First United Corporation Plans Quarterly Dividend of $0.22 (NASDAQ:FUNC)

First United Corporation (NASDAQ:FUNC - Get Free Report) declared a quarterly dividend on Wednesday, June 18th, Wall Street Journal reports. Stockholders of record on Friday, July 18th will be given a dividend of 0.22 per share by the bank on Friday, August 1st. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.08%. The ex-dividend date is Friday, July 18th.

First United has a dividend payout ratio of 22.3% meaning its dividend is sufficiently covered by earnings. Equities analysts expect First United to earn $4.20 per share next year, which means the company should continue to be able to cover its $0.88 annual dividend with an expected future payout ratio of 21.0%.

First United Stock Up 0.6%

Shares of NASDAQ:FUNC traded up $0.18 during trading hours on Monday, hitting $28.55. The company's stock had a trading volume of 52,695 shares, compared to its average volume of 22,148. The firm's fifty day moving average price is $29.89 and its 200 day moving average price is $32.04. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.94 and a quick ratio of 0.94. The company has a market capitalization of $185.00 million, a price-to-earnings ratio of 8.20 and a beta of 0.61. First United has a 52 week low of $19.17 and a 52 week high of $42.50.

First United (NASDAQ:FUNC - Get Free Report) last released its quarterly earnings results on Monday, April 21st. The bank reported $0.89 EPS for the quarter, topping the consensus estimate of $0.80 by $0.09. First United had a return on equity of 12.94% and a net margin of 19.95%. The firm had revenue of $20.84 million during the quarter, compared to analyst estimates of $20.63 million. As a group, research analysts expect that First United will post 3.75 EPS for the current year.

Analyst Ratings Changes

Separately, Wall Street Zen upgraded shares of First United from a "hold" rating to a "buy" rating in a report on Tuesday, May 20th.

Institutional Investors Weigh In On First United

Several institutional investors have recently added to or reduced their stakes in the business. Jane Street Group LLC boosted its position in First United by 67.4% in the 1st quarter. Jane Street Group LLC now owns 26,035 shares of the bank's stock worth $782,000 after purchasing an additional 10,483 shares in the last quarter. Empowered Funds LLC lifted its stake in shares of First United by 6.7% in the 1st quarter. Empowered Funds LLC now owns 26,549 shares of the bank's stock valued at $797,000 after purchasing an additional 1,656 shares during the period. Goldman Sachs Group Inc. grew its position in First United by 53.2% during the first quarter. Goldman Sachs Group Inc. now owns 58,718 shares of the bank's stock valued at $1,763,000 after buying an additional 20,387 shares during the period. Finally, Millennium Management LLC grew 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 buying an additional 109,340 shares during the period. Institutional investors and hedge funds own 33.27% of the company's stock.

About First United

First United Corporation operates as the bank holding company for First United Bank & Trust that provides various retail and commercial banking services to businesses and individuals. It offers various deposit products, which includes checking, savings, money market deposit, and regular and individual retirement accounts (IRAs), as well as certificates of deposit.