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Julie W. Peterson, Vice President and Chief Credit Officer of First United Corp (NASDAQ:FUNC), has been actively increasing her stake in the company through a series of stock purchases. According to a recent SEC filing, Peterson acquired a total of $799 worth of First United Corp common stock over several transactions from July 2024 to February 2025. The purchase prices ranged from $22.30 to $41.33 per share. The timing appears strategic, as InvestingPro data shows the stock has delivered an impressive 70% return over the past year, with the current price at $36.26.
Peterson’s acquisitions were made through the company’s Dividend Reinvestment and Stock Purchase Plan, which allows participants to purchase additional shares with dividends and optional cash payments. These purchases have increased her direct ownership to 748.9787 shares. Additionally, she received 598 shares in the form of time-vesting restricted stock units, which will vest over three years starting February 2026. InvestingPro analysis reveals the company has raised its dividend for 7 consecutive years, with a current yield of 2.46% and a recent dividend growth rate of 10%. InvestingPro subscribers have access to 6 more key insights about FUNC’s financial health and growth prospects.
In other recent news, First United Corporation reported impressive fourth-quarter 2024 earnings that exceeded analyst expectations. The bank posted earnings per share of $0.95, surpassing the consensus estimate of $0.86, and achieved revenue of $20.62 million, which also beat projections of $20.49 million. Net income for the quarter rose significantly to $6.2 million, compared to $1.8 million in the same period the previous year. The strong performance was attributed to robust loan growth, increased net interest income, and effective expense management. Additionally, First United maintained its quarterly dividend of $0.22 per share, and its book value per share increased to $27.71 by the end of 2024.
Raymond (NSE:RYMD) James recently upgraded First United’s stock rating from Market Perform to Outperform, setting a new price target of $42.00. Analyst Steve Moss cited the bank’s strong fourth-quarter results and positive credit trends as key reasons for the upgrade. He highlighted that First United’s loan growth and higher net interest margin are expected to support continued revenue growth. The bank’s ability to manage expenses while expanding its franchise was also noted as a positive factor. These developments reflect confidence in First United’s strategic initiatives and growth potential in the financial markets.
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