First United Co. (NASDAQ:FUNC) was the recipient of a large increase in short interest in April. As of April 15th, there was short interest totalling 124,900 shares, an increase of 26.3% from the March 31st total of 98,900 shares. Based on an average daily volume of 17,600 shares, the short-interest ratio is presently 7.1 days. Approximately 1.9% of the company’s shares are sold short.
Shares of NASDAQ:FUNC traded up $0.49 during trading on Tuesday, reaching $18.04. 30,662 shares of the company traded hands, compared to its average volume of 17,553. The firm has a fifty day simple moving average of $17.73 and a 200 day simple moving average of $16.40. The firm has a market cap of $126.21 million, a P/E ratio of 10.43 and a beta of 1.13. First United has a 1-year low of $10.74 and a 1-year high of $20.48. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.77.
First United (NASDAQ:FUNC) last issued its earnings results on Friday, February 19th. The bank reported $0.72 earnings per share (EPS) for the quarter. The company had revenue of $17.26 million during the quarter. First United had a net margin of 16.22% and a return on equity of 9.75%.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, May 3rd. Investors of record on Monday, April 19th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 3.33%. The ex-dividend date was Friday, April 16th. This is a positive change from First United’s previous quarterly dividend of $0.13.
In related news, Director Patricia Milon bought 2,100 shares of the firm’s stock in a transaction on Tuesday, March 9th. The stock was bought at an average price of $19.70 per share, with a total value of $41,370.00. Following the purchase, the director now directly owns 3,016 shares of the company’s stock, valued at approximately $59,415.20. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last quarter, insiders have acquired 2,528 shares of company stock worth $49,335. Corporate insiders own 4.30% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. lifted its stake in shares of First United by 14.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,068 shares of the bank’s stock valued at $83,000 after purchasing an additional 906 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of First United by 7.9% in the 4th quarter. Bank of New York Mellon Corp now owns 51,408 shares of the bank’s stock valued at $797,000 after purchasing an additional 3,778 shares during the last quarter. HoldCo Asset Management L.P. acquired a new stake in shares of First United in the 4th quarter valued at $1,353,000. BlackRock Inc. lifted its stake in shares of First United by 6.5% in the 4th quarter. BlackRock Inc. now owns 391,348 shares of the bank’s stock valued at $6,067,000 after purchasing an additional 23,883 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of First United by 0.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 321,451 shares of the bank’s stock valued at $4,982,000 after purchasing an additional 933 shares during the last quarter. 32.36% of the stock is owned by institutional investors and hedge funds.
About First United
First United Corp. is a bank holding company, which engages in community banking services. It offers checking, savings, money market deposit accounts, and certificates of deposit, business loans, personal loans, mortgage loans, lines of credit, and consumer-oriented retirement accounts including individual retirement accounts, and employee benefit accounts through its subsidiary.
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