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

Key Points

• First United Corporation announced a quarterly dividend of $0.26 per share, reflecting an 18.2% increase from its previous dividend of $0.22.
• The company's dividend payout ratio stands at 22.3%, indicating adequate coverage by earnings, with expected future earnings per share of $4.20.
• First United's stock saw a slight decline of 0.5%, trading at $37.57, while the stock is currently valued within a 52-week range of $24.66 to $42.50.

First United Corporation (NASDAQ:FUNC - Get Free Report) declared a quarterly dividend on Wednesday, September 24th, RTT News reports. Stockholders of record on Friday, October 17th will be given a dividend of 0.26 per share by the bank on Monday, November 3rd. This represents a c) dividend on an annualized basis and a dividend yield of 2.8%. This is a 18.2% increase from First United's previous quarterly dividend of $0.22.

First United has a dividend payout ratio of 22.3% indicating that its dividend is sufficiently covered by earnings. 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 Down 0.5%

Shares of First United stock traded down $0.18 during trading on Wednesday, hitting $37.57. The company's stock had a trading volume of 9,050 shares, compared to its average volume of 19,563. First United has a 52 week low of $24.66 and a 52 week high of $42.50. The company has a market capitalization of $243.83 million, a PE ratio of 10.29 and a beta of 0.70. The company has a fifty day simple moving average of $35.45 and a two-hundred day simple moving average of $31.98. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.94 and a current ratio of 0.94.

First United (NASDAQ:FUNC - Get Free Report) last issued its earnings results on Monday, July 21st. The bank reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.84 by $0.08. The firm had revenue of $21.65 million for the quarter, compared to the consensus estimate of $21.26 million. First United had a net margin of 20.53% and a return on equity of 13.05%. Equities research analysts predict that First United will post 3.75 earnings per share for the current year.

Insider Transactions at First United

In other news, Director Irvin Robert Rudy sold 2,000 shares of First United stock in a transaction on Tuesday, August 26th. The stock was sold at an average price of $37.35, for a total value of $74,700.00. Following the transaction, the director directly owned 37,500 shares in the company, valued at approximately $1,400,625. This trade represents a 5.06% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders acquired 309 shares of company stock valued at $10,113 in the last ninety days. 7.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Osaic Holdings Inc. acquired a new stake in First United in the 2nd quarter worth about $215,000. HoldCo Asset Management LP purchased a new position in shares of First United in the second quarter valued at approximately $645,000. Bridgeway Capital Management LLC boosted its stake in shares of First United by 3.6% in the second quarter. Bridgeway Capital Management LLC now owns 70,378 shares of the bank's stock worth $2,182,000 after acquiring an additional 2,461 shares during the last quarter. Bank of America Corp DE increased its position in shares of First United by 154.5% during the second quarter. Bank of America Corp DE now owns 5,217 shares of the bank's stock worth $162,000 after purchasing an additional 3,167 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of First United during the second quarter worth approximately $102,000. Hedge funds and other institutional investors 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.

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