Cubist Systematic Strategies LLC Buys 7,333 Shares of First United Corporation $FUNC

Key Points

• Cubist Systematic Strategies LLC increased its stake in First United Corporation by 187.4% in the first quarter, owning 11,246 shares valued at approximately $338,000 as of its latest SEC filing.
• First United reported $0.92 earnings per share for the last quarter, exceeding analysts' expectations of $0.84, while also announcing a quarterly dividend of $0.22 per share.
• The stock has a consensus rating of "Buy" from analysts, with an average target price of $42.00, indicating positive market sentiment towards its future performance.

Cubist Systematic Strategies LLC lifted its holdings in shares of First United Corporation (NASDAQ:FUNC - Free Report) by 187.4% in the first quarter, according to its most recent filing with the SEC. The firm owned 11,246 shares of the bank's stock after acquiring an additional 7,333 shares during the period. Cubist Systematic Strategies LLC owned approximately 0.17% of First United worth $338,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FUNC. Trexquant Investment LP lifted its stake in First United by 5.0% during the first quarter. Trexquant Investment LP now owns 22,214 shares of the bank's stock worth $667,000 after purchasing an additional 1,058 shares during the period. Huber Capital Management LLC lifted its position in shares of First United by 0.5% during the 1st quarter. Huber Capital Management LLC now owns 124,239 shares of the bank's stock worth $3,730,000 after buying an additional 625 shares during the period. OMERS ADMINISTRATION Corp bought a new position in shares of First United during the 1st quarter worth approximately $312,000. American Century Companies Inc. lifted its position in shares of First United by 65.2% during the 1st quarter. American Century Companies Inc. now owns 90,008 shares of the bank's stock worth $2,702,000 after buying an additional 35,521 shares during the period. Finally, De Lisle Partners LLP lifted its position in shares of First United by 15.3% during the 1st quarter. De Lisle Partners LLP now owns 139,374 shares of the bank's stock worth $4,160,000 after buying an additional 18,536 shares during the period. 33.27% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Irvin Robert Rudy sold 2,000 shares of First United stock in a transaction dated Tuesday, August 26th. The stock was sold at an average price of $37.35, for a total value of $74,700.00. Following the completion of the transaction, the director directly owned 37,500 shares of the company's stock, valued at $1,400,625. The trade was a 5.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders bought 309 shares of company stock valued at $10,113 over the last three months. Insiders own 7.90% of the company's stock.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised First United from a "hold" rating to a "buy" rating in a report on Tuesday, May 20th. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $42.00.

First United Price Performance

Shares of NASDAQ:FUNC traded up $0.39 during trading on Wednesday, reaching $36.53. The stock had a trading volume of 20,813 shares, compared to its average volume of 17,975. The business's 50-day moving average price is $35.01 and its 200 day moving average price is $31.83. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.94 and a quick ratio of 0.94. First United Corporation has a 52 week low of $24.66 and a 52 week high of $42.50. The stock has a market capitalization of $237.08 million, a PE ratio of 10.01 and a beta of 0.70.

First United (NASDAQ:FUNC - Get Free Report) last issued its quarterly earnings data on Monday, July 21st. The bank reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.08. First United had a return on equity of 13.05% and a net margin of 20.53%.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 year.

First United Company 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.