In a recent transaction, Jason Barry Rush, the Senior Vice President and Chief Operating Officer (COO) of First United Corp/MD/ (NASDAQ:FUNC), acquired shares of the company's common stock. The transaction, which took place on May 2, 2024, involved the purchase of 92.234 shares at a price of $22.83 per share, resulting in a total investment of approximately $2,105.
This acquisition was part of a dividend reinvestment program offered through a brokerage account maintained by Rush. Following this purchase, Rush's total holdings in First United Corp/MD/ increased to 21,132.601 shares. The additional shares include 93.1189 shares acquired with reinvested dividends pursuant to the First United Corporation Dividend Reinvestment and Stock Purchase Plan since the date of the last report.
Investors typically monitor insider transactions such as these, as they can provide insights into the confidence that company executives have in the firm's future prospects. The purchase of shares by a high-level executive like Rush could be interpreted as a positive sign of the COO's belief in the company's value and potential for growth.
First United Corp/MD/, based in Oakland, Maryland, operates in the national commercial banks sector and is listed on the NASDAQ stock exchange under the ticker symbol FUNC. The company's shareholders and potential investors will likely keep a close eye on insider transactions as they assess the company's performance and make investment decisions.
InvestingPro Insights
As Jason Barry Rush, the Senior Vice President and COO of First United Corp/MD/ (NASDAQ:FUNC), demonstrates his confidence in the company through stock purchases, investors might find additional context in the company's financial metrics and market performance. According to recent data from InvestingPro, First United Corp/MD/ has a market capitalization of $150.33 million and a P/E ratio that stands at 10.53, reflecting investor sentiment on the value of its earnings. The company's price/book ratio as of the last twelve months leading up to Q1 2024 is 0.91, which could suggest that the stock is potentially undervalued in terms of its assets.
Looking at the company's dividend history, an InvestingPro Tip indicates that First United Corp/MD/ has raised its dividend for six consecutive years, with a current dividend yield of 3.53%. This consistent increase in dividends could be a sign of the company's commitment to returning value to shareholders. Additionally, another InvestingPro Tip points out that the company has experienced a large price uptick over the last six months, with a total return of 35.11% during that period, and an impressive 78.42% return over the last year, showcasing a strong market performance.
For investors seeking a deeper dive into the financial health and future prospects of First United Corp/MD/, there are additional InvestingPro Tips available. By utilizing the coupon code PRONEWS24, you can get an extra 10% off a yearly or biyearly Pro and Pro+ subscription to access these insights. With these tools at your disposal, you can make more informed decisions based on a comprehensive analysis of the company's performance and market trends.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.