First United Corporation (NASDAQ:FUNC) Raises Dividend to $0.28 Per Share

First United Corporation (NASDAQ:FUNC) announced a quarterly dividend on Wednesday, September 23rd. Shareholders of record on Monday, October 19th will be paid a dividend of 0.28 per share by the bank on Monday, November 2nd. This represents a c) dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend is Monday, October 19th. This is a 7.7% increase from First United’s previous quarterly dividend of $0.26.

First United has increased its dividend by an average of 0.1%per year over the last three years and has increased its dividend annually for the last 6 consecutive years. First United has a payout ratio of 26.3% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect First United to earn $4.80 per share next year, which means the company should continue to be able to cover its $1.04 annual dividend with an expected future payout ratio of 21.7%.

First United Price Performance

Shares of FUNC traded up $0.27 during midday trading on Thursday, hitting $43.02. The company’s stock had a trading volume of 1,805 shares, compared to its average volume of 19,056. First United has a one year low of $33.54 and a one year high of $46.30. The company’s fifty day simple moving average is $44.21 and its two-hundred day simple moving average is $40.96. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $277.51 million, a price-to-earnings ratio of 11.15 and a beta of 0.51.

First United (NASDAQ:FUNC) last announced its quarterly earnings data on Monday, July 20th. The bank reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.08. First United had a return on equity of 13.69% and a net margin of 20.05%.The business had revenue of $65.27 million during the quarter, compared to the consensus estimate of $23.55 million. As a group, equities analysts expect that First United will post 4.5 earnings per share for the current fiscal year.

About First United

First United Corporation is a bank holding company headquartered in Oakland, Maryland. Through its principal subsidiary, First United Bank & Trust, the company provides community banking services to individuals, families, businesses and organizations.

First United Bank & Trust offers deposit products, residential and commercial real estate lending, consumer loans, business financing and other credit services. The bank also provides wealth management, trust, investment and insurance-related services through its banking and financial services operations.

Founded in 1900, First United serves communities in western Maryland and nearby areas of West Virginia and southwestern Pennsylvania through branch offices, digital banking services and other delivery channels.