EJF Capital LLC Acquires 158,972 Shares of First United Corp (NASDAQ:FUNC)

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EJF Capital LLC boosted its holdings in First United Corp (NASDAQ:FUNC) by 56.0% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 442,775 shares of the bank’s stock after acquiring an additional 158,972 shares during the quarter. EJF Capital LLC owned 6.23% of First United worth $8,727,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. M3F Inc. lifted its position in shares of First United by 28.6% during the 1st quarter. M3F Inc. now owns 234,563 shares of the bank’s stock worth $4,049,000 after buying an additional 52,136 shares in the last quarter. Castine Capital Management LLC purchased a new position in First United in the 2nd quarter valued at approximately $3,443,000. O Shaughnessy Asset Management LLC grew its stake in First United by 45.0% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 5,826 shares of the bank’s stock valued at $101,000 after buying an additional 1,808 shares in the last quarter. Acadian Asset Management LLC grew its stake in First United by 23.6% in the 2nd quarter. Acadian Asset Management LLC now owns 3,793 shares of the bank’s stock valued at $74,000 after buying an additional 724 shares in the last quarter. Finally, Southside Capital LLC purchased a new position in First United in the 2nd quarter valued at approximately $85,000. 37.41% of the stock is currently owned by institutional investors and hedge funds.

In related news, CEO Carissa Lynn Rodeheaver acquired 5,000 shares of the company’s stock in a transaction dated Thursday, July 18th. The stock was bought at an average cost of $20.00 per share, with a total value of $100,000.00. Following the acquisition, the chief executive officer now owns 8,369 shares of the company’s stock, valued at approximately $167,380. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have bought a total of 5,243 shares of company stock valued at $105,516 over the last 90 days. Company insiders own 4.30% of the company’s stock.

Shares of FUNC traded up $0.05 during mid-day trading on Thursday, reaching $22.80. 2,939 shares of the stock traded hands, compared to its average volume of 33,609. The firm has a fifty day moving average price of $21.50 and a 200 day moving average price of $19.24. The company has a market cap of $153.58 million, a price-to-earnings ratio of 14.85 and a beta of 0.82. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.83. First United Corp has a 1 year low of $14.75 and a 1 year high of $23.24.

First United (NASDAQ:FUNC) last released its quarterly earnings results on Monday, July 15th. The bank reported $0.37 EPS for the quarter. The firm had revenue of $15.44 million during the quarter. First United had a net margin of 15.36% and a return on equity of 9.06%.

Separately, ValuEngine lowered shares of First United from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st.

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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Institutional Ownership by Quarter for First United (NASDAQ:FUNC)

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