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

First United Co. (NASDAQ:FUNC) declared a quarterly dividend on Wednesday, November 20th,Wall Street Journal reports. Shareholders of record on Friday, January 17th will be paid a dividend of 0.22 per share by the bank on Monday, February 3rd. This represents a $0.88 annualized dividend and a yield of 2.74%. The ex-dividend date is Friday, January 17th.

First United has raised its dividend by an average of 12.2% annually over the last three years. First United has a payout ratio of 23.5% meaning its dividend is sufficiently covered by earnings. Equities analysts expect First United to earn $3.30 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 26.7%.

First United Price Performance

Shares of NASDAQ:FUNC opened at $32.15 on Wednesday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.70. The stock has a market capitalization of $207.98 million, a PE ratio of 13.07 and a beta of 0.81. The firm’s 50 day moving average price is $34.44 and its 200-day moving average price is $30.25. First United has a twelve month low of $19.17 and a twelve month high of $36.49.

First United (NASDAQ:FUNC) last announced its earnings results on Monday, October 21st. The bank reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.79 by $0.10. The business had revenue of $28.17 million during the quarter, compared to analysts’ expectations of $20.30 million. First United had a net margin of 14.70% and a return on equity of 12.20%. Equities research analysts expect that First United will post 3.11 EPS for the current year.

Analysts Set New Price Targets

Separately, StockNews.com upgraded 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.