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

First United Co. (NASDAQ:FUNC - Get Free Report) shares crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $25.62 and traded as high as $34.14. First United shares last traded at $34.01, with a volume of 43,383 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised shares of First United from a "hold" rating to a "buy" rating in a report on Monday, October 7th.

First United Price Performance

The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.43. The business's 50-day simple moving average is $30.20 and its 200 day simple moving average is $25.62. The firm has a market capitalization of $218.17 million, a P/E ratio of 13.74 and a beta of 0.78.

First United (NASDAQ:FUNC - Get Free Report) last released its quarterly earnings results on Monday, October 21st. The bank reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.10. The business had revenue of $28.17 million for the quarter, compared to analysts' expectations of $20.30 million. First United had a net margin of 14.70% and a return on equity of 12.39%. Sell-side analysts forecast that First United Co. will post 3.11 earnings per share for the current year.

First United Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Friday, October 18th were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.61%. The ex-dividend date of this dividend was Friday, October 18th. This is a boost from First United's previous quarterly dividend of $0.20. First United's dividend payout ratio (DPR) is presently 35.77%.

Institutional Trading of First United

Several institutional investors and hedge funds have recently modified their holdings of FUNC. Acadian Asset Management LLC lifted its stake in First United by 283.2% in the first quarter. Acadian Asset Management LLC now owns 38,725 shares of the bank's stock worth $886,000 after purchasing an additional 28,619 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of First United by 7.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 372,330 shares of the bank's stock valued at $7,603,000 after purchasing an additional 24,457 shares in the last quarter. PARK CIRCLE Co purchased a new stake in First United during the 1st quarter worth approximately $525,000. Ritholtz Wealth Management acquired a new position in First United during the 3rd quarter valued at approximately $460,000. Finally, Quadrature Capital Ltd acquired a new stake in shares of First United during the first quarter worth $298,000. 33.27% of the stock is currently owned by 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.