First United Corporation (FUNC) to Distribute Quarterly Dividend of $0.26 on August 3rd

First United Corporation (NASDAQ:FUNC) declared a quarterly dividend on Wednesday, June 17th. Investors of record on Monday, July 20th will be paid a dividend of 0.26 per share by the bank on Monday, August 3rd. This represents a c) annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend is Monday, July 20th.

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 dividend payout ratio of 26.3% meaning its dividend is sufficiently covered by earnings. Research analysts expect First United to earn $4.80 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 21.7%.

First United Price Performance

NASDAQ:FUNC opened at $42.58 on Friday. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.15. The business’s 50-day moving average price is $38.57 and its 200 day moving average price is $38.02. First United has a 52-week low of $28.00 and a 52-week high of $42.83. The firm has a market cap of $274.64 million, a P/E ratio of 10.89 and a beta of 0.53.

First United (NASDAQ:FUNC) last issued its quarterly earnings results on Tuesday, April 21st. The bank reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.10. The company had revenue of $23.41 million during the quarter, compared to the consensus estimate of $22.83 million. First United had a net margin of 20.55% and a return on equity of 13.39%. As a group, sell-side analysts predict that First United will post 4.4 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have commented on FUNC. Hovde Group assumed coverage on shares of First United in a research note on Friday, May 29th. They set an “outperform” rating and a $44.50 price objective for the company. Wall Street Zen lowered shares of First United from a “buy” rating to a “hold” rating in a report on Monday. Two equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $44.50.

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.