FUNC
First United CorporationFinancial Services·Banks - Regional
$39.54
$255M market cap
Revenue
$60.5M
Free Cash Flow
$21.4M
Rev Growth
+0.0%
FCF Margin
35.5%
P/FCF
11.9x
EV/FCF
-3.1x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
First United Corporation operates as the bank holding company for First United Bank & Trust that provides various retail and commercial banking services to businesses and individuals. The company offers various deposit products, including checking accounts, savings and money market accounts, regular and individual retirement accounts (IRA) certificates of deposit, Christmas savings accounts, college savings accounts, and health savings accounts; Certificate of Deposit Account Registry Service pr
2-Year Price History
$37.15+95.6%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 30.9 | 8.8 | 8.8 | 6.7 | 13.9 | 13.0 | -0.9 | 372.6 | 51.6 | 6.5 | 22.5% | 1.2x | -- |
| Act | 2025-Q4 | 29.5 | 7.6 | 7.6 | 5.8 | 9.9 | 8.4 | -1.5 | 151.7 | 114.8 | 6.5 | 12.8% | 0.9x | -- |
Valuation & Metrics
Market Stats
Price$39.54
Market Cap$255M
Enterprise Value$-66M
P/S Ratio4.2x
P/FCF11.9x
EV/FCF-3.1x
FCF Margin (TTM)35.5%
FCF Yield8.4%
Dividend Yield (TTM)2.5%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$60.5M
Net Income$12.4M
Free Cash Flow$21.4M
Revenue Growth (YoY)+0.0%
EBITDA Margin27.3%
Net Margin20.6%
FCF Margin35.5%
CapEx % of Revenue3.9%
SBC % of Revenue0.1%
ROIC17.6%
WC Change % Rev-49.7%
Interest Coverage1.0x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.1M
Days to Cover5.5
Change (vs Prior)+0.2%
Need at least 2 settlement dates for chart
Employees
Headcount291
Revenue / Employee$207,722
Gross Profit / Employee$147,931
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
24.4%(+2.9% YoY)
75 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
20.9%(+9.9% YoY)
9 filers
Vanguard, iShares, SPDR
Market makers
0.0%(-1.8% YoY)
1 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| BlackRock, Inc.Passive | $14.3M | $30.87 | +$142K | +$11.2M | -0.2% | $5.69T |
| DIMENSIONAL FUND ADVISORS LPPassive | $13.2M | $19.64 | −$58K | −$487K | -0.4% | $480.92B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $9.9M | $36.39 | +$9.8M | +$9.9M | — | $4.04T |
| GENDELL JEFFREY L | $6.5M | $18.92 | +$0 | +$0 | +8.4% | $7.34B |
| De Lisle Partners LLP | $6.0M | $24.59 | +$328K | +$917K | -0.7% | $836M |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $5.1M | $28.08 | +$15K | +$2.7M | +2.3% | $1.61T |
| Huber Capital Management LLC | $4.4M | $15.67 | +$0 | −$158K | -0.3% | $647M |
| AMERICAN CENTURY COMPANIES INC | $4.2M | $29.78 | +$118K | +$856K | +0.7% | $193.48B |
| RENAISSANCE TECHNOLOGIES LLC | $3.8M | $25.82 | −$175K | −$341K | +1.2% | $63.91B |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $3.7M | $22.19 | −$20K | +$24K | +0.1% | $184.72B |
| ACADIAN ASSET MANAGEMENT LLC | $3.5M | $23.39 | +$36K | +$214K | -0.5% | $70.48B |
| STATE STREET CORPPassive | $3.2M | $30.84 | +$72K | +$2.2M | -0.2% | $2.89T |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $2.8M | $26.45 | +$82K | +$288K | -2.3% | $4.93B |
| GOLDMAN SACHS GROUP INC | $2.4M | $32.66 | +$602K | +$203K | -0.2% | $760.93B |
| NORTHERN TRUST CORPPassive | $2.2M | $29.89 | +$80K | +$1.0M | -0.2% | $755.34B |
| MORGAN STANLEY | $2.0M | $30.58 | +$352K | +$410K | -0.3% | $1.65T |
| Empowered Funds, LLC | $1.4M | $23.14 | +$82K | +$424K | +0.2% | $15.64B |
| VANGUARD FIDUCIARY TRUST COPassive | $1.4M | $36.39 | +$1.4M | +$1.4M | — | $395.83B |
| Daytona Street Capital LLC | $1.4M | $36.94 | +$0 | +$1.4M | -1.4% | $124M |
| TWO SIGMA INVESTMENTS, LP | $1.4M | $31.26 | −$37K | +$1.4M | -0.9% | $117.03B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
+0.71%
avg per quarter
Holders (ex-self)
+0.71%
