First United (NASDAQ:FUNC) Upgraded by Wall Street Zen to Buy Rating

First United (NASDAQ:FUNC) was upgraded by equities researchers at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued on Sunday.

Separately, Hovde Group started coverage on First United in a research report on Friday, May 29th. They set an “outperform” rating and a $44.50 price objective for the company. Two investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $44.50.

First United Stock Performance

FUNC opened at $39.72 on Friday. The stock has a market cap of $256.19 million, a PE ratio of 10.16 and a beta of 0.53. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.15. The business has a 50 day moving average of $37.76 and a 200-day moving average of $37.73. First United has a 52 week low of $28.00 and a 52 week high of $41.94.

First United (NASDAQ:FUNC) last released its quarterly earnings results on Tuesday, April 21st. The bank reported $1.02 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.10. The company had revenue of $23.41 million for the quarter, compared to analyst estimates of $22.83 million. First United had a return on equity of 13.39% and a net margin of 20.55%. Equities research analysts predict that First United will post 4.4 earnings per share for the current fiscal year.

Hedge Funds Weigh In On First United

Large investors have recently made changes to their positions in the business. Millennium Management LLC boosted its position in shares of First United by 349.9% in 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 First United by 53.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 58,718 shares of the bank’s stock valued at $1,763,000 after buying an additional 20,387 shares in the last quarter. Empowered Funds LLC raised its stake in First United by 6.7% during the first quarter. Empowered Funds LLC now owns 26,549 shares of the bank’s stock valued at $797,000 after buying an additional 1,656 shares during the last quarter. Jane Street Group LLC boosted its holdings in First United by 67.4% in the first quarter. Jane Street Group LLC now owns 26,035 shares of the bank’s stock worth $782,000 after acquiring an additional 10,483 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings 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 acquiring an additional 74,032 shares in the last quarter. 33.27% of the stock is currently owned by hedge funds and other institutional investors.

First United Company Profile

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.