Short Interest in First United Co. (NASDAQ:FUNC) Decreases By 24.3%

First United Co. (NASDAQ:FUNCGet Rating) was the target of a significant drop in short interest during the month of April. As of April 30th, there was short interest totalling 13,100 shares, a drop of 24.3% from the April 15th total of 17,300 shares. Based on an average daily volume of 12,400 shares, the days-to-cover ratio is currently 1.1 days. Approximately 0.2% of the company’s shares are short sold.

Several institutional investors have recently added to or reduced their stakes in FUNC. State Street Corp lifted its holdings in shares of First United by 11.1% during the 1st quarter. State Street Corp now owns 14,637 shares of the bank’s stock valued at $330,000 after acquiring an additional 1,462 shares in the last quarter. EJF Capital LLC raised its position in First United by 0.5% in the first quarter. EJF Capital LLC now owns 243,348 shares of the bank’s stock valued at $5,483,000 after purchasing an additional 1,296 shares during the period. Dimensional Fund Advisors LP raised its position in First United by 0.9% in the first quarter. Dimensional Fund Advisors LP now owns 311,445 shares of the bank’s stock valued at $7,017,000 after purchasing an additional 2,830 shares during the period. BlackRock Inc. lifted its stake in shares of First United by 11.4% during the first quarter. BlackRock Inc. now owns 80,654 shares of the bank’s stock worth $1,817,000 after purchasing an additional 8,224 shares in the last quarter. Finally, Acadian Asset Management LLC purchased a new stake in shares of First United in the first quarter worth about $212,000. 29.06% of the stock is owned by institutional investors.

First United stock traded up $0.19 during midday trading on Monday, reaching $19.68. The stock had a trading volume of 17,058 shares, compared to its average volume of 12,989. The stock’s 50-day simple moving average is $22.33 and its 200 day simple moving average is $21.01. First United has a twelve month low of $16.26 and a twelve month high of $24.50. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.82 and a current ratio of 0.79. The stock has a market capitalization of $130.64 million, a PE ratio of 5.87 and a beta of 0.75.

First United (NASDAQ:FUNCGet Rating) last released its quarterly earnings data on Thursday, April 21st. The bank reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.07. First United had a return on equity of 17.36% and a net margin of 28.29%. Equities analysts predict that First United will post 3.5 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, May 2nd. Shareholders of record on Monday, April 18th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, April 14th. This represents a $0.60 annualized dividend and a yield of 3.05%. First United’s dividend payout ratio is currently 18.07%.

Several research firms recently commented on FUNC. StockNews.com initiated coverage on First United in a research note on Friday. They issued a “strong-buy” rating for the company. Raymond James upped their price objective on shares of First United from $26.00 to $28.00 and gave the company an “outperform” rating in a research note on Tuesday, April 26th. Finally, Zacks Investment Research raised shares of First United from a “hold” rating to a “buy” rating and set a $25.00 target price on the stock in a research report on Wednesday, April 27th.

First United Company Profile (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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