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

First United Corporation (NASDAQ:FUNC - Get Free Report) announced a quarterly dividend on Friday, June 20th, Wall Street Journal reports. Investors 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 annualized dividend and a dividend yield of 3.10%. The ex-dividend date is Friday, July 18th.

First United has a payout ratio of 22.3% 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 $0.88 annual dividend with an expected future payout ratio of 21.0%.

First United Stock Performance

Shares of First United stock traded down $0.29 during trading on Friday, hitting $28.37. 34,508 shares of the company's stock traded hands, compared to its average volume of 22,084. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.94 and a quick ratio of 0.94. First United has a 1 year low of $19.17 and a 1 year high of $42.50. The stock has a market capitalization of $183.84 million, a P/E ratio of 8.15 and a beta of 0.61. The business has a 50-day simple moving average of $29.86 and a 200-day simple moving average of $32.15.

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

Institutional Trading of First United

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Jane Street Group LLC increased its stake 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 acquiring an additional 10,483 shares during the last quarter. Empowered Funds LLC increased its stake in First United by 6.7% in the 1st quarter. Empowered Funds LLC now owns 26,549 shares of the bank's stock worth $797,000 after acquiring an additional 1,656 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in First United by 53.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 58,718 shares of the bank's stock worth $1,763,000 after acquiring an additional 20,387 shares during the last quarter. Finally, Millennium Management LLC increased its stake in First United by 349.9% in the 1st quarter. Millennium Management LLC now owns 140,586 shares of the bank's stock worth $4,220,000 after acquiring an additional 109,340 shares during the last quarter. Institutional investors own 33.27% of the company's stock.

Analyst Ratings Changes

Separately, Wall Street Zen raised First United from a "hold" rating to a "buy" rating in a research note on Tuesday, May 20th.

First United Company Profile

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.