First United (NASDAQ:FUNC) Stock Price Passes Above 200 Day Moving Average - Here's What Happened

Key Points

• First United shares moved above their 200-day moving average, reaching $43.84 before closing at $42.90, compared with the average of $40.09.
• Analysts remain broadly bullish, with an average “Buy” rating and a $49.50 price target. Recent quarterly earnings were $1.13 per share, beating estimates by $0.08.
• The company paid a quarterly dividend of $0.26, equivalent to a 2.4% annual yield. Insiders sold 11,250 shares during the last quarter, while institutional investors own 33.27% of the stock.

First United Corporation (NASDAQ:FUNC - Get Free Report)'s stock price passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $40.09 and traded as high as $43.84. First United shares last traded at $42.90, with a volume of 10,054 shares traded.

Wall Street Analysts Forecast Growth

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

First United Stock Down 0.6%

The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.15. The company has a market cap of $276.88 million, a P/E ratio of 11.11 and a beta of 0.52. The company has a fifty day moving average of $44.38 and a 200 day moving average of $40.09.

First United (NASDAQ:FUNC - Get Free Report) last posted 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. The company had revenue of $65.27 million for the quarter, compared to the consensus estimate of $23.55 million. First United had a return on equity of 13.69% and a net margin of 20.05%. On average, research analysts anticipate that First United Corporation will post 4.5 earnings per share for the current fiscal year.

First United Dividend Announcement

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

Insider Buying and Selling

In other First United news, Director Irvin Robert Rudy sold 1,000 shares of the stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $44.58, for a total value of $44,580.00. Following the transaction, the director directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Keith Sanders sold 5,000 shares of First United stock in a transaction on Thursday, July 23rd. The stock was sold at an average price of $43.68, for a total transaction of $218,400.00. Following the transaction, the executive vice president owned 10,342 shares in the company, valued at $451,738.56. This represents a 32.59% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have acquired 280 shares of company stock valued at $12,816 and have sold 11,250 shares valued at $500,752. 8.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On First United

Hedge funds have recently modified their holdings of the business. Invesco Ltd. raised its holdings in First United by 3.4% in the 2nd quarter. Invesco Ltd. now owns 11,105 shares of the bank's stock worth $344,000 after purchasing an additional 364 shares during the period. JPMorgan Chase & Co. lifted its position in First United by 9.0% during the third quarter. JPMorgan Chase & Co. now owns 5,208 shares of the bank's stock valued at $191,000 after purchasing an additional 431 shares in the last quarter. AdvisorNet Financial Inc grew its holdings in First United by 126.8% during the first 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 period. Price T Rowe Associates Inc. MD grew its holdings in First United by 6.8% during the fourth 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 period. Finally, BNP Paribas Financial Markets increased its position in First United by 102.1% in 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 in the last quarter. 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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