First United Co. (NASDAQ:FUNC – Get Rating) was the target of a significant drop in short interest during the month of May. As of May 15th, there was short interest totalling 6,700 shares, a drop of 48.9% from the April 30th total of 13,100 shares. Approximately 0.1% of the company’s shares are short sold. Based on an average daily volume of 11,900 shares, the days-to-cover ratio is presently 0.6 days.
FUNC has been the subject of several research analyst reports. StockNews.com initiated coverage on First United in a research report on Saturday, May 21st. They set a “strong-buy” rating for the company. Raymond James raised their price target on 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 upgraded First United from a “hold” rating to a “buy” rating and set a $25.00 price target on the stock in a research note on Wednesday, April 27th.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Dimensional Fund Advisors LP grew its stake 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 last quarter. EJF Capital LLC grew its stake 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 last quarter. BlackRock Inc. grew its stake in First United by 11.4% in the first quarter. BlackRock Inc. now owns 80,654 shares of the bank’s stock valued at $1,817,000 after purchasing an additional 8,224 shares during the last quarter. Pinnacle Holdings LLC grew its stake in shares of First United by 3.5% during the third quarter. Pinnacle Holdings LLC now owns 61,286 shares of the bank’s stock worth $1,140,000 after acquiring an additional 2,101 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of First United by 1.5% during the third quarter. Geode Capital Management LLC now owns 47,813 shares of the bank’s stock worth $889,000 after acquiring an additional 695 shares during the last quarter. Institutional investors own 29.06% of the company’s stock.
First United (NASDAQ:FUNC – Get Rating) last posted its earnings results on Thursday, April 21st. The bank reported $0.86 earnings per share (EPS) 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%. Analysts forecast that First United will post 3.5 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, May 2nd. Shareholders of record on Monday, April 18th were paid a $0.15 dividend. The ex-dividend date was Thursday, April 14th. This represents a $0.60 annualized dividend and a yield of 2.92%. First United’s dividend payout ratio (DPR) is presently 18.07%.
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.
- Get a free copy of the StockNews.com research report on First United (FUNC)
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