FIG Partners Initiates Coverage on 1st United Bancorp (FUBC)
Research analysts at FIG Partners started coverage on shares of 1st United Bancorp (NASDAQ:FUBC) in a report released on Monday, AR Network reports. The firm set an “outperform” rating and a $8.50 price target on the stock. FIG Partners’ price objective indicates a potential upside of 16.92% from the company’s current price.
The analysts wrote, “We are initiating coverage of 1st United Bancorp with an ‘Outperform’ rating. Our 12-month price target is $8.50/share representing potential upside of ~ 17%. On a YTD basis, FUBC shares have increased ~ 16% vs. the peer group median increase of ~ 21%. Our earnings estimates for 2013, 2014 and 2015 are $0.23, $0.37 and $0.48/share, respectively. Our 3Q13 operating estimate is $0.06 vs. the consensus estimate of $0.04/share. FUBC has shown relatively strong balance sheet growth over the last few years primarily driven by strategic acquisitions. Since 2005, the Company has completed seven bank acquisitions in Florida including three FDIC-assisted transactions. As a result, the Company has now built an attractive Florida-based franchise with ~ 26 branches throughout the South and Central part of the state.”
Other equities research analysts have also recently issued reports about the stock. Analysts at Keefe, Bruyette & Woods raised their price target on shares of 1st United Bancorp (NASDAQ:FUBC) from $7.25 to $8.25 in a research note to investors on Friday, July 26th. Analysts at TheStreet upgraded shares of 1st United Bancorp (NASDAQ:FUBC) from a “hold” rating to a “buy” rating in a research note to investors on Wednesday, July 3rd. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $8.00.
1st United Bancorp (NASDAQ:FUBC) traded down 0.41% on Monday, hitting $7.24. The stock had a trading volume of 1,950 shares. 1st United Bancorp has a 1-year low of $5.30 and a 1-year high of $8.25. The stock’s 50-day moving average is $7.41 and its 200-day moving average is $6.93. The company has a market cap of $248.2 million and a P/E ratio of 36.72.
1st United Bancorp, Inc (NASDAQ:FUBC) is a financial holding company.
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