hold" rating in a report on Saturday, August 15th. Raymond James Financial boosted their price target on shares of First United from $44.00 to $50.00 and gave the stock an "outperform" rating in a report on Wednesday, July 1st. Hovde Group reaffirmed an "outperform" rating and issued a $49.00 price objective on shares of First United in a research report on Thursday, July 23rd. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of First United in a research note on Friday, July 10th. Three research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $49.50.

Insider Activity at First United

In other First United news, EVP Keith Sanders sold 5,000 shares of the business's stock in a transaction on Thursday, July 23rd. The stock was sold at an average price of $43.68, for a total value of $218,400.00. Following the sale, the executive vice president directly owned 10,342 shares in the company, valued at $451,738.56. The trade was a 32.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Robert L. Fisher II sold 5,250 shares of the company's stock in a transaction 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 in the company, valued at $412,365.45. This represents a 36.57% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, 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 owned by company insiders.

First United Stock Performance

NASDAQ FUNC opened at $43.79 on Thursday. The company has a market capitalization of $282.45 million, a PE ratio of 11.34 and a beta of 0.51. 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 52-week low of $33.54 and a 52-week high of $46.30. The company has a 50-day simple moving average of $44.37 and a 200 day simple moving average of $40.16.

First United (NASDAQ:FUNC - Get Free Report) last released its earnings results 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. First United had a net margin of 20.05% and a return on equity of 13.69%. The firm had revenue of $65.27 million for the quarter, compared to analysts' expectations of $23.55 million. On average, research analysts predict that First United Corporation will post 4.5 EPS for the current 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 issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Monday, July 20th. First United's payout ratio is 26.94%.

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.

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