First United Corporation Plans Quarterly Dividend of $0.26 (NASDAQ:FUNC)

First United Corporation (NASDAQ:FUNC) announced a quarterly dividend on Thursday, December 4th. Stockholders of record on Friday, January 16th will be paid a dividend of 0.26 per share by the bank on Monday, February 2nd. This represents a c) dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Friday, January 16th.

First United has increased its dividend by an average of 0.2%per year over the last three years and has increased its dividend annually for the last 6 consecutive years. First United has a dividend payout ratio of 26.3% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect First United to earn $4.20 per share next year, which means the company should continue to be able to cover its $1.04 annual dividend with an expected future payout ratio of 24.8%.

First United Stock Performance

Shares of FUNC opened at $38.60 on Friday. First United has a 12 month low of $24.66 and a 12 month high of $42.50. The firm has a fifty day simple moving average of $36.34 and a 200 day simple moving average of $34.37. The stock has a market capitalization of $250.90 million, a price-to-earnings ratio of 10.08 and a beta of 0.53. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.48.

First United (NASDAQ:FUNC) last issued its quarterly earnings results on Tuesday, October 21st. The bank reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.18. First United had a net margin of 21.02% and a return on equity of 13.24%. The firm had revenue of $22.80 million for the quarter, compared to analyst estimates of $22.13 million. During the same period in the previous year, the business earned $0.89 EPS. Research analysts forecast that First United will post 3.75 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Cubist Systematic Strategies LLC lifted its stake in First United by 187.4% in the 1st quarter. Cubist Systematic Strategies LLC now owns 11,246 shares of the bank’s stock valued at $338,000 after purchasing an additional 7,333 shares during the last quarter. Acadian Asset Management LLC raised its stake in First United by 3.5% in the second quarter. Acadian Asset Management LLC now owns 91,972 shares of the bank’s stock valued at $2,850,000 after buying an additional 3,105 shares during the period. Angel Oak Capital Advisors LLC raised its stake in First United by 31.1% in the second quarter. Angel Oak Capital Advisors LLC now owns 33,700 shares of the bank’s stock valued at $1,045,000 after buying an additional 8,000 shares during the period. Huber Capital Management LLC lifted its position in shares of First United by 0.5% in the first quarter. Huber Capital Management LLC now owns 124,239 shares of the bank’s stock valued at $3,730,000 after buying an additional 625 shares during the last quarter. Finally, Corton Capital Inc. acquired a new stake in shares of First United in the second quarter valued at approximately $265,000. 33.27% of the stock is currently owned by institutional investors and hedge funds.

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.