Hillsdale Investment Management Inc. Invests $111,000 in First United Co. (NASDAQ:FUNC)

Hillsdale Investment Management Inc. acquired a new position in First United Co. (NASDAQ:FUNC) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 4,836 shares of the bank’s stock, valued at approximately $111,000. Hillsdale Investment Management Inc. owned 0.07% of First United at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in shares of First United by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 308,612 shares of the bank’s stock valued at $7,070,000 after purchasing an additional 10,800 shares during the period. Gendell Jeffrey L boosted its holdings in shares of First United by 4.4% in the fourth quarter. Gendell Jeffrey L now owns 167,704 shares of the bank’s stock worth $3,943,000 after buying an additional 7,064 shares during the last quarter. Acadian Asset Management LLC increased its holdings in First United by 283.2% during the first quarter. Acadian Asset Management LLC now owns 38,725 shares of the bank’s stock valued at $886,000 after buying an additional 28,619 shares during the last quarter. PARK CIRCLE Co bought a new position in First United in the first quarter worth approximately $525,000. Finally, Empowered Funds LLC grew its position in shares of First United by 8.0% during the 1st quarter. Empowered Funds LLC now owns 16,136 shares of the bank’s stock valued at $370,000 after acquiring an additional 1,192 shares during the period. Hedge funds and other institutional investors own 33.27% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, StockNews.com cut First United from a “buy” rating to a “hold” rating in a report on Monday.

First United Price Performance

Shares of NASDAQ:FUNC remained flat at $24.01 during mid-day trading on Monday. The company had a trading volume of 19,239 shares, compared to its average volume of 24,577. The stock’s 50 day simple moving average is $20.90 and its 200 day simple moving average is $21.82. The company has a market capitalization of $159.67 million, a price-to-earnings ratio of 11.17 and a beta of 0.79. First United Co. has a 52 week low of $15.68 and a 52 week high of $24.28. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43.

First United (NASDAQ:FUNC) last issued its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.06. The business had revenue of $18.61 million for the quarter, compared to the consensus estimate of $18.75 million. First United had a net margin of 13.82% and a return on equity of 11.64%. On average, research analysts predict that First United Co. will post 2.75 earnings per share for the current fiscal year.

First United Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Thursday, July 18th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Thursday, July 18th. This represents a $0.80 dividend on an annualized basis and a yield of 3.33%. First United’s payout ratio is presently 37.21%.

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.