First United (NASDAQ:FUNC) Stock Price Passes Above 200 Day Moving Average - Time to Sell?

Key Points

• First United Corporation's stock price has recently crossed above its 200-day moving average of $32.24, trading as high as $36.75, indicating potential bullish momentum.
• The company has declared an increase in its quarterly dividend to $0.26 per share, reflecting a 2.9% yield and a payout ratio of 24.11%.
• In recent trading, insider selling was noted, as Director Irvin Robert Rudy sold 2,000 shares at an average price of $37.35, representing a 5.06% decrease in his ownership.

Shares of First United Corporation (NASDAQ:FUNC - Get Free Report) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $32.24 and traded as high as $36.75. First United shares last traded at $36.44, with a volume of 17,544 shares.

First United Stock Down 0.9%

The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.63. The company has a market cap of $236.50 million, a P/E ratio of 9.98 and a beta of 0.70. The firm has a fifty day moving average price of $35.64 and a 200 day moving average price of $32.24.

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

First United Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Friday, October 17th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.9%. This is a boost from First United's previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Friday, October 17th. First United's payout ratio is currently 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 owned 37,500 shares of the company's stock, valued at $1,400,625. This represents a 5.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders acquired a total of 309 shares of company stock worth $10,113 over the last quarter. Corporate insiders own 7.90% of the company's stock.

Hedge Funds Weigh In On First United

Several large investors have recently made changes to their positions in the company. Invesco Ltd. lifted its stake in First United by 3.4% in the second quarter. Invesco Ltd. now owns 11,105 shares of the bank's stock valued at $344,000 after buying an additional 364 shares during the period. Huber Capital Management LLC lifted its stake in First United by 0.5% in the first quarter. Huber Capital Management LLC now owns 124,239 shares of the bank's stock valued at $3,730,000 after buying an additional 625 shares during the period. Bank of New York Mellon Corp lifted its stake in First United by 5.2% in the first quarter. Bank of New York Mellon Corp now owns 16,248 shares of the bank's stock valued at $488,000 after buying an additional 808 shares during the period. TD Waterhouse Canada Inc. acquired a new position in First United in the second quarter valued at about $31,000. Finally, Trexquant Investment LP lifted its stake in First United by 5.0% in the first quarter. Trexquant Investment LP now owns 22,214 shares of the bank's stock valued at $667,000 after buying an additional 1,058 shares during the period. Institutional investors and hedge funds own 33.27% of the company's stock.

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.

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