TrueMark Investments LLC Acquires New Holdings in First United Corporation $FUNC

TrueMark Investments LLC bought a new position in First United Corporation (NASDAQ:FUNC) in the 3rd quarter, HoldingsChannel reports. The institutional investor bought 34,857 shares of the bank’s stock, valued at approximately $1,282,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Millennium Management LLC raised its position in shares of First United by 349.9% in the first quarter. Millennium Management LLC now owns 140,586 shares of the bank’s stock valued at $4,220,000 after purchasing an additional 109,340 shares during the period. Fourthstone LLC acquired a new position in First United in the 2nd quarter valued at $2,965,000. Geode Capital Management LLC raised its holdings in First United by 112.3% in the 2nd quarter. Geode Capital Management LLC now owns 139,939 shares of the bank’s stock worth $4,340,000 after acquiring an additional 74,032 shares during the period. Hillsdale Investment Management Inc. lifted its position in First United by 29,055.6% during the 2nd quarter. Hillsdale Investment Management Inc. now owns 52,480 shares of the bank’s stock worth $1,627,000 after acquiring an additional 52,300 shares during the last quarter. Finally, HoldCo Asset Management LP acquired a new position in First United during the 2nd quarter worth $645,000. Institutional investors and hedge funds own 33.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of First United in a research report on Thursday. Two analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $42.00.

First United Trading Down 6.5%

Shares of FUNC stock opened at $36.77 on Friday. First United Corporation has a 1 year low of $24.66 and a 1 year high of $42.50. The firm’s fifty day simple moving average is $38.34 and its 200 day simple moving average is $36.51. The firm has a market capitalization of $239.01 million, a P/E ratio of 9.60 and a beta of 0.54. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.48.

First United Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 2nd. Stockholders of record on Friday, January 16th will be issued a dividend of $0.26 per share. The ex-dividend date is Friday, January 16th. This represents a $1.04 annualized dividend and a dividend yield of 2.8%. First United’s payout ratio is presently 27.15%.

First United Company 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.