First United Co. (NASDAQ:FUNC) Shares Sold by State Street Corp

State Street Corp reduced its stake in shares of First United Co. (NASDAQ:FUNC) by 7.5% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 19,596 shares of the bank’s stock after selling 1,600 shares during the quarter. State Street Corp’s holdings in First United were worth $585,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Fourthstone LLC boosted its stake in shares of First United by 30.0% during the 3rd quarter. Fourthstone LLC now owns 441,143 shares of the bank’s stock worth $13,164,000 after acquiring an additional 101,915 shares in the last quarter. Acadian Asset Management LLC boosted its position in First United by 72.2% during the second quarter. Acadian Asset Management LLC now owns 66,698 shares of the bank’s stock worth $1,360,000 after purchasing an additional 27,973 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in First United by 7.0% in the second quarter. Dimensional Fund Advisors LP now owns 372,330 shares of the bank’s stock valued at $7,603,000 after purchasing an additional 24,457 shares during the last quarter. Ritholtz Wealth Management purchased a new position in shares of First United in the third quarter valued at $460,000. Finally, Renaissance Technologies LLC raised its stake in shares of First United by 14.3% during the 2nd quarter. Renaissance Technologies LLC now owns 82,195 shares of the bank’s stock worth $1,678,000 after buying an additional 10,280 shares during the last quarter. 33.27% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, StockNews.com raised shares of First United from a “hold” rating to a “buy” rating in a research note on Monday, October 7th.

First United Stock Down 0.5 %

FUNC stock opened at $33.24 on Friday. 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 12 month low of $19.17 and a 12 month high of $36.49. The firm has a market capitalization of $215.03 million, a PE ratio of 13.51 and a beta of 0.80. The company’s 50 day simple moving average is $34.32 and its 200-day simple moving average is $29.49.

First United (NASDAQ:FUNC) last announced its earnings results on Monday, October 21st. The bank reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.79 by $0.10. First United had a return on equity of 12.20% and a net margin of 14.70%. The firm had revenue of $28.17 million for the quarter, compared to analysts’ expectations of $20.30 million. Equities analysts expect that First United Co. will post 3.11 earnings per share for the current fiscal year.

First United Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Friday, January 17th will be issued a $0.22 dividend. The ex-dividend date is Friday, January 17th. This represents a $0.88 dividend on an annualized basis and a yield of 2.65%. First United’s dividend payout ratio (DPR) is 35.77%.

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.