First United (NASDAQ:FUNC) Announces Quarterly Earnings Results

Key Points

• First United (NASDAQ:FUNC) reported earnings of $1.07 per share, exceeding analysts' expectations of $0.89, with a net margin of 20.53% and return on equity of 13.05%.
• The company announced an increase in its quarterly dividend to $0.26, reflecting an annual yield of 3.0%, payable on November 3rd.
• Analysts have a consensus "Buy" rating for First United with an average price target of $42.00, while institutional investors currently hold 33.27% of the company's stock.

First United (NASDAQ:FUNC - Get Free Report) announced its quarterly earnings results on Monday. The bank reported $1.07 earnings per share for the quarter, topping analysts' consensus estimates of $0.89 by $0.18, RTT News reports. First United had a net margin of 20.53% and a return on equity of 13.05%. During the same quarter in the previous year, the business earned $0.89 EPS.

First United Stock Up 1.7%

First United stock traded up $0.57 during mid-day trading on Monday, reaching $34.59. The company's stock had a trading volume of 22,358 shares, compared to its average volume of 28,061. The company has a market capitalization of $224.49 million, a price-to-earnings ratio of 9.48 and a beta of 0.70. First United has a 12 month low of $24.66 and a 12 month high of $42.50. The business's 50 day simple moving average is $36.27 and its 200 day simple moving average is $32.73. 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 Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Friday, October 17th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 3.0%. This is an increase from First United's previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Friday, October 17th. First United's payout ratio is 28.49%.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a "buy (b-)" rating on shares of First United in a report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $42.00.

Insiders Place Their Bets

In related news, Director Irvin Robert Rudy sold 2,000 shares of the firm's stock in a transaction on Tuesday, August 26th. The shares were sold at an average price of $37.35, for a total value of $74,700.00. Following the completion of the transaction, the director owned 37,500 shares of the company's stock, valued at approximately $1,400,625. This trade represents a 5.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have acquired a total of 309 shares of company stock valued at $10,113 over the last ninety days. 7.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Geode Capital Management LLC grew its position in shares of First United by 112.3% in the 2nd quarter. Geode Capital Management LLC now owns 139,939 shares of the bank's stock valued at $4,340,000 after acquiring an additional 74,032 shares during the period. Millennium Management LLC grew its position in shares of First United by 349.9% in the 1st quarter. Millennium Management LLC now owns 140,586 shares of the bank's stock valued at $4,220,000 after acquiring an additional 109,340 shares during the period. Bridgeway Capital Management LLC grew its position in shares of First United by 3.6% in the 2nd quarter. Bridgeway Capital Management LLC now owns 70,378 shares of the bank's stock valued at $2,182,000 after acquiring an additional 2,461 shares during the period. Goldman Sachs Group Inc. grew its position in shares of First United by 53.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 58,718 shares of the bank's stock valued at $1,763,000 after acquiring an additional 20,387 shares during the period. Finally, Empowered Funds LLC grew its position 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 acquiring an additional 1,656 shares during the period. Institutional investors own 33.27% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.