Bank of New York Mellon Corp Purchases 3,683 Shares of First United Co. (NASDAQ:FUNC)

Bank of New York Mellon Corp grew its holdings in shares of First United Co. (NASDAQ:FUNC) by 31.3% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 15,440 shares of the bank’s stock after buying an additional 3,683 shares during the period. Bank of New York Mellon Corp owned approximately 0.24% of First United worth $520,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Angel Oak Capital Advisors LLC acquired a new stake in First United in the fourth quarter valued at approximately $934,000. Empowered Funds LLC grew its position in First United by 5.0% in the 4th quarter. Empowered Funds LLC now owns 24,893 shares of the bank’s stock valued at $839,000 after purchasing an additional 1,180 shares during the period. Ritholtz Wealth Management increased its stake in First United by 34.9% during the 4th quarter. Ritholtz Wealth Management now owns 20,786 shares of the bank’s stock valued at $701,000 after purchasing an additional 5,374 shares in the last quarter. Barclays PLC acquired a new position in First United during the third quarter worth $126,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of First United in the third quarter valued at $97,000. Institutional investors and hedge funds own 33.27% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Raymond James raised shares of First United from a “market perform” rating to an “outperform” rating and set a $42.00 target price for the company in a research report on Friday, February 7th. StockNews.com upgraded First United from a “hold” rating to a “buy” rating in a report on Monday, February 24th.

First United Stock Performance

NASDAQ FUNC opened at $30.79 on Friday. The company has a fifty day moving average price of $34.21 and a 200-day moving average price of $33.14. The firm has a market cap of $199.18 million, a price-to-earnings ratio of 9.77 and a beta of 0.77. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.94 and a quick ratio of 0.94. First United Co. has a 1 year low of $19.17 and a 1 year high of $42.50.

First United (NASDAQ:FUNC) last announced its earnings results on Wednesday, February 5th. The bank reported $0.95 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.09. First United had a return on equity of 12.51% and a net margin of 18.45%. As a group, equities research analysts predict that First United Co. will post 3.75 EPS for the current fiscal year.

First United Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Thursday, April 17th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Thursday, April 17th. This represents a $0.88 annualized dividend and a dividend yield of 2.86%. First United’s payout ratio is currently 27.94%.

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.