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

First United (NASDAQ:FUNC) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Monday.

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

First United Trading Down 3.1 %

Shares of First United stock opened at $37.64 on Monday. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.94 and a quick ratio of 0.94. The business has a fifty day simple moving average of $34.81 and a two-hundred day simple moving average of $32.53. First United has a 1 year low of $19.17 and a 1 year high of $42.50. The company has a market capitalization of $243.53 million, a price-to-earnings ratio of 11.95 and a beta of 0.81.

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

Hedge Funds Weigh In On First United

A number of hedge funds have recently added to or reduced their stakes in FUNC. Fourthstone LLC lifted its holdings in shares of First United by 30.0% during the 3rd quarter. Fourthstone LLC now owns 441,143 shares of the bank’s stock worth $13,164,000 after acquiring an additional 101,915 shares during the period. Susquehanna International Group LLP raised its position in First United by 565.9% during the fourth quarter. Susquehanna International Group LLP now owns 92,430 shares of the bank’s stock valued at $3,116,000 after purchasing an additional 78,550 shares in the last quarter. Angel Oak Capital Advisors LLC bought a new stake in First United during the fourth quarter worth $934,000. Marshall Wace LLP boosted its holdings in shares of First United by 218.9% in the 4th quarter. Marshall Wace LLP now owns 24,146 shares of the bank’s stock valued at $814,000 after purchasing an additional 16,574 shares in the last quarter. Finally, Millennium Management LLC boosted its holdings in shares of First United by 102.5% in the 4th quarter. Millennium Management LLC now owns 31,246 shares of the bank’s stock valued at $1,053,000 after purchasing an additional 15,815 shares in the last quarter. 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.