Huber Capital Management LLC Cuts Stock Position in First United Co. (NASDAQ:FUNC)

Huber Capital Management LLC trimmed its position in shares of First United Co. (NASDAQ:FUNC) by 0.8% in the fourth quarter, HoldingsChannel.com reports. The fund owned 123,614 shares of the bank’s stock after selling 942 shares during the period. Huber Capital Management LLC’s holdings in First United were worth $4,167,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Point72 Asia Singapore Pte. Ltd. purchased a new position in First United in the third quarter valued at $97,000. Barclays PLC acquired a new stake in First United in the 3rd quarter valued at about $126,000. Bank of New York Mellon Corp boosted its stake in shares of First United by 31.3% in the 4th quarter. Bank of New York Mellon Corp now owns 15,440 shares of the bank’s stock valued at $520,000 after buying an additional 3,683 shares during the period. Ritholtz Wealth Management boosted its stake in shares of First United by 34.9% in the 4th quarter. Ritholtz Wealth Management now owns 20,786 shares of the bank’s stock valued at $701,000 after buying an additional 5,374 shares during the period. Finally, Trexquant Investment LP grew its position in shares of First United by 22.4% during the fourth quarter. Trexquant Investment LP now owns 21,156 shares of the bank’s stock worth $713,000 after buying an additional 3,870 shares in the last quarter. 33.27% of the stock is owned by institutional investors and hedge funds.

First United Trading Up 1.2 %

NASDAQ:FUNC opened at $30.06 on Thursday. The stock has a 50-day simple moving average of $33.97 and a 200-day simple moving average of $33.21. The stock has a market cap of $194.58 million, a P/E ratio of 9.54 and a beta of 0.58. 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 quick ratio of 0.94 and a current ratio of 0.94.

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

First United Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Thursday, April 17th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Thursday, April 17th. This represents a $0.88 annualized dividend and a yield of 2.93%. First United’s dividend payout ratio is presently 27.94%.

Analysts Set New Price Targets

Several analysts recently weighed in on FUNC shares. StockNews.com cut shares of First United from a “buy” rating to a “hold” rating in a report on Saturday, March 29th. Raymond James upgraded shares of First United from a “market perform” rating to an “outperform” rating and set a $42.00 price objective on the stock in a report on Friday, February 7th.

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.