Daytona Street Capital LLC Invests $1.39 Million in First United Corporation $FUNC

Daytona Street Capital LLC bought a new position in shares of First United Corporation (NASDAQ:FUNC) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 37,130 shares of the bank’s stock, valued at approximately $1,390,000. Daytona Street Capital LLC owned approximately 0.57% of First United as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of FUNC. Millennium Management LLC boosted its stake in shares of First United by 349.9% during the 1st quarter. Millennium Management LLC now owns 140,586 shares of the bank’s stock worth $4,220,000 after acquiring an additional 109,340 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of First United by 53.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 58,718 shares of the bank’s stock worth $1,763,000 after acquiring an additional 20,387 shares in the last quarter. Empowered Funds LLC boosted its stake in shares of First United by 6.7% during the 1st quarter. Empowered Funds LLC now owns 26,549 shares of the bank’s stock worth $797,000 after acquiring an additional 1,656 shares in the last quarter. Jane Street Group LLC lifted its stake in First United by 67.4% in the 1st quarter. Jane Street Group LLC now owns 26,035 shares of the bank’s stock valued at $782,000 after buying an additional 10,483 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in First United by 112.3% in the 2nd quarter. Geode Capital Management LLC now owns 139,939 shares of the bank’s stock valued at $4,340,000 after buying an additional 74,032 shares in the last quarter. 33.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of First United in a research note on Thursday, January 22nd. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy”.

First United Trading Up 1.0%

Shares of First United stock opened at $37.38 on Tuesday. The firm has a market capitalization of $242.97 million, a PE ratio of 9.92 and a beta of 0.53. First United Corporation has a twelve month low of $24.66 and a twelve month high of $41.94. The firm’s 50-day moving average price is $36.96 and its 200 day moving average price is $37.22. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.47.

First United (NASDAQ:FUNC) last issued its quarterly earnings results on Wednesday, February 4th. The bank reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.14. The firm had revenue of $23.50 million for the quarter, compared to analyst estimates of $22.80 million. First United had a net margin of 20.19% and a return on equity of 13.33%. On average, sell-side analysts predict that First United Corporation will post 3.75 EPS for the current fiscal year.

First United Dividend Announcement

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

First United Profile

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.