Corton Capital Inc. Invests $265,000 in First United Corporation $FUNC

Corton Capital Inc. bought a new stake in shares of First United Corporation (NASDAQ:FUNC - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 8,547 shares of the bank's stock, valued at approximately $265,000. Corton Capital Inc. owned approximately 0.13% of First United at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp raised its position in First United by 5.2% during the first quarter. Bank of New York Mellon Corp now owns 16,248 shares of the bank's stock valued at $488,000 after purchasing an additional 808 shares during the period. Mackenzie Financial Corp purchased a new stake in First United during the 1st quarter valued at $236,000. De Lisle Partners LLP lifted its position in First United by 15.3% in the first quarter. De Lisle Partners LLP now owns 139,374 shares of the bank's stock worth $4,160,000 after buying an additional 18,536 shares during the last quarter. American Century Companies Inc. boosted its stake in First United by 65.2% during the first quarter. American Century Companies Inc. now owns 90,008 shares of the bank's stock worth $2,702,000 after buying an additional 35,521 shares during the period. Finally, OMERS ADMINISTRATION Corp purchased a new position in First United during the first quarter worth $312,000. Hedge funds and other institutional investors own 33.27% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a "buy (b-)" rating on shares of First United in a report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $42.00.

Read Our Latest Research Report on First United

Insider Buying and Selling at First United

In related news, Director Irvin Robert Rudy sold 2,000 shares of the business's stock in a transaction that occurred on Tuesday, August 26th. The stock was sold at an average price of $37.35, for a total value of $74,700.00. Following the completion of the sale, the director owned 37,500 shares in the company, valued at approximately $1,400,625. The trade was a 5.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 7.90% of the company's stock.

First United Stock Performance

FUNC stock opened at $34.90 on Tuesday. First United Corporation has a twelve month low of $24.66 and a twelve month high of $42.50. The firm has a market cap of $226.68 million, a price-to-earnings ratio of 9.11 and a beta of 0.70. The business's fifty day simple moving average is $36.51 and its two-hundred day simple moving average is $33.40. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.63.

First United (NASDAQ:FUNC - Get Free Report) last posted its quarterly earnings results on Monday, October 20th. The bank reported $1.07 EPS for the quarter, topping analysts' consensus estimates of $0.89 by $0.18. The firm had revenue of $22.80 million for the quarter, compared to analysts' expectations of $22.13 million. First United had a net margin of 21.02% and a return on equity of 13.49%. During the same period in the prior year, the business posted $0.89 earnings per share. Analysts predict that First United Corporation will post 3.75 earnings per share for the current year.

First United Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, November 3rd. Stockholders of record on Friday, October 17th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.0%. This is a boost from First United's previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Friday, October 17th. First United's dividend payout ratio is 27.15%.

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.

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