excl. this stock
Buyers (this Q)
-0.21%
33 buyers · $0.02B in
Sellers (this Q)
+0.10%
33 sellers · $0.00B out
alpha coverage: 89% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+0.7%
how holders react when this stock falls
On quiet Qs
+4.5%
−10% to +10% baseline
On rallies (+10%+)
-7.7%
how they react when this stock rises
Holders' portfolio flow this Q
+4.1%
inflows — adds are organic
Sellers' portfolio flow this Q
+3.3%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-3.5%
Holder mid (any stock)
-4.4%
Holder rally (any stock)
-5.5%
Biggest decreases this quarter
Fourthstone LLCexited−$1.4MMARSHALL WACE, LLP−$561Kα+0.6JANE STREET GROUP, LLCexited−$501KAQR CAPITAL MANAGEMENT LLCexited−$215KCANADA PENSION PLAN INVESTMENT BOARDexited−$202KRENAISSANCE TECHNOLOGIES LLC−$175Kα+1.2Bank of New York Mellon Corp−$114Kα-0.2DIMENSIONAL FUND ADVISORS LP−$58Kα-0.4Kestra Advisory Services, LLCexited−$38KTWO SIGMA INVESTMENTS, LP−$37Kα-0.9
New buyers this quarter
Top-5 holders · 45.5%
BlackRock, Inc.--
DIMENSIONAL FUND ADVISORS LP--
VANGUARD CAPITAL MANAGEMENT LLC--
GENDELL JEFFREY L--
De Lisle Partners LLP--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
Fourthstone LLC—GENDELL JEFFREY L178KDe Lisle Partners LLP164KEJF Capital LLC—BASSWOOD CAPITAL MANAGEMENT, L.L.C.—Huber Capital Management LLC120KRENAISSANCE TECHNOLOGIES LLC104KMILLENNIUM MANAGEMENT LLC9KAMERICAN CENTURY COMPANIES INC113KARROWSTREET CAPITAL, LIMITED PARTNERSHIP101K
Analyst Coverage
Analyst Coverage
Analyst Ratings
1
Buy: 1Consensus: Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$49K
16 txns · 4 insiders · 1,350 sh
Sells ($, 12mo)
$75K
2 txns · 2 insiders · 2,000 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-05-01 | BUY | Boal Brian R. | director | 78 | $38.10 | $3K | $797K |
| 2026-05-01 | BUY | Rush Jason Barry | officer: President & CEO | 76 | $38.10 | $3K | $1.04M |
| 2026-05-01 | BUY | Sturm Tonya K. | officer: EVP & CFO | 3 | $38.10 | $112 | $454K |
| 2026-05-01 | BUY | Rodeheaver Carissa Lynn | director | 167 | $37.99 | $6K | $1.82M |
| 2026-02-04 | SELL | Tasker Anthony James | officer: SVP & COO | 1 | $39.15 | $33 | $13K |
| 2026-02-03 | BUY | Boal Brian R. | director | 75 | $39.68 | $3K | $827K |
| 2026-02-03 | BUY | Rodeheaver Carissa Lynn | director | 159 | $39.66 | $6K | $1.88M |
| 2026-02-03 | BUY | Rush Jason Barry | officer: President & CEO | 73 | $39.68 | $3K | $1.00M |
| 2026-02-03 | BUY | Sturm Tonya K. | officer: EVP & CFO | 3 | $39.68 | $112 | $430K |
| 2025-11-03 | BUY | Rush Jason Barry | officer: SVP & COO | 81 | $35.15 | $3K | $882K |
| 2025-11-03 | BUY | Sturm Tonya K. | officer: SVP & CFO | 64 | $35.15 | $2K | $378K |
| 2025-11-03 | BUY | Boal Brian R. | director | 84 | $35.15 | $3K | $730K |
| 2025-11-03 | BUY | Rodeheaver Carissa Lynn | director, officer: Chairman, President & CEO | 178 | $35.22 | $6K | $1.66M |
| 2025-08-26 | SELL | RUDY IRVIN ROBERT | director | 2,000 | $37.35 | $75K | $1.40M |
| 2025-08-04 | BUY | Boal Brian R. | director | 77 | $32.28 | $2K | $668K |
| 2025-08-04 | BUY | Rodeheaver Carissa Lynn | director, officer: Chairman, President & CEO | 120 | $32.28 | $4K | $1.51M |
| 2025-08-04 | BUY | Rush Jason Barry | officer: SVP & COO | 74 | $32.28 | $2K | $804K |
| 2025-08-01 | BUY | Rodeheaver Carissa Lynn | director, officer: Chairman, President & CEO | 38 | $35.92 | $1K | $1.67M |
Order Flow (FINRA, ~3w lag)
12.2%retail-17.6pp
14.3%dark+3.9pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
First United Corporation: Stable Regional Banking Profile with Minimal Forensic Exposure
Overall Risk
2/10
Fraud
1/10
Dilution
1/10
Insolvency
2/10
Earnings Overstated
2/10
Hidden Liabilities
1/10
Legal
2/10
Audit Warnings
1/10
Hidden Upside
2/10
Contextually Acceptable
10/10