First United Co. (NASDAQ:FUNC) Short Interest Up 26.3% in April


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First United Co. (NASDAQ:FUNC) was the target of a large growth in short interest during the month of April. As of April 15th, there was short interest totalling 124,900 shares, a growth of 26.3% from the March 31st total of 98,900 shares. Based on an average daily volume of 17,600 shares, the short-interest ratio is currently 7.1 days. Currently, 1.9% of the shares of the company are short sold.

Shares of FUNC traded up $0.49 during trading hours on Tuesday, hitting $18.04. The stock had a trading volume of 30,662 shares, compared to its average volume of 17,553. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.93 and a current ratio of 0.93. The firm has a market cap of $126.21 million, a P/E ratio of 10.43 and a beta of 1.13. The company’s fifty day simple moving average is $17.73 and its 200 day simple moving average is $16.40. First United has a 12-month low of $10.74 and a 12-month high of $20.48.

First United (NASDAQ:FUNC) last issued its earnings results on Friday, February 19th. The bank reported $0.72 earnings per share for the quarter. The business had revenue of $17.26 million for the quarter. First United had a return on equity of 9.75% and a net margin of 16.22%.

The company also recently announced a quarterly dividend, which was paid on Monday, May 3rd. Investors of record on Monday, April 19th were given a $0.15 dividend. This is a positive change from First United’s previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a dividend yield of 3.33%. The ex-dividend date of this dividend was Friday, April 16th.

In other First United news, Director Patricia Milon bought 2,100 shares of the company’s stock in a transaction on Tuesday, March 9th. The shares were bought at an average price of $19.70 per share, for a total transaction of $41,370.00. Following the transaction, the director now owns 3,016 shares of the company’s stock, valued at approximately $59,415.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders bought a total of 2,528 shares of company stock valued at $49,335 over the last three months. Company insiders own 4.30% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. increased its holdings in First United by 14.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,068 shares of the bank’s stock valued at $83,000 after purchasing an additional 906 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in First United by 0.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 321,451 shares of the bank’s stock valued at $4,982,000 after purchasing an additional 933 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of First United by 7.9% during the fourth quarter. Bank of New York Mellon Corp now owns 51,408 shares of the bank’s stock valued at $797,000 after acquiring an additional 3,778 shares in the last quarter. Nuveen Asset Management LLC grew its stake in shares of First United by 106.3% during the fourth quarter. Nuveen Asset Management LLC now owns 22,256 shares of the bank’s stock valued at $345,000 after acquiring an additional 11,470 shares in the last quarter. Finally, BlackRock Inc. grew its stake in First United by 6.5% in the fourth quarter. BlackRock Inc. now owns 391,348 shares of the bank’s stock worth $6,067,000 after purchasing an additional 23,883 shares in the last quarter. Hedge funds and other institutional investors own 32.36% of the company’s stock.

About First United

First United Corp. is a bank holding company, which engages in community banking services. It offers checking, savings, money market deposit accounts, and certificates of deposit, business loans, personal loans, mortgage loans, lines of credit, and consumer-oriented retirement accounts including individual retirement accounts, and employee benefit accounts through its subsidiary.

Read More: Why do analysts give a neutral rating?

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