Acadian Asset Management LLC Sells 1,415 Shares of First United Co. (NASDAQ:FUNC)

Acadian Asset Management LLC lessened its stake in shares of First United Co. (NASDAQ:FUNC) by 12.3% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 10,106 shares of the bank’s stock after selling 1,415 shares during the period. Acadian Asset Management LLC owned 0.15% of First United worth $142,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Bank of Montreal Can purchased a new stake in shares of First United during the 2nd quarter valued at about $277,000. EA Series Trust purchased a new stake in shares of First United during the 2nd quarter valued at about $178,000. Royce & Associates LP raised its position in shares of First United by 53.2% during the 1st quarter. Royce & Associates LP now owns 24,307 shares of the bank’s stock valued at $410,000 after buying an additional 8,436 shares in the last quarter. Huber Capital Management LLC raised its position in shares of First United by 163.5% during the 1st quarter. Huber Capital Management LLC now owns 113,972 shares of the bank’s stock valued at $1,922,000 after buying an additional 70,723 shares in the last quarter. Finally, Pinnacle Holdings LLC raised its position in shares of First United by 5.9% during the 1st quarter. Pinnacle Holdings LLC now owns 64,621 shares of the bank’s stock valued at $1,090,000 after buying an additional 3,600 shares in the last quarter. Institutional investors own 31.55% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on FUNC. TheStreet raised shares of First United from a “c+” rating to a “b-” rating in a research report on Wednesday, August 2nd. StockNews.com began coverage on shares of First United in a research report on Wednesday, November 15th. They issued a “hold” rating on the stock.

First United Stock Performance

First United stock opened at $18.32 on Monday. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.89 and a quick ratio of 0.89. First United Co. has a 1-year low of $12.56 and a 1-year high of $20.94. The firm has a market capitalization of $122.49 million, a P/E ratio of 6.07 and a beta of 0.81. The company’s 50-day moving average is $16.62 and its 200 day moving average is $15.70.

First United (NASDAQ:FUNC) last issued its earnings results on Monday, October 23rd. The bank reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.04. The business had revenue of $18.70 million for the quarter, compared to analyst estimates of $18.79 million. First United had a net margin of 21.45% and a return on equity of 13.19%. Research analysts forecast that First United Co. will post 2.59 EPS for the current year.

First United Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 1st. Stockholders of record on Wednesday, October 18th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.37%. The ex-dividend date was Tuesday, October 17th. First United’s dividend payout ratio (DPR) is presently 26.49%.

First United Company Profile

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. It offers various deposit products, which includes checking, savings, and money market deposit accounts, as well as certificates of deposit.