First United (NASDAQ:FUNC) Director Sells $46,260.00 in Stock

First United Corporation (NASDAQ:FUNC) Director Irvin Robert Rudy sold 1,000 shares of First United stock in a transaction on Tuesday, November 3rd. The shares were sold at an average price of $46.26, for a total value of $46,260.00. Following the completion of the sale, the director owned 36,500 shares in the company, valued at $1,688,490. This represents a 2.67% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

First United Trading Down 1.6%

Shares of First United stock traded down $0.76 during trading hours on Tuesday, hitting $45.86. The company’s stock had a trading volume of 19,780 shares, compared to its average volume of 20,788. First United Corporation has a twelve month low of $34.29 and a twelve month high of $47.00. The firm has a fifty day moving average of $43.96 and a 200-day moving average of $40.82. The stock has a market cap of $295.98 million, a price-to-earnings ratio of 11.76 and a beta of 0.52. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.91 and a current ratio of 0.91.

First United (NASDAQ:FUNC) last released its quarterly earnings results on Monday, October 19th. The bank reported $1.11 earnings per share for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.03). The business had revenue of $25.22 million for the quarter, compared to analysts’ expectations of $24.37 million. First United had a return on equity of 13.66% and a net margin of 19.99%. Research analysts forecast that First United Corporation will post 4.54 EPS for the current year.

First United Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, November 2nd. Shareholders of record on Monday, October 19th were given a $0.28 dividend. The ex-dividend date of this dividend was Monday, October 19th. This is an increase from First United’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a yield of 2.4%. First United’s dividend payout ratio is currently 28.72%.

Hedge Funds Weigh In On First United

Hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. acquired a new position in First United in the 2nd quarter valued at about $20,125,000. De Lisle Partners LLP purchased a new stake in First United during the second quarter worth about $7,277,000. Pinnacle Holdings LLC acquired a new stake in shares of First United during the second quarter worth about $2,599,000. Empowered Funds LLC acquired a new stake in shares of First United during the second quarter worth about $1,681,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of First United during the second quarter worth about $1,128,000. 33.27% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Wall Street Zen cut shares of First United from a “buy” rating to a “hold” rating in a research report on Saturday, August 15th. Hovde Group restated an “outperform” rating and issued a $49.00 price objective on shares of First United in a report on Thursday, July 23rd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of First United in a research report on Tuesday, October 6th. UBS Group upgraded shares of First United to a “buy” rating in a report on Wednesday, October 21st. Finally, Raymond James Financial reissued an “outperform” rating on shares of First United in a research report on Wednesday, October 21st. Four analysts have rated the stock with a Buy rating. According to MarketBeat.com, First United has an average rating of “Buy” and a consensus price target of $49.50.

First United Company Profile

First United Corporation is a bank holding company headquartered in Oakland, Maryland. Through its principal subsidiary, First United Bank & Trust, the company provides community banking services to individuals, families, businesses and nonprofit organizations.

First United Bank & Trust offers deposit accounts, consumer and commercial lending, mortgage services, online and mobile banking, cash-management solutions, and wealth-management services. Its lending activities include residential mortgages, home-equity loans, personal loans, commercial real estate financing and other business credit products.

The company serves communities in western Maryland and northern West Virginia through a network of banking offices and digital channels.