First United (NASDAQ:FUNC) Upgraded by Raymond James to Outperform Rating

First United (NASDAQ:FUNC) was upgraded by stock analysts at Raymond James from a “market perform” rating to an “outperform” rating in a research note issued on Friday,Briefing.com Automated Import reports. The brokerage currently has a $42.00 price objective on the bank’s stock. Raymond James’ price target suggests a potential upside of 14.88% from the company’s previous close.

Separately, StockNews.com lowered First United from a “buy” rating to a “hold” rating in a report on Friday, January 31st.

First United Stock Performance

Shares of FUNC stock opened at $36.56 on Friday. First United has a 52-week low of $19.17 and a 52-week high of $36.81. The stock’s 50-day moving average price is $33.83 and its 200 day moving average price is $31.45. The stock has a market capitalization of $236.54 million, a PE ratio of 14.86 and a beta of 0.81. 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 (NASDAQ:FUNC) last announced its quarterly earnings data on Wednesday, February 5th. The bank reported $0.95 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.09. First United had a return on equity of 12.20% and a net margin of 14.70%. As a group, equities research analysts forecast that First United will post 3.11 EPS for the current year.

Institutional Investors Weigh In On First United

Several institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp boosted its stake in shares of First United by 31.3% during the 4th quarter. Bank of New York Mellon Corp now owns 15,440 shares of the bank’s stock worth $520,000 after acquiring an additional 3,683 shares in the last quarter. Angel Oak Capital Advisors LLC purchased a new stake in shares of First United during the 4th quarter worth approximately $934,000. Empowered Funds LLC boosted its stake in shares of First United by 5.0% during the 4th quarter. Empowered Funds LLC now owns 24,893 shares of the bank’s stock worth $839,000 after acquiring an additional 1,180 shares in the last quarter. Ritholtz Wealth Management boosted its stake in shares of First United by 34.9% during the 4th quarter. Ritholtz Wealth Management now owns 20,786 shares of the bank’s stock worth $701,000 after acquiring an additional 5,374 shares in the last quarter. Finally, