Mackenzie Financial Corp Makes New Investment in First United Corporation (NASDAQ:FUNC)

Key Points

• Mackenzie Financial Corp has invested approximately $236,000 in First United Corporation by acquiring 7,860 shares during the first quarter.
• First United's stock was recently upgraded from a "hold" to a "buy" rating by Wall Street Zen, indicating a positive outlook from analysts.
• The company reported earnings of $0.92 per share for the last quarter, exceeding analyst expectations of $0.84, while also declaring a quarterly dividend of $0.22 per share.

Mackenzie Financial Corp bought a new position in shares of First United Corporation (NASDAQ:FUNC - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 7,860 shares of the bank's stock, valued at approximately $236,000. Mackenzie Financial Corp owned 0.12% of First United as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also made changes to their positions in FUNC. Tower Research Capital LLC TRC lifted its position in First United by 194.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 742 shares of the bank's stock valued at $25,000 after purchasing an additional 490 shares during the period. Price T Rowe Associates Inc. MD purchased a new position in First United in the fourth quarter valued at about $237,000. Barclays PLC increased its holdings in First United by 122.2% in the fourth quarter. Barclays PLC now owns 9,374 shares of the bank's stock valued at $317,000 after buying an additional 5,156 shares in the last quarter. 683 Capital Management LLC purchased a new position in First United in the fourth quarter valued at about $339,000. Finally, Bank of America Corp DE increased its holdings in First United by 449.4% in the fourth quarter. Bank of America Corp DE now owns 11,648 shares of the bank's stock valued at $393,000 after buying an additional 9,528 shares in the last quarter. Institutional investors and hedge funds own 33.27% of the company's stock.

Wall Street Analyst Weigh In

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

First United Price Performance

Shares of FUNC traded up $0.37 during mid-day trading on Wednesday, reaching $35.21. 16,554 shares of the company's stock were exchanged, compared to its average volume of 30,245. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.66. The company has a 50-day simple moving average of $31.98 and a two-hundred day simple moving average of $31.91. First United Corporation has a 52-week low of $24.66 and a 52-week high of $42.50. The company has a market cap of $228.13 million, a price-to-earnings ratio of 9.65 and a beta of 0.69.

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 for the quarter, topping analysts' consensus estimates of $0.84 by $0.08. First United had a net margin of 20.53% and a return on equity of 13.27%. The business had revenue of $21.65 million during the quarter, compared to analysts' expectations of $21.26 million. On average, sell-side analysts predict that First United Corporation will post 3.75 EPS for the current fiscal year.

First United Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Friday, July 18th were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend was Friday, July 18th. First United's payout ratio is presently 24.11%.

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.