Olivier Verriest
U.S. regional banks have endured a dramatic 2023. The focal point of wild price action is undoubtedly the March banking turmoil. The iShares U.S. Regional Banks ETF (IAT) plunged more than 40%, taking the focused ETF from a
First United: Yielding Near 5%, Shares Undervalued Ahead Of Q2 Earnings
Summary
- The iShares U.S. Regional Banks ETF plunged more than 40% in March 2023 but has since rebounded to fresh 4-month highs, outpacing the S&P 500 since late June.
- First United Corporation, a small regional bank, is set to report Q2 results next week; despite a struggling outlook, the bank has increased its dividend and shows some positive technical trends.
- While the broader banking sector has faced issues, FUNC's fundamental trends seem to be holding up, with a net interest margin of 3.5.
- I spot key price levels to watch ahead of and through FUNC's unconfirmed earnings date next week.
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