Pinnacle Holdings LLC Takes Position in First United Corporation $FUNC

Pinnacle Holdings LLC acquired a new position in shares of First United Corporation (NASDAQ:FUNC) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 58,916 shares of the bank’s stock, valued at approximately $2,599,000. Pinnacle Holdings LLC owned 0.91% of First United at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. De Lisle Partners LLP bought a new stake in First United in the 2nd quarter valued at approximately $7,277,000. BlackRock Inc. acquired a new stake in shares of First United in the second quarter valued at approximately $20,125,000. Deutsche Bank AG bought a new stake in shares of First United in the second quarter worth $236,000. Bank of New York Mellon Corp acquired a new position in First United during the second quarter worth $1,128,000. Finally, Empowered Funds LLC grew its position in First United by 6.3% in the first quarter. Empowered Funds LLC now owns 38,112 shares of the bank’s stock valued at $1,396,000 after purchasing an additional 2,243 shares in the last quarter. Institutional investors and hedge funds own 33.27% of the company’s stock.

Wall Street Analysts Forecast Growth

FUNC has been the topic of several analyst reports. Wall Street Zen cut shares of First United from a “buy” rating to a “hold” rating in a research report on Saturday, August 15th. Raymond James Financial increased 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. Hovde Group reaffirmed an “outperform” rating and issued a $49.00 target price on shares of First United in a research report on Thursday, July 23rd. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of First United in a report on Friday, July 10th. Three analysts have rated the stock with a Buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $49.50.

First United Price Performance

Shares of FUNC stock opened at $42.94 on Monday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.91 and a current ratio of 0.91. The firm’s 50-day moving average is $44.23 and its 200-day moving average is $39.92. The stock has a market cap of $276.96 million, a price-to-earnings ratio of 11.12 and a beta of 0.52. First United Corporation has a 52-week low of $33.54 and a 52-week high of $46.30.

First United (NASDAQ:FUNC) last posted its quarterly earnings results on Monday, July 20th. The bank reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.08. The business had revenue of $65.27 million during the quarter, compared to analysts’ expectations of $23.55 million. First United had a return on equity of 13.69% and a net margin of 20.05%. Sell-side analysts predict that First United Corporation will post 4.5 EPS for the current year.

First United Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 3rd. Investors of record on Monday, July 20th were issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Monday, July 20th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.4%. First United’s payout ratio is presently 26.94%.

Insider Buying and Selling

In related news, 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 sale, the executive vice president owned 10,342 shares in the company, valued at approximately $451,738.56. This represents a 32.59% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Robert L. Fisher II sold 5,250 shares of the firm’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $45.29, for a total value of $237,772.50. Following the sale, the executive vice president directly owned 9,105 shares of the company’s stock, valued at $412,365.45. This represents a 36.57% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, 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 owned by insiders.

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.