First United (NASDAQ:FUNC) Posts Earnings Results

First United (NASDAQ:FUNC) announced its earnings results on Monday. The bank reported $1.11 EPS for the quarter, missing the consensus estimate of $1.14 by ($0.03), Zacks reports. First United had a return on equity of 13.69% and a net margin of 20.05%. The business had revenue of $25.22 million for the quarter, compared to the consensus estimate of $24.37 million.

First United Price Performance

FUNC traded down $0.61 during trading on Monday, hitting $43.63. 27,726 shares of the stock traded hands, compared to its average volume of 20,499. The business has a 50 day moving average price of $43.83 and a 200 day moving average price of $41.84. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.91 and a quick ratio of 0.91. First United has a twelve month low of $33.54 and a twelve month high of $46.30. The company has a market cap of $281.59 million, a price-to-earnings ratio of 11.30 and a beta of 0.52.

First United Increases Dividend

The company also recently disclosed 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. This is an increase from First United’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a yield of 2.6%. The ex-dividend date is Monday, October 19th. First United’s dividend payout ratio (DPR) is presently 29.02%.

Insider Buying and Selling at First United

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

Analyst Ratings Changes

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

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.