First United (NASDAQ:FUNC) Issues Quarterly Earnings Results, Beats Expectations By $0.21 EPS

First United (NASDAQ:FUNCGet Free Report) released its quarterly earnings results on Monday. The bank reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.21, MarketWatch Earnings reports. The company had revenue of $26.98 million during the quarter, compared to the consensus estimate of $14.68 million. First United had a net margin of 21.45% and a return on equity of 13.19%.

First United Trading Up 0.1 %

FUNC traded up $0.03 during trading on Tuesday, reaching $22.88. 3,193 shares of the company’s stock were exchanged, compared to its average volume of 30,469. The firm has a fifty day moving average price of $22.20 and a two-hundred day moving average price of $18.65. The stock has a market capitalization of $153.07 million, a PE ratio of 7.57 and a beta of 0.88. First United has a one year low of $12.56 and a one year high of $24.28. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.72.

First United Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 1st. Investors of record on Thursday, January 18th were issued a $0.20 dividend. The ex-dividend date was Wednesday, January 17th. This represents a $0.80 dividend on an annualized basis and a yield of 3.50%. First United’s dividend payout ratio (DPR) is presently 26.49%.

Institutional Trading of First United

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FUNC. BlackRock Inc. boosted its stake in First United by 36.6% during the second quarter. BlackRock Inc. now owns 110,963 shares of the bank’s stock worth $1,582,000 after acquiring an additional 29,704 shares in the last quarter. Millennium Management LLC bought a new stake in First United during the 2nd quarter valued at $283,000. Acadian Asset Management LLC bought a new position in shares of First United in the first quarter valued at $212,000. American Century Companies Inc. increased its position in shares of First United by 28.5% during the first quarter. American Century Companies Inc. now owns 27,583 shares of the bank’s stock worth $621,000 after acquiring an additional 6,112 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of First United by 1.2% during the first quarter. Dimensional Fund Advisors LP now owns 336,629 shares of the bank’s stock worth $5,676,000 after acquiring an additional 3,992 shares in the last quarter. Institutional investors and hedge funds own 31.55% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, StockNews.com initiated coverage on shares of First United in a research note on Sunday, December 17th. They set a “hold” rating on the stock.

Read Our Latest Stock Analysis on FUNC

About First United

(Get Free Report)

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, and money market deposit accounts, as well as certificates of deposit.

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Earnings History for First United (NASDAQ:FUNC)

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