Key Points
- Director Irvin Robert Rudy sold 1,000 First United shares at an average price of $46.26, for $46,260; he retained 36,500 shares after the sale.
- First United reported quarterly EPS of $1.11, below the $1.14 consensus, while revenue of $25.22 million exceeded expectations. It raised its quarterly dividend from $0.26 to $0.28 per share.
- Analyst sentiment was generally positive: four analysts rated the stock Buy, with an average price target of $49.50.
First United Corporation (NASDAQ:FUNC - Get Free Report) Director Irvin Robert Rudy sold 1,000 shares of the stock in a transaction dated Tuesday, November 3rd. The stock was sold at an average price of $46.26, for a total transaction of $46,260.00. Following the completion of the sale, the director directly owned 36,500 shares in the company, valued at approximately $1,688,490. The trade was a 2.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.
First United Price Performance
FUNC stock opened at $45.86 on Wednesday. The firm has a 50 day moving average of $44.00 and a 200-day moving average of $40.86. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.15. First United Corporation has a 12 month low of $34.29 and a 12 month high of $47.00. The firm has a market capitalization of $295.80 million, a P/E ratio of 10.69 and a beta of 0.52.
First United (NASDAQ:FUNC - Get Free Report) last issued its quarterly earnings data on Monday, October 19th. The bank reported $1.11 EPS for the quarter, missing the consensus estimate of $1.14 by ($0.03). The firm had revenue of $25.22 million for the quarter, compared to analysts' expectations of $24.37 million. First United had a net margin of 19.99% and a return on equity of 13.66%. As a group, sell-side analysts predict that First United Corporation will post 4.54 earnings per share for the current fiscal year.
First United Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, November 2nd. Shareholders of record on Monday, October 19th were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend was Monday, October 19th. This is a positive change from First United's previous quarterly dividend of $0.26. First United's payout ratio is 28.72%.
Institutional Inflows and Outflows
Several large investors have recently made changes to their positions in the business. Bank of America Corp DE purchased a new position in shares of First United during the second quarter worth approximately $201,000. Corient Private Wealth LP purchased a new stake in shares of First United in the 2nd quarter valued at $202,000. Trail Ridge Investment Advisors LLC purchased a new stake in shares of First United in the 2nd quarter valued at $218,000. Deutsche Bank AG purchased a new stake in shares of First United in the 2nd quarter valued at $236,000. Finally, Canada Pension Plan Investment Board bought a new position in shares of First United during the 2nd quarter valued at $238,000. 33.27% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of research analysts have recently commented on the stock. UBS Group upgraded shares of First United to a "buy" rating in a research report on Wednesday, October 21st. Weiss Ratings reaffirmed a "buy (b)" rating on shares of First United in a report on Tuesday, October 6th. Raymond James Financial reiterated an "outperform" rating on shares of First United in a research report on Wednesday, October 21st. Wall Street Zen lowered First United from a "buy" rating to a "hold" rating in a research note on Saturday, August 15th. Finally, Hovde Group reissued an "outperform" rating and set a $49.00 price objective on shares of First United in a research note on Thursday, July 23rd. Four analysts have rated the stock with a Buy rating. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $49.50.
Get Our Latest Report on First United
First United Company Profile
(
Get Free Report)
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.
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