First United (NASDAQ:FUNC) Announces Quarterly Earnings Results

First United (NASDAQ:FUNC) announced its quarterly earnings results on Monday. The bank reported $1.11 earnings per share for the quarter, missing the consensus estimate of $1.14 by ($0.03), Zacks reports. First United had a net margin of 20.05% and a return on equity of 13.69%.

First United Price Performance

Shares of FUNC traded down $0.61 during midday trading on Monday, hitting $43.63. 27,724 shares of the company traded hands, compared to its average volume of 20,492. First United has a one year low of $33.54 and a one year high of $46.30. The firm has a market cap of $281.59 million, a P/E ratio of 11.30 and a beta of 0.52. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.91 and a quick ratio of 0.91. The stock has a 50-day moving average of $43.83 and a 200-day moving average of $41.84.

First United Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 2nd. Stockholders of record on Monday, October 19th will be given a dividend of $0.28 per share. This is a boost from First United’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 2.6%. The ex-dividend date is Monday, October 19th. First United’s dividend payout ratio (DPR) is currently 29.02%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on FUNC shares. 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. Wall Street Zen lowered shares of First United from a “buy” rating to a “hold” rating in a research note on Saturday, August 15th. Raymond James Financial boosted their target price on shares of First United from $44.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, July 1st. Finally, Weiss Ratings restated a “buy (b)” rating on shares of First United in a research report on Tuesday, October 6th. Three investment analysts have rated the stock with a Buy rating. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $49.50.

Insider Activity

In other news, Director Irvin Robert Rudy sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $44.58, for a total value of $44,580.00. Following the completion of the transaction, the director directly owned 37,500 shares in the company, valued at approximately $1,671,750. This trade represents a 2.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Keith Sanders sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, July 23rd. The shares were sold at an average price of $43.68, for a total transaction of $218,400.00. Following the transaction, the executive vice president directly owned 10,342 shares of the company’s stock, valued at approximately $451,738.56. This represents a 32.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders bought 280 shares of company stock worth $12,816 and sold 11,250 shares worth $500,752. 8.10% of the stock is owned by company insiders.

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.