Millennium Management LLC Buys 15,815 Shares of First United Co. (NASDAQ:FUNC)

Millennium Management LLC increased its stake in shares of First United Co. (NASDAQ:FUNC - Free Report) by 102.5% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 31,246 shares of the bank's stock after acquiring an additional 15,815 shares during the period. Millennium Management LLC owned 0.48% of First United worth $1,053,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Angel Oak Capital Advisors LLC acquired a new position in First United during the fourth quarter valued at approximately $934,000. American Century Companies Inc. boosted its holdings in shares of First United by 35.7% during the 4th quarter. American Century Companies Inc. now owns 54,487 shares of the bank's stock worth $1,837,000 after buying an additional 14,348 shares during the period. Jane Street Group LLC bought a new stake in shares of First United during the 4th quarter worth $524,000. Bank of New York Mellon Corp grew its stake in First United by 31.3% in the 4th quarter. Bank of New York Mellon Corp now owns 15,440 shares of the bank's stock valued at $520,000 after buying an additional 3,683 shares during the last quarter. Finally, Empowered Funds LLC raised its holdings in First United by 5.0% in the 4th quarter. Empowered Funds LLC now owns 24,893 shares of the bank's stock worth $839,000 after acquiring an additional 1,180 shares during the period. 33.27% of the stock is owned by institutional investors.

First United Stock Performance

Shares of First United stock traded up $0.30 during midday trading on Friday, hitting $29.80. The company had a trading volume of 16,940 shares, compared to its average volume of 21,969. First United Co. has a 1-year low of $19.17 and a 1-year high of $42.50. The business's 50 day simple moving average is $29.62 and its two-hundred day simple moving average is $32.57. The stock has a market cap of $193.07 million, a PE ratio of 9.46 and a beta of 0.61. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.94 and a quick ratio of 0.94.

First United (NASDAQ:FUNC - Get Free Report) last posted its quarterly earnings results on Monday, April 21st. The bank reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.09. The company had revenue of $20.84 million for the quarter, compared to analyst estimates of $20.63 million. First United had a net margin of 18.45% and a return on equity of 12.51%. As a group, equities analysts predict that First United Co. will post 3.75 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on FUNC shares. Wall Street Zen raised shares of First United from a "hold" rating to a "buy" rating in a research report on Tuesday, May 20th. Raymond James raised First United from a "market perform" rating to an "outperform" rating and set a $42.00 price objective for the company in a research report on Friday, February 7th.

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.