Short Interest in First United Corporation (NASDAQ:FUNC) Rises By 39.3%

First United Corporation (NASDAQ:FUNC) was the target of a significant growth in short interest during the month of January. As of January 15th, there was short interest totaling 43,726 shares, a growth of 39.3% from the December 31st total of 31,391 shares. Based on an average daily trading volume, of 25,800 shares, the days-to-cover ratio is currently 1.7 days. Currently, 0.7% of the shares of the company are sold short. Currently, 0.7% of the shares of the company are sold short. Based on an average daily trading volume, of 25,800 shares, the days-to-cover ratio is currently 1.7 days.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “buy (b-)” rating on shares of First United in a research note on Thursday, January 22nd. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $42.00.

First United Price Performance

Shares of FUNC stock traded up $0.20 during trading hours on Friday, hitting $38.33. 18,016 shares of the company’s stock were exchanged, compared to its average volume of 19,111. The company has a market capitalization of $249.15 million, a PE ratio of 10.01 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 has a 12-month low of $24.66 and a 12-month high of $42.50. The business’s 50 day simple moving average is $38.49 and its 200-day simple moving average is $36.66.

First United Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, February 2nd. Shareholders of record on Friday, January 16th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, January 16th. This represents a $1.04 annualized dividend and a yield of 2.7%. First United’s dividend payout ratio is presently 27.15%.

Institutional Trading of First United

Several large investors have recently added to or reduced their stakes in the stock. Millennium Management LLC grew its holdings 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 during the period. Goldman Sachs Group Inc. lifted its holdings in First United by 53.2% during the first quarter. Goldman Sachs Group Inc. now owns 58,718 shares of the bank’s stock valued at $1,763,000 after purchasing an additional 20,387 shares in the last quarter. Empowered Funds LLC boosted its stake in shares of First United by 6.7% in the first quarter. Empowered Funds LLC now owns 26,549 shares of the bank’s stock worth $797,000 after acquiring an additional 1,656 shares during the period. Jane Street Group LLC boosted its stake in First United by 67.4% during the first 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 during the last quarter. Finally, Corton Capital Inc. bought a new stake in First United during the second quarter worth approximately $265,000. Institutional investors own 33.27% of the company’s stock.

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.