First United (NASDAQ:FUNC) Upgraded by StockNews.com to Buy Rating

StockNews.com upgraded shares of First United (NASDAQ:FUNC) from a hold rating to a buy rating in a research report sent to investors on Monday.

Separately, Raymond James upgraded First United from a “market perform” rating to an “outperform” rating and set a $42.00 price target for the company in a research note on Friday, February 7th.

First United Price Performance

NASDAQ FUNC opened at $35.88 on Monday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.70. First United has a 52 week low of $19.17 and a 52 week high of $42.50. The firm has a market capitalization of $232.11 million, a P/E ratio of 11.39 and a beta of 0.81. The company has a 50-day moving average price of $34.88 and a 200-day moving average price of $32.69.

First United (NASDAQ:FUNC) last posted its quarterly earnings data on Wednesday, February 5th. The bank reported $0.95 EPS for the quarter, topping the consensus estimate of $0.86 by $0.09. First United had a return on equity of 12.51% and a net margin of 18.45%. Equities research analysts anticipate that First United will post 3.75 earnings per share for the current year.

Institutional Investors Weigh In On First United

Hedge funds have recently bought and sold shares of the business. Millennium Management LLC lifted its position in First United by 102.5% in the fourth quarter. Millennium Management LLC now owns 31,246 shares of the bank’s stock worth $1,053,000 after buying an additional 15,815 shares during the last quarter. Bridgeway Capital Management LLC boosted its position in First United by 0.5% in the 4th quarter. Bridgeway Capital Management LLC now owns 77,761 shares of the bank’s stock valued at $2,621,000 after buying an additional 380 shares during the period. Bank of America Corp DE grew its stake in First United by 449.4% in the 4th quarter. Bank of America Corp DE now owns 11,648 shares of the bank’s stock worth $393,000 after acquiring an additional 9,528 shares in the last quarter. 683 Capital Management LLC purchased a new position in shares of First United during the fourth quarter worth approximately $339,000. Finally, Jane Street Group LLC bought a new stake in shares of First United during the fourth quarter valued at approximately $524,000. Hedge funds and other institutional investors own 33.27% of the company’s stock.

About First United

First United Corporation operates as the bank holding company for First United Bank & Trust that provides various retail and commercial banking services to businesses and individuals. It offers various deposit products, which includes checking, savings, money market deposit, and regular and individual retirement accounts (IRAs), as well as certificates of deposit.