First United (NASDAQ:FUNC) Stock Price Passes Above Two Hundred Day Moving Average - Here's Why

Key Points

• The stock price of First United Corporation (NASDAQ:FUNC) has crossed above its 200-day moving average of $31.95, peaking at $38.51 during trading.
• In its recent earnings report, First United surpassed consensus estimates with an EPS of $0.92 compared to the expected $0.84.
• Institutional investors have increased their stakes, with notable raises from Millennium Management (349.9%) and Geode Capital Management (112.3%) in the last quarters.

First United Corporation (NASDAQ:FUNC - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $31.95 and traded as high as $38.51. First United shares last traded at $37.75, with a volume of 16,101 shares traded.

First United Stock Down 0.3%

The firm has a market cap of $245.00 million, a price-to-earnings ratio of 10.34 and a beta of 0.70. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.63. The firm has a 50 day moving average price of $35.37 and a 200-day moving average price of $31.95.

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

Insiders Place Their Bets

In related news, Director Irvin Robert Rudy sold 2,000 shares of the business's stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $37.35, for a total value of $74,700.00. Following the completion of the transaction, the director owned 37,500 shares of the company's stock, valued at approximately $1,400,625. The trade was a 5.06% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last three months, insiders have bought 309 shares of company stock valued at $10,113. Insiders own 7.90% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. De Lisle Partners LLP raised its stake in First United by 7.9% in the 2nd quarter. De Lisle Partners LLP now owns 150,390 shares of the bank's stock valued at $4,670,000 after purchasing an additional 11,016 shares during the last quarter. Millennium Management LLC raised its stake in First United by 349.9% in the 1st quarter. Millennium Management LLC now owns 140,586 shares of the bank's stock valued at $4,220,000 after purchasing an additional 109,340 shares during the last quarter. Geode Capital Management LLC raised its stake in First United by 112.3% in the 2nd quarter. Geode Capital Management LLC now owns 139,939 shares of the bank's stock valued at $4,340,000 after purchasing an additional 74,032 shares during the last quarter. Huber Capital Management LLC raised its stake in First United by 0.5% in the 1st quarter. Huber Capital Management LLC now owns 124,239 shares of the bank's stock valued at $3,730,000 after purchasing an additional 625 shares during the last quarter. Finally, Fourthstone LLC acquired a new position in shares of First United during the 2nd quarter valued at about $2,965,000. 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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