Bank of New York Mellon Corp Acquires 3,683 Shares of First United Co. (NASDAQ:FUNC)

Bank of New York Mellon Corp lifted its stake in First United Co. (NASDAQ:FUNC) by 31.3% in the fourth quarter, Holdings Channel.com reports. The fund owned 15,440 shares of the bank’s stock after purchasing an additional 3,683 shares during the period. Bank of New York Mellon Corp’s holdings in First United were worth $520,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in FUNC. Angel Oak Capital Advisors LLC purchased a new position in shares of First United during the fourth quarter worth about $934,000. Barclays PLC bought a new stake in First United during the third quarter valued at approximately $126,000. Ritholtz Wealth Management grew its stake in First United by 34.9% in the 4th quarter. Ritholtz Wealth Management now owns 20,786 shares of the bank’s stock worth $701,000 after buying an additional 5,374 shares in the last quarter. Empowered Funds LLC increased its holdings in shares of First United by 5.0% in the 4th quarter. Empowered Funds LLC now owns 24,893 shares of the bank’s stock worth $839,000 after buying an additional 1,180 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of First United during the 3rd quarter valued at $97,000. 33.27% of the stock is currently owned by hedge funds and other institutional investors.

First United Stock Up 2.6 %

Shares of NASDAQ:FUNC opened at $30.79 on Friday. First United Co. has a 1 year low of $19.17 and a 1 year high of $42.50. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.94 and a quick ratio of 0.94. The stock’s 50-day moving average is $34.21 and its 200 day moving average is $33.14. The company has a market cap of $199.18 million, a PE ratio of 9.77 and a beta of 0.77.

First United (NASDAQ:FUNC) last announced its quarterly earnings results on Wednesday, February 5th. The bank reported $0.95 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.09. First United had a return on equity of 12.51% and a net margin of 18.45%. Sell-side analysts anticipate that First United Co. will post 3.75 EPS for the current year.

First United Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Thursday, April 17th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Thursday, April 17th. This represents a $0.88 dividend on an annualized basis and a yield of 2.86%. First United’s dividend payout ratio (DPR) is currently 27.94%.

Analyst Ratings Changes

Several analysts have issued reports on the company. Raymond James raised First United from a “market perform” rating to an “outperform” rating and set a $42.00 target price for the company in a research note on Friday, February 7th. StockNews.com raised shares of First United from a “hold” rating to a “buy” rating in a research note on Monday, February 24th.

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.