First United (NASDAQ:FUNC) Issues Quarterly Earnings Results, Beats Expectations By $0.10 EPS

First United (NASDAQ:FUNC) issued its earnings results on Monday. The bank reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.10, Yahoo Finance reports. The business had revenue of $28.17 million during the quarter, compared to the consensus estimate of $20.30 million. First United had a return on equity of 11.78% and a net margin of 13.84%.

First United Stock Down 0.7 %

FUNC traded down $0.21 during midday trading on Tuesday, reaching $31.32. 23,890 shares of the company were exchanged, compared to its average volume of 23,173. The company has a market cap of $208.25 million, a price-to-earnings ratio of 14.57 and a beta of 0.79. First United has a one year low of $15.68 and a one year high of $31.93. The company’s fifty day moving average price is $29.37 and its 200 day moving average price is $24.85. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.91 and a current ratio of 0.91.

First United Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Friday, October 18th will be paid a dividend of $0.22 per share. The ex-dividend date is Friday, October 18th. This represents a $0.88 dividend on an annualized basis and a yield of 2.81%. This is an increase from First United’s previous quarterly dividend of $0.20. First United’s payout ratio is 40.93%.

Insider Activity at First United

In related news, Director Irvin Robert Rudy sold 2,000 shares of the stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $27.52, for a total value of $55,040.00. Following the completion of the sale, the director now directly owns 37,000 shares of the company’s stock, valued at approximately $1,018,240. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have purchased a total of 188 shares of company stock valued at $5,254 over the last 90 days. Insiders own 7.80% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised First United from a “hold” rating to a “buy” rating in a research report on Monday, October 7th.

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.