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

First United (NASDAQ:FUNC) announced its quarterly earnings results on Monday. The bank reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.10, Yahoo Finance reports. The company 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 Price Performance

Shares of FUNC traded up $0.11 during midday trading on Tuesday, hitting $31.43. The company’s stock had a trading volume of 425 shares, compared to its average volume of 23,061. First United has a one year low of $15.68 and a one year high of $31.93. The company’s fifty day simple moving average is $29.37 and its two-hundred day simple moving average is $24.85. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $208.98 million, a price-to-earnings ratio of 14.62 and a beta of 0.79.

First United Increases Dividend

The business also recently disclosed 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. This represents a $0.88 dividend on an annualized basis and a yield of 2.80%. The ex-dividend date is Friday, October 18th. This is a positive change from First United’s previous quarterly dividend of $0.20. First United’s dividend payout ratio (DPR) is 40.93%.

Wall Street Analysts Forecast Growth

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

Insider Activity

In other news, Director Irvin Robert Rudy sold 2,000 shares of First United 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 transaction, the director now owns 37,000 shares in the company, valued at approximately $1,018,240. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last quarter, insiders have acquired 188 shares of company stock worth $5,254. Insiders own 7.80% of the company’s stock.

About First United

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.