First United (NASDAQ:FUNC) EVP Robert Fisher II Sells 5,250 Shares

Key Points

• Insider sale: First United EVP Robert Fisher II sold 5,250 shares for approximately $237,773, reducing his ownership by 36.57% to 9,105 shares.
• Strong quarterly results: The bank reported quarterly EPS of $1.13, exceeding estimates of $1.05, while revenue of $23.94 million also topped expectations.
• Investor outlook remains positive: First United declared a quarterly dividend of $0.26, equivalent to a 2.3% yield, and analysts maintain a consensus “Buy” rating with a $49.50 price target.

First United Corporation (NASDAQ:FUNC - Get Free Report) EVP Robert Fisher II sold 5,250 shares of the company's stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $45.29, for a total transaction of $237,772.50. Following the transaction, the executive vice president owned 9,105 shares of the company's stock, valued at $412,365.45. This trade represents a 36.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

First United Price Performance

Shares of FUNC traded down $0.96 during trading hours on Wednesday, reaching $44.63. The stock had a trading volume of 79,505 shares, compared to its average volume of 18,372. 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 12 month low of $31.71 and a 12 month high of $46.30. The stock has a market capitalization of $287.73 million, a PE ratio of 11.56 and a beta of 0.52. The company's 50-day moving average is $42.29 and its two-hundred day moving average is $39.08.

First United (NASDAQ:FUNC - Get Free Report) last issued 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 business had revenue of $23.94 million during the quarter, compared to analysts' expectations of $23.55 million. First United had a return on equity of 13.85% and a net margin of 20.05%. Research analysts expect that First United Corporation will post 4.5 EPS for the current year.

First United Announces Dividend

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

Hedge Funds Weigh In On First United

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Invesco Ltd. increased its position in First United by 3.4% during the 2nd quarter. Invesco Ltd. now owns 11,105 shares of the bank's stock valued at $344,000 after purchasing an additional 364 shares during the period. JPMorgan Chase & Co. lifted its position in shares of First United by 9.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,208 shares of the bank's stock worth $191,000 after purchasing an additional 431 shares during the period. AdvisorNet Financial Inc boosted its stake in shares of First United by 126.8% in the 1st quarter. AdvisorNet Financial Inc now owns 896 shares of the bank's stock valued at $33,000 after purchasing an additional 501 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of First United by 6.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 11,672 shares of the bank's stock valued at $437,000 after purchasing an additional 743 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its position in shares of First United by 102.1% during the third quarter. BNP Paribas Financial Markets now owns 1,524 shares of the bank's stock worth $56,000 after buying an additional 770 shares during the period. 33.27% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Weiss Ratings reissued a "buy (b)" rating on shares of First United in a report on Friday, July 10th. Raymond James Financial raised their price target on shares of First United from $44.00 to $50.00 and gave the company an "outperform" rating in a research note on Wednesday, July 1st. Hovde Group reiterated an "outperform" rating and set a $49.00 price target on shares of First United in a report on Thursday, July 23rd. Finally, Wall Street Zen raised shares of First United from a "hold" rating to a "buy" rating in a research note on Saturday. Three analysts have rated the stock with a Buy rating, According to MarketBeat, First United presently has a consensus rating of "Buy" and a consensus 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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