Price T Rowe Associates Inc. MD Buys New Position in First United Co. (NASDAQ:FUNC)

Price T Rowe Associates Inc. MD bought a new stake in First United Co. (NASDAQ:FUNC) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 7,001 shares of the bank’s stock, valued at approximately $237,000. Price T Rowe Associates Inc. MD owned about 0.11% of First United as of its most recent filing with the SEC.

Other institutional investors have also recently made changes to their positions in the company. Tower Research Capital LLC TRC increased its position in shares of First United by 194.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 742 shares of the bank’s stock worth $25,000 after purchasing an additional 490 shares during the last quarter. Barclays PLC acquired a new position in shares of First United during the 3rd quarter worth approximately $126,000. Bank of New York Mellon Corp increased its position in shares of First United by 31.3% during the 4th quarter. Bank of New York Mellon Corp now owns 15,440 shares of the bank’s stock worth $520,000 after purchasing an additional 3,683 shares during the last quarter. Ritholtz Wealth Management increased its position in shares of First United by 34.9% during the 4th quarter. Ritholtz Wealth Management now owns 20,786 shares of the bank’s stock worth $701,000 after purchasing an additional 5,374 shares during the last quarter. Finally, Trexquant Investment LP increased its position in shares of First United by 22.4% during the 4th quarter. Trexquant Investment LP now owns 21,156 shares of the bank’s stock worth $713,000 after purchasing an additional 3,870 shares during the last quarter. Institutional investors and hedge funds own 33.27% of the company’s stock.

First United Stock Performance

Shares of NASDAQ FUNC opened at $31.22 on Friday. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.70. First United Co. has a 12 month low of $19.17 and a 12 month high of $42.50. The stock has a 50 day moving average of $29.68 and a 200-day moving average of $32.93. The company has a market capitalization of $202.27 million, a P/E ratio of 9.91 and a beta of 0.59.

First United (NASDAQ:FUNC) last issued its earnings results on Monday, April 21st. The bank reported $0.89 EPS for the quarter, topping the consensus estimate of $0.80 by $0.09. First United had a return on equity of 12.51% and a net margin of 18.45%. The company had revenue of $20.84 million during the quarter, compared to the consensus estimate of $20.63 million. As a group, equities research analysts predict that First United Co. will post 3.75 EPS for the current year.

First United Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Thursday, April 17th were paid a dividend of $0.22 per share. The ex-dividend date was Thursday, April 17th. This represents a $0.88 annualized dividend and a dividend yield of 2.82%. First United’s dividend payout ratio is currently 25.29%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on FUNC. StockNews.com raised First United from a “hold” rating to a “buy” rating in a research report on Friday, May 9th. Raymond James raised First United from a “market perform” rating to an “outperform” rating and set a $42.00 price target on the stock in a research report on Friday, February 7th.

About First United

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, money market deposit, and regular and individual retirement accounts (IRAs), as well as certificates of deposit.