First United (NASDAQ:FUNC) Announces Earnings Results, Misses Estimates By $0.03 EPS

Key Points

• First United reported quarterly EPS of $1.11, missing analysts’ consensus estimate of $1.14 by $0.03. The bank posted a 13.69% return on equity and a 20.05% net margin.
• The company raised its quarterly dividend to $0.28 per share from $0.26, implying an annualized dividend of $1.12 and a 2.6% yield.
• Shares fell $0.61 to $43.63 after the results, while analysts maintained a generally positive view: the stock has an average “Buy” rating and a consensus price target of $49.50.

First United (NASDAQ:FUNC - Get Free Report) released its quarterly earnings results on Monday. The bank reported $1.11 EPS for the quarter, missing analysts' consensus estimates 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%.

First United Price Performance

Shares of FUNC traded down $0.61 during trading hours on Monday, reaching $43.63. The stock had a trading volume of 27,724 shares, compared to its average volume of 20,492. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.91 and a current ratio of 0.91. The stock has a market capitalization of $281.59 million, a PE ratio of 11.30 and a beta of 0.52. First United has a 12 month low of $33.54 and a 12 month high of $46.30. The company's 50-day moving average is $43.83 and its two-hundred day moving average is $41.84.

First United Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 2nd. Shareholders of record on Monday, October 19th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Monday, October 19th. This is a boost from First United's previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.6%. First United's payout ratio is presently 29.02%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on FUNC shares. Hovde Group restated an "outperform" rating and set a $49.00 price objective on shares of First United in a research note on Thursday, July 23rd. Weiss Ratings restated a "buy (b)" rating on shares of First United in a research report on Tuesday, October 6th. Raymond James Financial lifted their price objective on shares of First United from $44.00 to $50.00 and gave the company an "outperform" rating in a research note on Wednesday, July 1st. Finally, Wall Street Zen downgraded shares of First United from a "buy" rating to a "hold" rating in a research report on Saturday, August 15th. Three analysts have rated the stock with a Buy rating. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $49.50.

Insider Buying and Selling

In related news, EVP Keith Sanders sold 5,000 shares of First United stock in a transaction 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 completion of the transaction, the executive vice president owned 10,342 shares of the company's stock, valued at $451,738.56. This trade represents a 32.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Irvin Robert Rudy sold 1,000 shares of First United stock in a transaction dated Friday, July 24th. The stock was 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 of the company's stock, valued at approximately $1,671,750. This trade represents a 2.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have purchased 280 shares of company stock valued at $12,816 and have sold 11,250 shares valued at $500,752. 8.10% of the stock is owned by insiders.

First United Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.