First United Co. (NASDAQ:FUNC) Shares Acquired by Bank of America Corp DE

Bank of America Corp DE lifted its stake in shares of First United Co. (NASDAQ:FUNC) by 449.4% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 11,648 shares of the bank’s stock after buying an additional 9,528 shares during the quarter. Bank of America Corp DE’s holdings in First United were worth $393,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Tower Research Capital LLC TRC grew its position in shares of First United by 194.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 742 shares of the bank’s stock worth $25,000 after buying an additional 490 shares in the last quarter. Price T Rowe Associates Inc. MD acquired a new position in shares of First United during the fourth quarter worth about $237,000. Barclays PLC grew its position in shares of First United by 122.2% during the fourth quarter. Barclays PLC now owns 9,374 shares of the bank’s stock worth $317,000 after buying an additional 5,156 shares in the last quarter. 683 Capital Management LLC acquired a new position in shares of First United during the fourth quarter worth about $339,000. Finally, Bank of New York Mellon Corp grew its position in shares of First United by 31.3% during the fourth quarter. Bank of New York Mellon Corp now owns 15,440 shares of the bank’s stock worth $520,000 after buying an additional 3,683 shares in the last quarter. 33.27% of the stock is owned by institutional investors and hedge funds.

First United Stock Performance

Shares of FUNC opened at $29.68 on Friday. The stock has a 50 day moving average price of $29.82 and a 200 day moving average price of $32.44. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.70. The company has a market capitalization of $192.30 million, a price-to-earnings ratio of 9.42 and a beta of 0.61. First United Co. has a 52-week low of $19.17 and a 52-week high of $42.50.

First United (NASDAQ:FUNC) last announced its quarterly earnings results on Monday, April 21st. The bank reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.09. The firm had revenue of $20.84 million during the quarter, compared to the consensus estimate of $20.63 million. First United had a return on equity of 12.51% and a net margin of 18.45%. Research analysts predict that First United Co. will post 3.75 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised First United from a “hold” rating to a “buy” rating in a report on Tuesday, May 20th.

First United 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.