Short Interest in First United Corp (NASDAQ:FUNC) Rises By 22.6%

First United Corp (NASDAQ:FUNC) was the target of a significant growth in short interest in the month of June. As of June 30th, there was short interest totalling 162,500 shares, a growth of 22.6% from the May 30th total of 132,500 shares. Currently, 2.4% of the shares of the stock are short sold. Based on an average daily volume of 26,700 shares, the days-to-cover ratio is presently 6.1 days.

First United stock traded up $0.19 during midday trading on Friday, hitting $19.73. The company’s stock had a trading volume of 8,400 shares, compared to its average volume of 19,071. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.90 and a quick ratio of 0.90. The business’s 50-day simple moving average is $18.85. First United has a 12 month low of $14.75 and a 12 month high of $20.95. The firm has a market capitalization of $140.79 million, a P/E ratio of 12.41 and a beta of 0.81.

First United (NASDAQ:FUNC) last issued its quarterly earnings results on Tuesday, April 9th. The bank reported $0.44 EPS for the quarter. First United had a net margin of 16.38% and a return on equity of 9.67%. The firm had revenue of $15.05 million for the quarter.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Wednesday, July 17th will be given a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 1.82%. The ex-dividend date is Tuesday, July 16th.

Institutional investors have recently modified their holdings of the business. BNP Paribas Arbitrage SA raised its position in First United by 512.7% in the first quarter. BNP Paribas Arbitrage SA now owns 1,446 shares of the bank’s stock worth $25,000 after acquiring an additional 1,210 shares in the last quarter. O Shaughnessy Asset Management LLC acquired a new stake in First United during the 4th quarter worth about $64,000. SG Americas Securities LLC acquired a new stake in First United during the 1st quarter worth about $106,000. First Trust Advisors LP raised its holdings in First United by 18.7% during the 4th quarter. First Trust Advisors LP now owns 12,764 shares of the bank’s stock worth $203,000 after buying an additional 2,008 shares during the period. Finally, Geode Capital Management LLC raised its holdings in First United by 5.5% during the 4th quarter. Geode Capital Management LLC now owns 60,041 shares of the bank’s stock worth $955,000 after buying an additional 3,128 shares during the period. Hedge funds and other institutional investors own 38.80% of the company’s stock.

Separately, ValuEngine upgraded shares of Zogenix from a “buy” rating to a “strong-buy” rating in a research report on Thursday, June 27th.

About First United

First United Corporation operates as the holding company for First United Bank & Trust that provides various retail and commercial banking services to businesses and individuals. The company offers various deposit products, including checking accounts, savings and money market accounts, regular and individual retirement accounts (IRA) certificates of deposit, Christmas savings accounts, college savings accounts, and health savings accounts; Certificate of Deposit Account Registry Service program and Insured Cash Sweep program to municipalities, businesses, and consumers; and commercial customers packages, which include treasury management, cash sweep, and various checking opportunities.

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