In a remarkable display of market confidence, shares of First United Corp (FUNC) have surged to an all-time high, reaching a price level of $31. This milestone underscores a period of significant growth for the company, which has seen its stock value skyrocket by an impressive 86.9% over the past year. Investors have rallied behind First United Corp, propelling the stock to new heights and reflecting a bullish outlook on the company's financial performance and future prospects. The achievement of this all-time high marks a notable event in First United Corp's market history, setting a new benchmark for its stock performance.
In other recent news, First United Corporation declared a quarterly cash dividend of $.22 per share, scheduled for payment in November to stockholders of record as of October. This move aligns with the corporation's consistent practice of returning profits to shareholders. Additionally, the Maryland-based financial institution announced a new stock repurchase program. Effective later this year, the program authorizes the company to buy back up to 600,000 shares of its common stock, about 9.3% of its issued and outstanding shares. The specifics of the repurchase program, including timing and volume, will be at the discretion of the company's Chairman, President, and Chief Executive Officer. The corporation has stated that there is no guarantee that any shares will be repurchased and updates on the program will be provided in the company's periodic filings with the Securities and Exchange Commission. These recent developments highlight First United's commitment to shareholder value and its integrated approach to banking and community development.
InvestingPro Insights
First United Corp's (FUNC) recent stock performance aligns with several key metrics and insights from InvestingPro. The company's shares are currently trading near their 52-week high, with a price that is 98.74% of the highest point reached in the past year. This corroborates the article's mention of the stock hitting an all-time high of $31.
InvestingPro data shows that FUNC has delivered a strong return over various timeframes, with a 92.29% price total return over the past year, closely matching the 86.9% growth mentioned in the article. The stock has also shown impressive momentum, with a 39.33% return over the last three months and a 35.58% return over the past six months.
Despite the strong price performance, FUNC still appears to offer value. The company's P/E ratio stands at 13.33, suggesting it may be reasonably priced relative to earnings. Additionally, FUNC boasts a dividend yield of 2.94%, with a 10% dividend growth rate over the last twelve months, potentially adding to its appeal for income-focused investors.
InvestingPro Tips highlight that FUNC has raised its dividend for 7 consecutive years, which may contribute to investor confidence. The company is also noted for its high shareholder yield and profitability over the last twelve months, factors that could be driving the stock's strong performance.
For investors seeking a deeper understanding of FUNC's potential, InvestingPro offers 10 additional tips, providing a more comprehensive analysis of the company's financial health and market position.
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