First United Co. (NASDAQ:FUNC) Sees Significant Growth in Short Interest

First United Co. (NASDAQ:FUNCGet Rating) saw a large growth in short interest in the month of April. As of April 15th, there was short interest totalling 17,300 shares, a growth of 50.4% from the March 31st total of 11,500 shares. Approximately 0.3% of the company’s shares are sold short. Based on an average daily volume of 11,100 shares, the days-to-cover ratio is currently 1.6 days.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Royal Bank of Canada raised its holdings in shares of First United by 660.3% in the second quarter. Royal Bank of Canada now owns 4,113 shares of the bank’s stock worth $72,000 after buying an additional 3,572 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of First United by 16.8% in the third quarter. American Century Companies Inc. now owns 15,689 shares of the bank’s stock worth $292,000 after buying an additional 2,258 shares during the last quarter. BHZ Capital Management LP raised its holdings in shares of First United by 37.5% in the fourth quarter. BHZ Capital Management LP now owns 20,906 shares of the bank’s stock worth $392,000 after buying an additional 5,697 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of First United by 1.5% in the third quarter. Geode Capital Management LLC now owns 47,813 shares of the bank’s stock worth $889,000 after buying an additional 695 shares during the last quarter. Finally, Pinnacle Holdings LLC raised its holdings in shares of First United by 3.5% in the third quarter. Pinnacle Holdings LLC now owns 61,286 shares of the bank’s stock worth $1,140,000 after buying an additional 2,101 shares during the last quarter. Institutional investors own 29.72% of the company’s stock.

FUNC has been the topic of a number of recent analyst reports. Zacks Investment Research raised shares of First United from a “hold” rating to a “buy” rating and set a $25.00 price objective on the stock in a research report on Wednesday. Raymond James raised their target price on shares of First United from $26.00 to $28.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 26th. Finally, StockNews.com initiated coverage on shares of First United in a research report on Wednesday. They set a “buy” rating on the stock.

Shares of NASDAQ:FUNC traded down $0.30 during trading on Friday, reaching $22.41. 12,351 shares of the company were exchanged, compared to its average volume of 13,847. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.82 and a quick ratio of 0.82. The business’s fifty day simple moving average is $22.67 and its 200-day simple moving average is $20.82. First United has a 12-month low of $16.26 and a 12-month high of $24.50. The firm has a market capitalization of $148.35 million, a PE ratio of 6.75 and a beta of 0.81.

First United (NASDAQ:FUNCGet Rating) last released its quarterly earnings data on Thursday, April 21st. The bank reported $0.86 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.79 by $0.07. First United had a net margin of 28.29% and a return on equity of 17.41%. On average, sell-side analysts anticipate that First United will post 3.5 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, May 2nd. Shareholders of record on Monday, April 18th will be paid a $0.15 dividend. The ex-dividend date is Thursday, April 14th. This represents a $0.60 annualized dividend and a yield of 2.68%. First United’s dividend payout ratio (DPR) is 18.07%.

About First United (Get Rating)

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 program and Insured Cash Sweep program to municipalities, businesses, and consumers; and commercial customers packages, which include treasury management, cash sweep, and various checking opportunities.

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