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

First United Co. (NASDAQ:FUNC) was the recipient of a large drop in short interest in the month of July. As of July 31st, there was short interest totalling 12,500 shares, a drop of 7.4% from the July 15th total of 13,500 shares. Based on an average daily trading volume, of 24,900 shares, the days-to-cover ratio is presently 0.5 days. Currently, 0.2% of the shares of the stock are short sold.

First United Trading Down 0.4 %

Shares of First United stock opened at $28.16 on Wednesday. The firm has a market capitalization of $187.24 million, a PE ratio of 13.10 and a beta of 0.78. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43. The firm’s 50 day moving average is $23.67 and its 200 day moving average is $22.54. First United has a 1 year low of $15.68 and a 1 year high of $28.85.

First United (NASDAQ:FUNC) last announced its quarterly earnings results on Monday, July 22nd. The bank reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.09. First United had a net margin of 13.84% and a return on equity of 11.85%. The company had revenue of $27.95 million for the quarter, compared to analyst estimates of $19.34 million. Equities research analysts forecast that First United will post 3 earnings per share for the current fiscal year.

First United Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Thursday, July 18th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 2.84%. The ex-dividend date of this dividend was Thursday, July 18th. First United’s payout ratio is 37.21%.

Analyst Ratings Changes

Separately, StockNews.com raised shares of First United from a “hold” rating to a “buy” rating in a report on Tuesday, July 30th.

Insider Buying and Selling at First United

In other First United news, Director Irvin Robert Rudy sold 2,000 shares of the firm’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $27.52, for a total value of $55,040.00. Following the transaction, the director now directly owns 37,000 shares of the company’s stock, valued at approximately $1,018,240. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders have bought a total of 188 shares of company stock valued at $5,254 in the last ninety days. 7.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On First United

A number of institutional investors have recently added to or reduced their stakes in the business. AJOVista LLC acquired a new position in shares of First United in the 4th quarter worth approximately $49,000. Hillsdale Investment Management Inc. acquired a new position in shares of First United during the 1st quarter valued at $111,000. Price T Rowe Associates Inc. MD acquired a new position in shares of First United during the 1st quarter valued at $209,000. Quadrature Capital Ltd acquired a new position in shares of First United during the 1st quarter valued at $298,000. Finally, Empowered Funds LLC raised its holdings in First United by 8.0% during the first quarter. Empowered Funds LLC now owns 16,136 shares of the bank’s stock worth $370,000 after buying an additional 1,192 shares during the last quarter. 33.27% of the stock is owned by institutional investors.

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