First United (NASDAQ:FUNC) Raised to “Buy” at Wall Street Zen

First United (NASDAQ:FUNC – Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

A number of other equities analysts have also commented on the company. Weiss Ratings reiterated a “buy (b)” rating on shares of First United in a research note on Friday, July 10th. Hovde Group restated an “outperform” rating and set a $49.00 target price on shares of First United in a research note on Thursday. Finally, Raymond James Financial raised their target price on First United from $44.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, July 1st. Three investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $49.50.

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First United Stock Performance

Shares of FUNC opened at $44.57 on Friday. The company has a market capitalization of $287.48 million, a PE ratio of 11.55 and a beta of 0.52. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.91 and a current ratio of 0.91. The company’s 50 day moving average price is $41.96 and its 200 day moving average price is $38.97. First United has a 52 week low of $31.71 and a 52 week high of $46.30.

First United (NASDAQ:FUNC – Get Free Report) last released its earnings results on Monday, July 20th. The bank reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.08. The company had revenue of $23.94 million during the quarter, compared to the consensus estimate of $23.55 million. First United had a net margin of 20.05% and a return on equity of 13.85%. Research analysts expect that First United will post 4.5 EPS for the current fiscal year.

Institutional Trading of First United

A number of hedge funds have recently modified their holdings of FUNC. Millennium Management LLC grew its holdings in shares of First United by 349.9% during the 1st quarter. Millennium Management LLC now owns 140,586 shares of the bank’s stock worth $4,220,000 after purchasing an additional 109,340 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of First United by 53.2% during the first quarter. Goldman Sachs Group Inc. now owns 58,718 shares of the bank’s stock valued at $1,763,000 after purchasing an additional 20,387 shares during the period. Empowered Funds LLC raised its stake in shares of First United by 6.7% in the first quarter. Empowered Funds LLC now owns 26,549 shares of the bank’s stock valued at $797,000 after purchasing an additional 1,656 shares in the last quarter. Jane Street Group LLC raised its stake in shares of First United by 67.4% in the first quarter. Jane Street Group LLC now owns 26,035 shares of the bank’s stock valued at $782,000 after purchasing an additional 10,483 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in First United by 112.3% in the second quarter. Geode Capital Management LLC now owns 139,939 shares of the bank’s stock worth $4,340,000 after purchasing an additional 74,032 shares during the period. Institutional investors own 33.27% of the company’s stock.

About First United

(Get Free Report)

First United Corporation is a bank holding company that, through its subsidiary First United Bank & Trust, provides a full suite of commercial and consumer banking services to individuals, businesses, and agricultural customers across central Oklahoma. The company offers deposit accounts such as checking, savings, money market and time deposits, alongside a variety of lending solutions covering commercial real estate, construction, agricultural and consumer loans.

In addition to traditional banking products, First United delivers treasury management and cash management solutions designed to streamline client operations, as well as online and mobile banking platforms for account access and payments.

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