First United (NASDAQ:FUNC) Director Sells 1,000 Shares of Stock

First United Corporation (NASDAQ:FUNC) Director Irvin Robert Rudy sold 1,000 shares of the 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 transaction, the director directly owned 36,500 shares of the company’s stock, valued at approximately $1,688,490. This represents a 2.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

First United Price Performance

FUNC stock traded down $0.76 during midday trading on Tuesday, reaching $45.86. The stock had a trading volume of 19,780 shares, compared to its average volume of 20,788. First United Corporation has a 52-week low of $34.29 and a 52-week high of $47.00. 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’s fifty day simple moving average is $43.96 and its 200 day simple moving average is $40.82. The company has a market cap of $295.98 million, a price-to-earnings ratio of 11.76 and a beta of 0.52.

First United (NASDAQ:FUNC) last released its earnings results on Monday, October 19th. The bank reported $1.11 earnings per share (EPS) 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%. 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 firm also recently declared a quarterly dividend, which was paid on Monday, November 2nd. Investors of record on Monday, October 19th were given a dividend of $0.28 per share. The ex-dividend date was Monday, October 19th. This is a boost 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 (DPR) is presently 28.72%.

Wall Street Analysts Forecast Growth

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Trail Ridge Investment Advisors LLC grew its stake in shares of First United by 62.1% in the 3rd quarter. Trail Ridge Investment Advisors LLC now owns 8,021 shares of the bank’s stock valued at $343,000 after buying an additional 3,073 shares during the period. Empowered Funds LLC acquired a new stake in shares of First United during the 2nd quarter worth approximately $1,681,000. Corient Private Wealth LP purchased a new stake in shares of First United during the 2nd quarter valued at approximately $202,000. Bank of America Corp DE purchased a new stake in shares of First United during the 2nd quarter valued at approximately $201,000. Finally, Hsbc Holdings PLC purchased a new stake in shares of First United during the 2nd quarter valued at approximately $502,000. Institutional investors and hedge funds own 33.27% of the company’s stock.

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.