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First United Corp SVP & COO Buys $2,353 in Common Stock

Published 06/11/2024, 05:14 am
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In a recent transaction reported to the Securities and Exchange Commission, Jason Barry Rush, Senior Vice President and Chief Operating Officer of First United Corp (NASDAQ:FUNC), purchased 74.142 shares of the company's common stock. The shares were acquired at a price of $31.74 each, totaling approximately $2,353. This purchase was made as part of a dividend reinvestment program through a brokerage account. Following the transaction, Rush's direct ownership amounts to 22,737.074 shares, which includes shares acquired through the corporation's Dividend Reinvestment and Stock Purchase Plan.

In other recent news, First United Corporation has announced significant financial developments. The company declared a quarterly cash dividend of $.22 per share, scheduled for payment on November 1, 2024, to stockholders of record as of October 18, 2024. This is a continuation of First United's practice of providing returns to its shareholders. Furthermore, the company has announced a new stock repurchase program, which is set to take effect on August 30, 2024. The program allows the company to repurchase up to 600,000 shares of its common stock, representing about 9.3% of its issued and outstanding shares. The repurchase program will occur over an 18-month period, with the specifics of timing and volume left to the discretion of the company's Chairman, President, and CEO. However, First United has clarified that there is no guarantee that any shares will be repurchased. These recent developments reflect First United Corporation's ongoing commitment to shareholder value.

InvestingPro Insights

Jason Barry Rush's recent acquisition of First United Corp (NASDAQ:FUNC) shares through a dividend reinvestment program aligns with the company's strong dividend profile. According to InvestingPro data, First United Corp boasts a dividend yield of 2.78% and has raised its dividend for 7 consecutive years, demonstrating a commitment to shareholder returns.

The company's stock has shown remarkable performance, with a 92.43% total return over the past year and a 41.5% return over the last six months. This strong momentum is reflected in the stock trading near its 52-week high, at 99.5% of that peak. These metrics suggest that investors, including insiders like Rush, see value in reinvesting dividends and increasing their stakes in the company.

First United Corp's financial health appears solid, with a P/E ratio of 12.99, indicating a relatively attractive valuation compared to earnings. The company's operating income margin stands at a robust 31.1%, showcasing efficient operations. These figures provide context to why executives might be confident in the company's future prospects.

InvestingPro Tips highlight that while First United Corp suffers from weak gross profit margins, it has been profitable over the last twelve months and analysts predict continued profitability this year. These insights, along with 7 additional tips available on InvestingPro, offer a more comprehensive view of the company's financial position and market performance.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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