First United Corporation (NASDAQ:FUNC) Sees Large Increase in Short Interest

Key Points

• Short interest jumped 35.5% in March to 64,853 shares (up from 47,870 on Feb 26), equal to about 1.1% of shares short and a short-interest ratio of 3.7 days.
• First United beat Q4 estimates with EPS of $1.10 versus $0.96 and revenue of $23.5M versus $22.8M, and announced a quarterly dividend of $0.26 per share (2.9% yield; ex-dividend Apr 17).
• Shares traded at $36.34 mid-day (down 1.2%), the company has a market cap of $236.2M and a P/E of 9.64, analysts show a consensus Buy rating and institutions own roughly 33.3% of the stock.

First United Corporation (NASDAQ:FUNC - Get Free Report) was the recipient of a large increase in short interest during the month of March. As of March 13th, there was short interest totaling 64,853 shares, an increase of 35.5% from the February 26th total of 47,870 shares. Based on an average daily trading volume, of 17,731 shares, the short-interest ratio is presently 3.7 days. Approximately 1.1% of the company's stock are short sold.

First United Stock Down 1.2%

NASDAQ:FUNC traded down $0.44 during mid-day trading on Friday, hitting $36.34. 6,506 shares of the company's stock traded hands, compared to its average volume of 16,512. The company has a fifty day moving average of $37.09 and a 200 day moving average of $37.21. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.94 and a current ratio of 0.94. First United has a twelve month low of $24.66 and a twelve month high of $41.94. The company has a market capitalization of $236.21 million, a P/E ratio of 9.64 and a beta of 0.54.

First United (NASDAQ:FUNC - Get Free Report) last issued its quarterly earnings results on Wednesday, February 4th. The bank reported $1.10 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.14. First United had a return on equity of 13.33% and a net margin of 20.19%.The business had revenue of $23.50 million during the quarter, compared to the consensus estimate of $22.80 million. On average, analysts forecast that First United will post 3.75 EPS for the current year.

First United Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 1st. Shareholders of record on Friday, April 17th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Friday, April 17th. First United's payout ratio is currently 27.59%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Hsbc Holdings PLC purchased a new position in shares of First United in the fourth quarter worth $301,000. Corient Private Wealth LLC acquired a new position in shares of First United in the 4th quarter valued at $205,000. Empowered Funds LLC raised its stake in First United by 10.1% in the 4th quarter. Empowered Funds LLC now owns 35,869 shares of the bank's stock worth $1,343,000 after acquiring an additional 3,293 shares during the last quarter. Bridgeway Capital Management LLC raised its stake in First United by 4.7% in the 4th quarter. Bridgeway Capital Management LLC now owns 73,537 shares of the bank's stock worth $2,753,000 after acquiring an additional 3,293 shares during the last quarter. Finally, AQR Capital Management LLC acquired a new stake in First United during the 4th quarter worth about $215,000. Institutional investors and hedge funds own 33.27% of the company's stock.

Analyst Ratings Changes

Separately, Weiss Ratings reissued a "buy (b-)" rating on shares of First United in a research report on Thursday, January 22nd. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of "Buy".

About First United

First United Corporation is a bank holding company that, through its subsidiary First United Bank & Trust, provides a full suite of commercial and consumer banking services to individuals, businesses, and agricultural customers across central Oklahoma. The company offers deposit accounts such as checking, savings, money market and time deposits, alongside a variety of lending solutions covering commercial real estate, construction, agricultural and consumer loans.

In addition to traditional banking products, First United delivers treasury management and cash management solutions designed to streamline client operations, as well as online and mobile banking platforms for account access and payments.

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