First United (NASDAQ:FUNC) Rating Increased to Buy at Wall Street Zen

First United (NASDAQ:FUNC) was upgraded by analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a note issued to investors on Saturday.

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

First United Stock Performance

Shares of First United stock opened at $44.57 on Friday. The company has a market cap of $287.48 million, a PE ratio of 11.55 and a beta of 0.52. First United has a 52 week low of $31.71 and a 52 week high of $46.30. The business has a 50 day moving average price of $41.96 and a 200-day moving average price of $38.96. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.15.

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

Institutional Investors Weigh In On First United

Several large investors have recently made changes to their positions in FUNC. Millennium Management LLC raised its stake 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 during the period. Geode Capital Management LLC grew its position in First United by 112.3% during the second quarter. Geode Capital Management LLC now owns 139,939 shares of the bank’s stock valued at $4,340,000 after buying an additional 74,032 shares during the period. Daytona Street Capital LLC purchased a new stake in First United during the fourth quarter worth about $1,390,000. Marshall Wace LLP increased its holdings in First United by 118.1% during the fourth quarter. Marshall Wace LLP now owns 44,047 shares of the bank’s stock worth $1,649,000 after buying an additional 23,850 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in First United by 53.2% during the first quarter. Goldman Sachs Group Inc. now owns 58,718 shares of the bank’s stock worth $1,763,000 after buying an additional 20,387 shares during the last quarter. 33.27% of the stock is owned by hedge funds and other institutional investors.

About First United

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.