OMERS ADMINISTRATION Corp Invests $312,000 in First United Corporation $FUNC

Key Points

• OMERS ADMINISTRATION Corp acquired a new stake in First United Corporation, purchasing 10,400 shares valued at approximately $312,000, which represents a 0.16% ownership as of its latest SEC filing.
• Wall Street analysts have increased their outlook, upgrading First United from a "hold" to a "buy" rating, with an average price target of $42.00.
• First United Corporation reported quarterly earnings of $0.92 EPS, exceeding estimates, along with a recent dividend announcement yielding 2.4%.

OMERS ADMINISTRATION Corp purchased a new position in 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 firm purchased 10,400 shares of the bank's stock, valued at approximately $312,000. OMERS ADMINISTRATION Corp owned approximately 0.16% of First United at the end of the most recent quarter.

Several other large investors have also modified their holdings of FUNC. Susquehanna International Group LLP boosted its position in shares of First United by 565.9% during the fourth quarter. Susquehanna International Group LLP now owns 92,430 shares of the bank's stock valued at $3,116,000 after buying an additional 78,550 shares during the period. American Century Companies Inc. boosted its position in shares of First United by 65.2% during the first quarter. American Century Companies Inc. now owns 90,008 shares of the bank's stock valued at $2,702,000 after buying an additional 35,521 shares during the period. De Lisle Partners LLP boosted its position in shares of First United by 15.3% during the first quarter. De Lisle Partners LLP now owns 139,374 shares of the bank's stock valued at $4,160,000 after buying an additional 18,536 shares during the period. Millennium Management LLC boosted its position in shares of First United by 102.5% during the fourth quarter. Millennium Management LLC now owns 31,246 shares of the bank's stock valued at $1,053,000 after buying an additional 15,815 shares during the period. Finally, Schonfeld Strategic Advisors LLC purchased a new position in shares of First United during the fourth quarter valued at approximately $529,000. Hedge funds and other institutional investors own 33.27% of the company's stock.

Analyst Ratings Changes

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

First United Stock Down 0.6%

NASDAQ:FUNC traded down $0.23 during trading hours on Tuesday, reaching $36.65. The company's stock had a trading volume of 4,707 shares, compared to its average volume of 28,957. The company has a market capitalization of $237.86 million, a P/E ratio of 10.04 and a beta of 0.70. First United Corporation has a 12 month low of $24.66 and a 12 month high of $42.50. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.94 and a current ratio of 0.94. The stock has a 50 day moving average price of $34.60 and a two-hundred day moving average price of $31.75.

First United (NASDAQ:FUNC - Get Free Report) last issued its quarterly earnings data on Monday, July 21st. The bank reported $0.92 EPS for the quarter, topping analysts' consensus estimates of $0.84 by $0.08. The company had revenue of $21.65 million during the quarter, compared to the consensus estimate of $21.26 million. First United had a net margin of 20.53% and a return on equity of 13.05%. Equities analysts predict that First United Corporation will post 3.75 EPS for the current fiscal year.

First United Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Friday, July 18th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, July 18th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.4%. First United's dividend payout ratio is presently 24.11%.

Insider Activity

In other news, Director Irvin Robert Rudy sold 2,000 shares of the company's stock in a transaction on Tuesday, August 26th. The stock was sold at an average price of $37.35, for a total transaction of $74,700.00. Following the transaction, the director directly owned 37,500 shares of the company's stock, valued at approximately $1,400,625. This represents a 5.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders acquired 309 shares of company stock worth $10,113 over the last 90 days. Corporate insiders own 7.90% of the company's stock.

About First United

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.