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 $29.24. This milestone underscores a period of significant growth for the company, with the stock witnessing an impressive 76.2% increase over the past year. Investors have shown increasing enthusiasm for First United Corp's prospects, propelling the stock to new heights and reflecting a bullish outlook on the company's financial performance and strategic initiatives. The all-time high represents a key achievement for First United Corp and marks a notable moment in the company's history on the stock market.
In other recent news, First United Corporation has unveiled a new stock repurchase program. The Maryland-based financial institution is now authorized to buy back up to 600,000 shares of its common stock, roughly 9.3% of its issued and outstanding shares. This strategy is often employed by companies to return value to shareholders by potentially increasing earnings per share and the value of remaining shares.
The repurchase program is set to unfold over an 18-month period, with the timing and amount of repurchases at the discretion of the company's top executives. However, the actual number of shares repurchased will depend on various factors, including market opportunities, share price, trading volume, and the company's capital needs and strategic plans.
While all transactions will be subject to market conditions and legal requirements, First United has clarified that there is no guarantee that any shares will be repurchased. The company plans to provide updates on the repurchase program in its periodic filings with the Securities and Exchange Commission.
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