First United Co. (NASDAQ:FUNC) Shares Purchased by Acadian Asset Management LLC

Acadian Asset Management LLC boosted its position in First United Co. (NASDAQ:FUNC) by 72.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 66,698 shares of the bank’s stock after acquiring an additional 27,973 shares during the quarter. Acadian Asset Management LLC owned 1.00% of First United worth $1,360,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. O Shaughnessy Asset Management LLC boosted its holdings in First United by 103.1% in the first quarter. O Shaughnessy Asset Management LLC now owns 22,805 shares of the bank’s stock valued at $522,000 after acquiring an additional 11,576 shares during the last quarter. Price T Rowe Associates Inc. MD acquired a new position in First United in the first quarter valued at $209,000. Empowered Funds LLC boosted its holdings in First United by 8.0% in the first quarter. Empowered Funds LLC now owns 16,136 shares of the bank’s stock valued at $370,000 after acquiring an additional 1,192 shares during the last quarter. Vanguard Group Inc. boosted its holdings in First United by 3.6% in the first quarter. Vanguard Group Inc. now owns 308,612 shares of the bank’s stock valued at $7,070,000 after acquiring an additional 10,800 shares during the last quarter. Finally, Quadrature Capital Ltd acquired a new position in First United in the first quarter valued at $298,000. Institutional investors and hedge funds own 33.27% of the company’s stock.

First United Trading Up 0.6 %

Shares of FUNC opened at $28.97 on Monday. The stock’s 50-day moving average is $26.80 and its two-hundred day moving average is $23.40. The stock has a market cap of $187.44 million, a PE ratio of 13.47 and a beta of 0.79. First United Co. has a 12 month low of $15.68 and a 12 month high of $29.24. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.91 and a quick ratio of 0.91.

First United (NASDAQ:FUNC) last issued its quarterly earnings data on Monday, July 22nd. The bank reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.09. First United had a return on equity of 11.78% and a net margin of 13.84%. The company had revenue of $27.95 million for the quarter, compared to analysts’ expectations of $19.34 million. Equities analysts forecast that First United Co. will post 3 earnings per share for the current fiscal year.

First United Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Thursday, July 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 2.76%. The ex-dividend date was Thursday, July 18th. First United’s payout ratio is 37.21%.

Analysts Set New Price Targets

Separately, StockNews.com cut First United from a “buy” rating to a “hold” rating in a research note on Thursday, August 29th.

Insider Transactions at First United

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

First United 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.