First United (NASDAQ:FUNC) Announces Quarterly Earnings Results

Key Points

• $1.02 EPS reported for the quarter, beating analysts' consensus of $0.92 by $0.10; the bank posted a net margin of 20.19% and a return on equity of 13.33%.
• The company declared a quarterly dividend of $0.26 (annualized $1.04) payable May 1 to shareholders of record April 17, implying a yield of 2.8% and a payout ratio of about 27.6%.
• Shares slipped about 0.4% to $37.48 on light volume; First United has a market cap of $243.6M, a P/E of 9.94, and roughly 33% institutional ownership with recent new stakes from investors including HSBC and AQR.

First United (NASDAQ:FUNC - Get Free Report) issued its earnings results on Monday. The bank reported $1.02 earnings per share for the quarter, beating analysts' consensus estimates of $0.92 by $0.10, Zacks reports. First United had a net margin of 20.19% and a return on equity of 13.33%.

First United Trading Down 0.4%

Shares of FUNC stock traded down $0.14 during trading hours on Monday, hitting $37.48. 6,741 shares of the company were exchanged, compared to its average volume of 14,213. The firm has a market cap of $243.62 million, a P/E ratio of 9.94 and a beta of 0.53. First United has a fifty-two week low of $27.86 and a fifty-two week high of $41.94. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.94 and a current ratio of 0.94. The company has a 50 day simple moving average of $36.84 and a two-hundred day simple moving average of $37.25.

First United Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 1st. Stockholders of record on Friday, April 17th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Friday, April 17th. First United's payout ratio is currently 27.59%.

Institutional Trading of First United

Several large investors have recently modified their holdings of the stock. Hsbc Holdings PLC acquired a new position in shares of First United during the fourth quarter valued at about $301,000. Corient Private Wealth LLC acquired a new position in shares of First United during the fourth quarter valued at about $205,000. Empowered Funds LLC grew its stake in First United by 10.1% in the fourth quarter. Empowered Funds LLC now owns 35,869 shares of the bank's stock valued at $1,343,000 after acquiring an additional 3,293 shares during the period. Bridgeway Capital Management LLC grew its stake in First United by 4.7% in the fourth quarter. Bridgeway Capital Management LLC now owns 73,537 shares of the bank's stock valued at $2,753,000 after acquiring an additional 3,293 shares during the period. Finally, AQR Capital Management LLC acquired a new stake in First United in the fourth quarter valued at approximately $215,000. Institutional investors and hedge funds own 33.27% of the company's stock.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a "buy (b-)" rating on shares of First United in a research report on Thursday, January 22nd. One investment analyst has rated the stock with a Buy rating, According to MarketBeat.com, First United has a consensus rating of "Buy".

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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