First United Co. (NASDAQ:FUNC) declared a quarterly dividend on Monday, September 27th, Zacks reports. Stockholders of record on Monday, October 18th will be paid a dividend of 0.15 per share by the bank on Monday, November 1st. This represents a $0.60 annualized dividend and a dividend yield of 3.33%. The ex-dividend date of this dividend is Friday, October 15th.
First United has a dividend payout ratio of 15.4% indicating that its dividend is sufficiently covered by earnings. Analysts expect First United to earn $2.40 per share next year, which means the company should continue to be able to cover its $0.43 annual dividend with an expected future payout ratio of 17.9%.
Shares of NASDAQ:FUNC opened at $18.00 on Thursday. The firm has a 50 day simple moving average of $18.18 and a 200 day simple moving average of $17.92. First United has a 52 week low of $11.51 and a 52 week high of $20.48. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.88 and a current ratio of 0.88. The company has a market cap of $119.07 million, a PE ratio of 7.00 and a beta of 1.04.
Separately, Zacks Investment Research cut First United from a “buy” rating to a “hold” rating in a research note on Thursday, September 30th.
In related news, Director Christy Dipietro purchased 3,000 shares of the stock in a transaction dated Thursday, August 12th. The shares were acquired at an average cost of $17.95 per share, for a total transaction of $53,850.00. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have acquired a total of 4,577 shares of company stock valued at $82,235 in the last three months. Company insiders own 4.60% of the company’s stock.
An institutional investor recently raised its position in First United stock. Royal Bank of Canada lifted its stake in First United Co. (NASDAQ:FUNC) by 660.3% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,113 shares of the bank’s stock after acquiring an additional 3,572 shares during the period. Royal Bank of Canada owned 0.06% of First United worth $72,000 at the end of the most recent reporting period. 30.72% of the stock is owned by institutional investors.
About First United
First United Corp. is a bank holding company, which engages in community banking services. It offers checking, savings, money market deposit accounts, and certificates of deposit, business loans, personal loans, mortgage loans, lines of credit, and consumer-oriented retirement accounts including individual retirement accounts, and employee benefit accounts through its subsidiary.
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