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

First United Corporation (NASDAQ:FUNC) declared a quarterly dividend on Wednesday, March 4th. Shareholders of record on Friday, April 17th will be paid a dividend of 0.26 per share by the bank on Friday, May 1st. This represents a c) annualized dividend and a yield of 2.9%. The ex-dividend date is Friday, April 17th.

First United has raised its dividend payment by an average of 0.1%annually over the last three years and has raised its dividend every year for the last 6 years. First United has a payout ratio of 26.3% meaning 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

FUNC stock traded down $0.25 during midday trading on Friday, hitting $35.75. The stock had a trading volume of 10,433 shares, compared to its average volume of 15,646. First United has a 52 week low of $24.66 and a 52 week high of $41.94. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $232.38 million, a price-to-earnings ratio of 9.48 and a beta of 0.54. The stock has a 50-day simple moving average of $37.58 and a 200 day simple moving average of $37.22.

First United (NASDAQ:FUNC) last posted its quarterly earnings results on Wednesday, February 4th. The bank reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.14. First United had a return on equity of 13.55% and a net margin of 20.19%.The company had revenue of $23.50 million for the quarter, compared to the consensus estimate of $22.80 million. As a group, equities research analysts anticipate that First United will post 3.75 earnings per share for the current year.

Institutional Trading of First United

Several institutional investors and hedge funds have recently modified their holdings of FUNC. Millennium Management LLC boosted its position in First United by 349.9% during the first quarter. Millennium Management LLC now owns 140,586 shares of the bank’s stock valued at $4,220,000 after acquiring an additional 109,340 shares during the last quarter. Fourthstone LLC purchased a new position in First United during the second quarter valued at $2,965,000. Geode Capital Management LLC grew its stake in shares of First United by 112.3% in the second quarter. Geode Capital Management LLC now owns 139,939 shares of the bank’s stock worth $4,340,000 after acquiring an additional 74,032 shares during the last quarter. Hillsdale Investment Management Inc. grew its stake in shares of First United by 29,055.6% in the second quarter. Hillsdale Investment Management Inc. now owns 52,480 shares of the bank’s stock worth $1,627,000 after acquiring an additional 52,300 shares during the last quarter. Finally, Daytona Street Capital LLC bought a new position in shares of First United during the fourth quarter valued at $1,390,000. 33.27% of the stock is currently owned by institutional investors.

About First United

First United Corporation is a bank holding company that, through its subsidiary First United Bank & Trust, provides a full suite of commercial and consumer banking services to individuals, businesses, and agricultural customers across central Oklahoma. The company offers deposit accounts such as checking, savings, money market and time deposits, alongside a variety of lending solutions covering commercial real estate, construction, agricultural and consumer loans.

In addition to traditional banking products, First United delivers treasury management and cash management solutions designed to streamline client operations, as well as online and mobile banking platforms for account access and payments.