First United (NASDAQ:FUNC) Announces Quarterly Earnings Results

First United (NASDAQ:FUNC) announced its quarterly earnings data on Monday. The bank reported $1.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.03), Zacks reports. The business had revenue of $25.22 million during the quarter, compared to analyst estimates of $24.37 million. First United had a net margin of 19.99% and a return on equity of 13.66%.

First United Price Performance

Shares of First United stock opened at $41.85 on Wednesday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $269.93 million, a price-to-earnings ratio of 10.73 and a beta of 0.52. First United has a 1-year low of $33.90 and a 1-year high of $46.30. The firm’s 50-day moving average price is $43.75 and its two-hundred day moving average price is $41.92.

First United Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 2nd. Shareholders of record on Monday, October 19th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.7%. This is a boost from First United’s previous quarterly dividend of $0.26. The ex-dividend date is Monday, October 19th. First United’s dividend payout ratio (DPR) is presently 29.02%.

Insider Buying and Selling

In related news, EVP Keith Sanders sold 5,000 shares of First United stock in a transaction dated Thursday, July 23rd. The stock was sold at an average price of $43.68, for a total value of $218,400.00. Following the completion of the transaction, the executive vice president directly owned 10,342 shares of the company’s stock, valued at $451,738.56. The trade was a 32.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Robert L. Fisher II sold 5,250 shares of the company’s stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $45.29, for a total transaction of $237,772.50. Following the transaction, the executive vice president owned 9,105 shares in the company, valued at approximately $412,365.45. This trade represents a 36.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have acquired 280 shares of company stock worth $12,816 and have sold 11,250 shares worth $500,752. 8.10% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

FUNC has been the subject of a number of analyst reports. Hovde Group restated an “outperform” rating and set a $49.00 price target on shares of First United in a research note on Thursday, July 23rd. Wall Street Zen lowered First United from a “buy” rating to a “hold” rating in a research note on Saturday, August 15th. Raymond James Financial reissued an “outperform” rating on shares of First United in a report on Wednesday. Weiss Ratings restated a “buy (b)” rating on shares of First United in a research report on Tuesday, October 6th. Finally, UBS Group raised First United to a “buy” rating in a research note on Wednesday. Four analysts have rated the stock with a Buy rating. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $49.50.

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.