First United (NASDAQ:FUNC) Shares Cross Above Two Hundred Day Moving Average - Here's Why

Key Points

• First United Corporation's stock has surpassed its 200-day moving average of $31.88, reaching a trading high of $34.90.
• The company reported earnings per share (EPS) of $0.92 for the last quarter, beating analysts' expectations of $0.84.
• Wall Street analysts recently upgraded First United from a "hold" to a "buy" rating, indicating bullish sentiment about the stock's performance.

Shares of First United Corporation (NASDAQ:FUNC - Get Free Report) crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $31.88 and traded as high as $34.90. First United shares last traded at $34.30, with a volume of 17,732 shares traded.

Wall Street Analysts Forecast Growth

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 Trading Down 3.0%

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 business's fifty day simple moving average is $31.55 and its two-hundred day simple moving average is $31.92. The company has a market cap of $206.71 million, a price-to-earnings ratio of 8.74 and a beta of 0.61.

First United (NASDAQ:FUNC - Get Free Report) last released 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. The company had revenue of $21.65 million for the quarter, compared to analysts' expectations of $21.26 million. First United had a net margin of 20.53% and a return on equity of 13.27%. On average, equities analysts predict that First United Corporation will post 3.75 EPS for the current year.

First United Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Friday, July 18th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Friday, July 18th. First United's payout ratio is presently 24.11%.

Institutional Investors Weigh In On First United

Several institutional investors have recently made changes to their positions in the stock. Tower Research Capital LLC TRC lifted its holdings in First United by 194.4% in the 4th 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 in the last quarter. Price T Rowe Associates Inc. MD purchased a new position in First United in the 4th quarter valued at about $237,000. Mackenzie Financial Corp purchased a new position in First United in the 1st quarter valued at about $236,000. Barclays PLC lifted its holdings in First United by 122.2% in the 4th quarter. Barclays PLC now owns 9,374 shares of the bank's stock valued at $317,000 after purchasing an additional 5,156 shares in the last quarter. Finally, 683 Capital Management LLC purchased a new position in First United in the 4th quarter valued at about $339,000. 33.27% of the stock is currently owned by hedge funds and other institutional investors.

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.