In a remarkable display of market performance, First United Corp's stock has reached an all-time high, touching a price level of $34.24. This milestone underscores a period of significant growth for the company, with the stock price soaring by an impressive 93.35% over the past year. Investors have shown increasing confidence in First United Corp, propelling the shares to unprecedented heights and reflecting a bullish outlook on the company's financial health and future prospects. The 1-year change data not only highlights the stock's robust upward trajectory but also cements its status as a standout performer in its sector.
In other recent news, First United Corporation, the parent company of First United Bank & Trust, has announced two major financial moves. The company declared a quarterly cash dividend of $.22 per share, scheduled for payment on November 1, 2024, to shareholders of record as of October 18, 2024. This dividend declaration is in line with First United's consistent practice of providing returns to its shareholders.
In addition to the dividend announcement, First United Corporation has also initiated a new stock repurchase program. Starting from August 30, 2024, the company is authorized to repurchase up to 600,000 shares of its common stock, representing about 9.3% of its issued and outstanding shares. The repurchase program is set to span an 18-month period, with the specifics of timing and volume left to the discretion of the company's leadership.
These recent developments are part of First United's corporate finance strategy, aimed at maintaining shareholder relations by distributing profits in the form of dividends and potentially increasing earnings per share through the repurchase program. However, First United has clarified that there is no guarantee that any shares will be repurchased, and the actual number of shares to be bought back will depend on various factors. Updates on these financial moves will be provided in the company's periodic filings with the Securities and Exchange Commission.
InvestingPro Insights
First United Corp's recent stock performance aligns with several key metrics and insights from InvestingPro. The company's stock is currently trading near its 52-week high, with a price that is 99.44% of its highest point over the past year. This corroborates the article's mention of the stock reaching an all-time high of $34.24.
InvestingPro data shows that First United Corp has demonstrated a strong return over the last year, with a 1-year price total return of 99.45%, closely matching the 93.35% increase mentioned in the article. Additionally, the company has shown impressive short-term performance, with a 3-month price total return of 26.24% and a 6-month return of 53.35%.
Two relevant InvestingPro Tips further support the company's positive trajectory:
1. First United Corp has raised its dividend for 7 consecutive years, indicating a commitment to returning value to shareholders.
2. The company has been profitable over the last twelve months, with a P/E ratio of 13.86, suggesting a reasonable valuation relative to earnings.
These insights provide additional context to First United Corp's strong market performance and may help explain the investor confidence driving the stock to new highs. For readers interested in a deeper analysis, InvestingPro offers 8 additional tips that could provide further insights into the company's financial health and market position.
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