Empowered Funds LLC Purchases Shares of 38,112 First United Corporation $FUNC

Key Points

• Empowered Funds LLC acquired 38,112 shares of First United, worth approximately $1.68 million, giving it a 0.59% stake. Other institutions also increased or initiated positions, and institutional investors collectively own 33.27% of the company.
• First United exceeded quarterly earnings expectations, reporting $1.13 EPS versus the $1.05 consensus estimate. Analysts maintain an average “Buy” rating with a $49.50 price target.
• The bank declared a quarterly dividend of $0.26 per share, equivalent to a $1.04 annualized payout and a 2.4% yield. Meanwhile, insiders sold 11,250 shares worth roughly $500,752 over the past three months.

Empowered Funds LLC purchased a new position 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 SEC. The fund purchased 38,112 shares of the bank's stock, valued at approximately $1,681,000. Empowered Funds LLC owned about 0.59% of First United as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in FUNC. BlackRock Inc. acquired a new stake in shares of First United in the 2nd quarter valued at approximately $20,125,000. De Lisle Partners LLP acquired a new position in First United during the second quarter worth $7,277,000. Millennium Management LLC raised its position in First United by 349.9% during the first quarter. Millennium Management LLC now owns 140,586 shares of the bank's stock worth $4,220,000 after acquiring an additional 109,340 shares in the last quarter. Geode Capital Management LLC lifted its stake in First United by 112.3% in the second quarter. Geode Capital Management LLC now owns 139,939 shares of the bank's stock valued at $4,340,000 after acquiring an additional 74,032 shares during the last quarter. Finally, Pinnacle Holdings LLC acquired a new stake in First United in the second quarter valued at $2,599,000. Institutional investors own 33.27% of the company's stock.

First United Price Performance

NASDAQ:FUNC opened at $43.94 on Friday. The company has a market cap of $283.59 million, a P/E ratio of 11.38 and a beta of 0.51. The firm's fifty day moving average price is $44.38 and its two-hundred day moving average price is $40.21. First United Corporation has a one year low of $33.54 and a one year high of $46.30. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.91 and a quick ratio of 0.91.

First United (NASDAQ:FUNC - Get Free Report) last posted its earnings results on Monday, July 20th. The bank reported $1.13 earnings per share (EPS) 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 net margin of 20.05% and a return on equity of 13.69%. Equities analysts expect that First United Corporation will post 4.5 earnings per share for the current year.

First United Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 3rd. Shareholders of record on Monday, July 20th were given a dividend of $0.26 per share. The ex-dividend date was Monday, July 20th. This represents a $1.04 annualized dividend and a yield of 2.4%. First United's dividend payout ratio (DPR) is 26.94%.

Wall Street Analyst Weigh In

FUNC has been the topic of several recent analyst reports. Raymond James Financial boosted their price objective on shares of First United from $44.00 to $50.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 1st. Wall Street Zen cut First United from a "buy" rating to a "hold" rating in a report on Saturday, August 15th. Weiss Ratings reissued a "buy (b)" rating on shares of First United in a research report on Friday, July 10th. Finally, Hovde Group restated an "outperform" rating and issued a $49.00 price objective on shares of First United in a research note on Thursday, July 23rd. Three research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $49.50.

Insiders Place Their Bets

In other news, Director Irvin Robert Rudy sold 1,000 shares of the 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 transaction, the director owned 37,500 shares in the company, valued at approximately $1,671,750. This trade represents a 2.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 value of $218,400.00. Following the transaction, the executive vice president owned 10,342 shares in the company, valued at $451,738.56. The trade was a 32.59% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders purchased 280 shares of company stock worth $12,816 and sold 11,250 shares worth $500,752. Company insiders own 8.10% of the company's stock.

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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