Insider Selling: First United (NASDAQ:FUNC) Director Sells 2,000 Shares of Stock

by · The Cerbat Gem

First United Corporation (NASDAQ:FUNC – Get Free Report) Director Irvin Robert Rudy sold 2,000 shares of the company’s stock in a transaction dated Tuesday, August 26th. The stock was sold at an average price of $37.35, for a total transaction of $74,700.00. Following the completion of the transaction, the director owned 37,500 shares of the company’s stock, valued at approximately $1,400,625. This trade represents a 5.06% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

First United Trading Up 0.3%

Shares of First United stock opened at $37.33 on Thursday. The firm has a 50-day simple moving average of $33.34 and a two-hundred day simple moving average of $32.05. The company has a market cap of $242.46 million, a P/E ratio of 10.23 and a beta of 0.69. First United Corporation has a fifty-two week low of $24.66 and a fifty-two week high of $42.50. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.94 and a current ratio of 0.94.

First United (NASDAQ:FUNC – Get Free Report) last released its quarterly earnings results on Monday, July 21st. The bank reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.84 by $0.08. First United had a net margin of 20.53% and a return on equity of 13.05%. The firm had revenue of $21.65 million during the quarter, compared to the consensus estimate of $21.26 million. As a group, equities analysts predict that First United Corporation will post 3.75 earnings per share for the current fiscal year.

First United Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Friday, July 18th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.4%. The ex-dividend date was Friday, July 18th. First United’s dividend payout ratio is 24.11%.

Institutional Trading of First United

Large investors have recently bought and sold shares of the business. Jane Street Group LLC purchased a new stake in First United during the 4th quarter valued at about $524,000. Bank of America Corp DE grew its stake in First United by 449.4% during the 4th quarter. Bank of America Corp DE now owns 11,648 shares of the bank’s stock valued at $393,000 after acquiring an additional 9,528 shares in the last quarter. Millennium Management LLC grew its stake in First United by 102.5% during the 4th quarter. Millennium Management LLC now owns 31,246 shares of the bank’s stock valued at $1,053,000 after acquiring an additional 15,815 shares in the last quarter. Schonfeld Strategic Advisors LLC purchased a new stake in shares of First United in the 4th quarter valued at approximately $529,000. Finally, Marshall Wace LLP grew its stake in shares of First United by 218.9% in the 4th quarter. Marshall Wace LLP now owns 24,146 shares of the bank’s stock valued at $814,000 after buying an additional 16,574 shares during the period. Hedge funds and other institutional investors own 33.27% of the company’s stock.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded shares of First United from a “hold” rating to a “buy” rating in a research report on Tuesday, May 20th. One investment analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $42.00.

Read Our Latest Analysis on First United

About First United

(Get Free Report)

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.

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