De Lisle Partners LLP Boosts Stake in First United Corporation (NASDAQ:FUNC)

Key Points

• De Lisle Partners LLP increased its stake in First United Corporation by 15.3% in Q1, now owning approximately 2.15% of the bank with a value of $4.16 million.
• Analysts upgraded First United shares from a "hold" to a "buy" rating, indicating increased confidence in the stock's future performance.
• First United announced a quarterly dividend of $0.22 per share, representing an annualized yield of 2.57%, with a dividend payout ratio of 24.11%.

De Lisle Partners LLP raised its holdings in shares of First United Corporation (NASDAQ:FUNC - Free Report) by 15.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 139,374 shares of the bank's stock after buying an additional 18,536 shares during the period. De Lisle Partners LLP owned about 2.15% of First United worth $4,160,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. American Century Companies Inc. boosted its holdings in shares of First United by 35.7% during the fourth quarter. American Century Companies Inc. now owns 54,487 shares of the bank's stock worth $1,837,000 after purchasing an additional 14,348 shares during the period. O Shaughnessy Asset Management LLC boosted its position in First United by 58.1% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 42,253 shares of the bank's stock valued at $1,424,000 after acquiring an additional 15,523 shares in the last quarter. Trexquant Investment LP boosted its position in First United by 22.4% during the 4th quarter. Trexquant Investment LP now owns 21,156 shares of the bank's stock valued at $713,000 after acquiring an additional 3,870 shares in the last quarter. Renaissance Technologies LLC boosted its position in First United by 1.2% during the 4th quarter. Renaissance Technologies LLC now owns 99,795 shares of the bank's stock valued at $3,364,000 after acquiring an additional 1,200 shares in the last quarter. Finally, Barclays PLC boosted its position in First United by 122.2% during the 4th quarter. Barclays PLC now owns 9,374 shares of the bank's stock valued at $317,000 after acquiring an additional 5,156 shares in the last quarter. 33.27% of the stock is currently owned by hedge funds and other institutional investors.

First United Stock Performance

NASDAQ:FUNC traded down $0.85 during trading hours on Friday, reaching $32.02. The company had a trading volume of 23,222 shares, compared to its average volume of 30,891. First United Corporation has a 52 week low of $24.66 and a 52 week high of $42.50. The firm's 50 day moving average price is $31.55 and its 200-day moving average price is $31.92. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.66. The firm has a market cap of $207.49 million, a price-to-earnings ratio of 8.77 and a beta of 0.61.

First United (NASDAQ:FUNC - Get Free Report) last issued its quarterly earnings results on Monday, July 21st. The bank reported $0.92 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.84 by $0.08. The business had revenue of $21.65 million during the quarter, compared to analyst estimates of $21.26 million. First United had a return on equity of 13.27% and a net margin of 20.53%. On average, analysts forecast that First United Corporation will post 3.75 EPS for the current year.

First United Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Friday, July 18th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Friday, July 18th. First United's dividend payout ratio is currently 24.11%.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised First United from a "hold" rating to a "buy" rating in a research report on Tuesday, May 20th.

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.