First United Co. (NASDAQ:FUNC) to Issue $0.22 Quarterly Dividend

First United Co. (NASDAQ:FUNC) announced a quarterly dividend on Wednesday, March 5th, RTT News reports. Investors of record on Thursday, April 17th will be paid a dividend of 0.22 per share by the bank on Thursday, May 1st. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.62%.

First United has increased its dividend payment by an average of 11.9% annually over the last three years. First United has a payout ratio of 21.0% meaning its dividend is sufficiently covered by earnings. Analysts expect First United to earn $4.20 per share next year, which means the company should continue to be able to cover its $0.88 annual dividend with an expected future payout ratio of 21.0%.

First United Trading Down 1.9 %

Shares of First United stock traded down $0.66 on Wednesday, reaching $33.59. The company had a trading volume of 8,015 shares, compared to its average volume of 33,484. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.94 and a current ratio of 0.94. The firm has a market cap of $217.29 million, a PE ratio of 10.66 and a beta of 0.81. First United has a 52-week low of $19.17 and a 52-week high of $42.50. The firm’s 50 day moving average price is $34.98 and its two-hundred day moving average price is $32.94.

First United (NASDAQ:FUNC) last issued its quarterly earnings results on Wednesday, February 5th. The bank reported $0.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.09. First United had a net margin of 18.45% and a return on equity of 12.51%. Sell-side analysts predict that First United will post 3.75 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

FUNC has been the subject of several analyst reports. Raymond James raised First United from a “market perform” rating to an “outperform” rating and set a $42.00 target price for the company in a research note on Friday, February 7th. StockNews.com upgraded shares of First United from a “hold” rating to a “buy” rating in a research note on Monday, February 24th.

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.