First United Co. (NASDAQ:FUNC) Shares Purchased by Millennium Management LLC

Millennium Management LLC lifted its position in shares of First United Co. (NASDAQ:FUNC - Free Report) by 102.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 31,246 shares of the bank's stock after purchasing an additional 15,815 shares during the period. Millennium Management LLC owned about 0.48% of First United worth $1,053,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Renaissance Technologies LLC raised its stake 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 during the last quarter. Susquehanna International Group LLP raised its stake in shares of First United by 565.9% during the 4th quarter. Susquehanna International Group LLP now owns 92,430 shares of the bank's stock worth $3,116,000 after buying an additional 78,550 shares during the last quarter. Bridgeway Capital Management LLC raised its position in shares of First United by 0.5% during the 4th quarter. Bridgeway Capital Management LLC now owns 77,761 shares of the bank's stock worth $2,621,000 after purchasing an additional 380 shares during the last quarter. American Century Companies Inc. lifted its position in shares of First United by 35.7% in the fourth quarter. American Century Companies Inc. now owns 54,487 shares of the bank's stock valued at $1,837,000 after acquiring an additional 14,348 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC boosted its stake in shares of First United by 58.1% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 42,253 shares of the bank's stock worth $1,424,000 after purchasing an additional 15,523 shares during the last quarter. 33.27% of the stock is owned by hedge funds and other institutional investors.

First United Stock Down 0.8%

FUNC stock traded down $0.24 during mid-day trading on Monday, hitting $29.56. 13,529 shares of the company were exchanged, compared to its average volume of 21,935. The firm has a fifty day simple moving average of $29.62 and a 200 day simple moving average of $32.56. First United Co. has a twelve month low of $19.17 and a twelve month high of $42.50. The company has a market capitalization of $191.52 million, a PE ratio of 9.38 and a beta of 0.61. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.70.

First United (NASDAQ:FUNC - Get Free Report) last issued its quarterly earnings data on Monday, April 21st. The bank reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.09. The firm had revenue of $20.84 million for the quarter, compared to the consensus estimate of $20.63 million. First United had a net margin of 18.45% and a return on equity of 12.51%. On average, research analysts forecast that First United Co. will post 3.75 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, Wall Street Zen raised shares of First United from a "hold" rating to a "buy" rating in a research note 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.