First United (NASDAQ:FUNC) Issues Earnings Results

First United (NASDAQ:FUNC) announced its earnings results on Monday. The bank reported $1.11 earnings per share for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.03), Zacks reports. The company had revenue of $25.22 million for the quarter, compared to analysts’ expectations of $24.37 million. First United had a net margin of 20.05% and a return on equity of 13.69%.

First United Stock Down 1.4%

Shares of FUNC stock opened at $43.63 on Tuesday. First United has a 12 month low of $33.54 and a 12 month high of $46.30. The stock has a market cap of $281.41 million, a P/E ratio of 10.24 and a beta of 0.52. 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 company has a 50 day simple moving average of $43.82 and a two-hundred day simple moving average of $41.89.

First United Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 2nd. Investors of record on Monday, October 19th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.6%. This is a positive change 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 26.94%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Raymond James Financial raised their price target on First United from $44.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 1st. Wall Street Zen cut First United from a “buy” rating to a “hold” rating in a research report on Saturday, August 15th. Hovde Group reiterated an “outperform” rating and set a $49.00 price objective on shares of First United in a research report on Thursday, July 23rd. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of First United in a report on Tuesday, October 6th. Three investment analysts have rated the stock with a Buy rating. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $49.50.

Insiders Place Their Bets

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

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.