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 $31.99. This milestone underscores a period of significant growth for the company, with the stock witnessing an impressive 87.92% increase 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 all-time high represents a key achievement for First United Corp, marking a period of sustained upward momentum and shareholder value creation.
In other recent news, First United Corporation declared a quarterly cash dividend of $.22 per share, reinforcing its commitment to providing returns to its shareholders. The Maryland-based financial institution also announced a new stock repurchase program, set to take effect on August 30, 2024. This program authorizes the company to buy back up to 600,000 shares of its common stock, around 9.3% of its issued and outstanding shares.
The specifics of the repurchase program's timing and volume will be at the discretion of the company's Chairman, President, and CEO. It's important to note that the actual number of shares to be bought back will depend on various factors, including market opportunities and the company's strategic plans.
First United has clarified there's no guarantee that any shares will be repurchased. Updates on the repurchase program will be provided in the company's periodic filings with the Securities and Exchange Commission. These recent developments highlight First United's integrated approach to banking and community development, and its ongoing efforts to maintain shareholder relations.
InvestingPro Insights
First United Corp's (FUNC) recent achievement of an all-time high share price is further supported by several key metrics and insights from InvestingPro. The company's stock is currently trading near its 52-week high, with a price that is 99.34% of its peak, reinforcing the strong market performance noted in the article. This aligns with InvestingPro's observation of a high return over the last year, which is quantified by an impressive 97.7% price total return over the past 12 months.
The company's financial health appears robust, with a P/E ratio of 12.72 for the last twelve months as of Q3 2024, suggesting a reasonable valuation relative to earnings. Additionally, First United Corp boasts a dividend yield of 2.77% and has raised its dividend for 7 consecutive years, as highlighted by an InvestingPro Tip. This consistent dividend growth may be contributing to investor confidence and the stock's upward trajectory.
It's worth noting that InvestingPro offers 8 additional tips for First United Corp, providing investors with a more comprehensive analysis of the company's strengths and potential areas of concern. These insights can be valuable for those looking to make informed decisions in light of the stock's recent performance.
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