First United (NASDAQ:FUNC) Releases Earnings Results

First United (NASDAQ:FUNC) issued its quarterly earnings data on Monday. The bank reported $1.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.89 by $0.18, RTT News reports. The business had revenue of $22.80 million during the quarter, compared to the consensus estimate of $22.13 million. First United had a net margin of 21.02% and a return on equity of 13.49%. During the same quarter in the prior year, the firm posted $0.89 earnings per share.

First United Stock Up 6.9%

Shares of NASDAQ FUNC opened at $36.98 on Wednesday. First United has a 12-month low of $24.66 and a 12-month high of $42.50. The stock has a market cap of $240.19 million, a PE ratio of 9.66 and a beta of 0.70. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.63. The company has a 50-day moving average of $36.36 and a 200 day moving average of $32.82.

First United Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Friday, October 17th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, October 17th. This represents a $1.04 annualized dividend and a yield of 2.8%. This is a boost from First United’s previous quarterly dividend of $0.22. First United’s dividend payout ratio is currently 27.15%.

Insider Transactions at First United

In related news, Director Irvin Robert Rudy sold 2,000 shares of the company’s stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $37.35, for a total transaction of $74,700.00. Following the completion of the sale, the director owned 37,500 shares of the company’s stock, valued at approximately $1,400,625. This represents a 5.06% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last three months, insiders have bought 309 shares of company stock worth $10,113. 7.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On First United

Several institutional investors and hedge funds have recently bought and sold shares of FUNC. Millennium Management LLC boosted its holdings in First United by 349.9% in the 1st quarter. Millennium Management LLC now owns 140,586 shares of the bank’s stock valued at $4,220,000 after purchasing an additional 109,340 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in First United by 53.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 58,718 shares of the bank’s stock valued at $1,763,000 after purchasing an additional 20,387 shares during the last quarter. Empowered Funds LLC boosted its holdings in First United by 6.7% in the 1st quarter. Empowered Funds LLC now owns 26,549 shares of the bank’s stock valued at $797,000 after purchasing an additional 1,656 shares during the last quarter. Jane Street Group LLC boosted its holdings in First United by 67.4% in the 1st quarter. Jane Street Group LLC now owns 26,035 shares of the bank’s stock valued at $782,000 after purchasing an additional 10,483 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in 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 purchasing an additional 74,032 shares during the last quarter. 33.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a “buy (b-)” rating on shares of First United in a research note on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $42.00.

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.