First United (NASDAQ:FUNC) Stock Breaks Above Two Hundred Day Moving Average – Should You Sell?

First United Corporation (NASDAQ:FUNC) shares crossed above its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $41.80 and traded as high as $44.80. First United shares last traded at $44.24, with a volume of 12,730 shares traded.

Wall Street Analyst Weigh In

FUNC has been the topic of a number of recent analyst reports. Raymond James Financial boosted their price objective on First United from $44.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday, July 1st. Hovde Group reissued an “outperform” rating and issued a $49.00 price target on shares of First United in a research report on Thursday, July 23rd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of First United in a research note on Tuesday, October 6th. Finally, Wall Street Zen downgraded shares of First United from a “buy” rating to a “hold” rating in a research report on Saturday, August 15th. Three analysts have rated the stock with a Buy rating. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $49.50.

First United Stock Up 0.7%

The stock’s 50-day moving average price is $43.83 and its two-hundred day moving average price is $41.80. The stock has a market capitalization of $285.35 million, a P/E ratio of 11.46 and a beta of 0.52. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.15.

First United (NASDAQ:FUNC) last announced its quarterly earnings results on Monday, July 20th. The bank reported $1.13 EPS for the quarter, beating analysts’ consensus estimates of $1.05 by $0.08. The company had revenue of $65.27 million for the quarter, compared to analysts’ expectations of $23.55 million. First United had a net margin of 20.05% and a return on equity of 13.69%. As a group, research analysts expect that First United Corporation will post 4.50 earnings per share for the current fiscal year.

First United Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 2nd. Shareholders of record on Monday, October 19th will be given a dividend of $0.28 per share. The ex-dividend date is Monday, October 19th. This is an increase from First United’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a yield of 2.5%. First United’s dividend payout ratio (DPR) is 26.94%.

Insider Activity at First United

In other news, EVP Robert L. Fisher II sold 5,250 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $45.29, for a total value of $237,772.50. Following the transaction, the executive vice president owned 9,105 shares in the company, valued at approximately $412,365.45. This trade represents a 36.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Keith Sanders sold 5,000 shares of the stock in a transaction dated Thursday, July 23rd. The stock was sold at an average price of $43.68, for a total transaction of $218,400.00. Following the sale, the executive vice president owned 10,342 shares of the company’s stock, valued at approximately $451,738.56. This represents a 32.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders purchased 280 shares of company stock worth $12,816 and sold 11,250 shares worth $500,752. 8.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On First United

Several large investors have recently modified their holdings of FUNC. AdvisorNet Financial Inc boosted its holdings in shares of First United by 126.8% during the 1st quarter. AdvisorNet Financial Inc now owns 896 shares of the bank’s stock valued at $33,000 after acquiring an additional 501 shares during the last quarter. Bank of America Corp DE bought a new stake in First United in the second quarter worth $201,000. Corient Private Wealth LP purchased a new position in First United in the second quarter worth about $202,000. Trail Ridge Investment Advisors LLC bought a new position in shares of First United during the 2nd quarter valued at approximately $218,000. Finally, Deutsche Bank AG bought a new stake in shares of First United in the 2nd quarter worth about $236,000. Hedge funds and other institutional investors own 33.27% of the company’s stock.

About First United

First United Corporation (NASDAQ: FUNC) is a bank holding company headquartered in Oakland, Maryland. Through its subsidiary, First United Bank & Trust, the company provides community banking services to individuals, families, businesses and organizations.

First United Bank & Trust offers a range of financial products, including checking and savings accounts, certificates of deposit, consumer and commercial loans, mortgage lending, online and mobile banking, and related treasury management services.