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

First United Corporation (NASDAQ:FUNC) declared a quarterly dividend on Thursday, December 4th. Stockholders of record on Friday, January 16th will be given a dividend of 0.26 per share by the bank on Monday, February 2nd. This represents a c) annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Friday, January 16th.

First United has raised its dividend payment by an average of 0.2%per year over the last three years and has raised its dividend annually for the last 6 consecutive years. First United has a dividend payout ratio of 26.3% meaning its dividend is sufficiently covered by earnings. Equities analysts expect First United to earn $4.20 per share next year, which means the company should continue to be able to cover its $1.04 annual dividend with an expected future payout ratio of 24.8%.

First United Stock Performance

Shares of NASDAQ:FUNC opened at $38.60 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.93 and a quick ratio of 0.93. First United has a 1 year low of $24.66 and a 1 year high of $42.50. The firm has a market capitalization of $250.90 million, a PE ratio of 10.08 and a beta of 0.53. The business’s 50 day moving average price is $36.34 and its 200-day moving average price is $34.37.

First United (NASDAQ:FUNC) last announced its quarterly earnings data on Tuesday, October 21st. The bank reported $1.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.89 by $0.18. First United had a return on equity of 13.24% and a net margin of 21.02%.The company had revenue of $22.80 million for the quarter, compared to analyst estimates of $22.13 million. During the same quarter last year, the firm posted $0.89 EPS. As a group, equities research analysts expect that First United will post 3.75 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Millennium Management LLC increased its position in First United by 349.9% during the first quarter. Millennium Management LLC now owns 140,586 shares of the bank’s stock worth $4,220,000 after purchasing an additional 109,340 shares during the last quarter. Fourthstone LLC acquired a new position in First United in the 2nd quarter valued at about $2,965,000. Geode Capital Management LLC grew its stake 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 buying an additional 74,032 shares during the period. Hillsdale Investment Management Inc. grew its stake in shares of First United by 29,055.6% in the 2nd quarter. Hillsdale Investment Management Inc. now owns 52,480 shares of the bank’s stock valued at $1,627,000 after buying an additional 52,300 shares during the period. Finally, American Century Companies Inc. increased its holdings in shares of First United by 65.2% during the 1st quarter. American Century Companies Inc. now owns 90,008 shares of the bank’s stock worth $2,702,000 after buying an additional 35,521 shares during the last quarter. Institutional investors and hedge funds 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.