First United (NASDAQ:FUNC) Director Irvin Robert Rudy Sells 1,000 Shares of Stock

Key Points

• Director Irvin Robert Rudy sold 1,000 First United shares at an average price of $44.58, reducing his holdings by 2.6% to 37,500 shares.
• First United exceeded quarterly expectations, reporting $1.13 EPS versus the $1.05 consensus and $23.94 million in revenue versus $23.55 million expected.
• The stock traded near its 52-week high at $45.30, while analysts maintained a consensus “Buy” rating with an average price target of $49.50; the company also declared a $0.26 quarterly dividend.

First United Corporation (NASDAQ:FUNC - Get Free Report) Director Irvin Robert Rudy sold 1,000 shares of the firm's 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 completion of the sale, the director owned 37,500 shares in the company, valued at $1,671,750. This represents a 2.60% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

First United Stock Performance

FUNC traded up $0.42 during mid-day trading on Tuesday, reaching $45.30. 9,506 shares of the company traded hands, compared to its average volume of 17,752. The company's fifty day moving average price is $42.12 and its 200-day moving average price is $39.02. The stock has a market capitalization of $292.19 million, a P/E ratio of 11.75 and a beta of 0.52. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.15. First United Corporation has a 52-week low of $31.71 and a 52-week high of $46.30.

First United (NASDAQ:FUNC - Get Free Report) last released its quarterly 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. First United had a return on equity of 13.85% and a net margin of 20.05%.The firm had revenue of $23.94 million for the quarter, compared to the consensus estimate of $23.55 million. On average, sell-side analysts expect that First United Corporation will post 4.5 EPS for the current year.

First United Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Monday, July 20th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date is Monday, July 20th. First United's payout ratio is currently 26.94%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of First United from a "hold" rating to a "buy" rating in a research note on Saturday. Hovde Group reaffirmed an "outperform" rating and set a $49.00 target price on shares of First United in a report on Thursday, July 23rd. Weiss Ratings reiterated a "buy (b)" rating on shares of First United in a research report on Friday, July 10th. Finally, Raymond James Financial lifted their price target 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. Three investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $49.50.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. AdvisorNet Financial Inc grew its stake in shares of First United by 126.8% during the 1st quarter. AdvisorNet Financial Inc now owns 896 shares of the bank's stock valued at $33,000 after acquiring an additional 501 shares during the period. Kestra Advisory Services LLC bought a new stake in First United during the 4th quarter worth approximately $38,000. BNP Paribas Financial Markets raised its stake in 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 acquiring an additional 770 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in First United during the second quarter valued at approximately $102,000. Finally, New York State Common Retirement Fund purchased a new position in First United during the second quarter valued at approximately $105,000. Institutional investors own 33.27% 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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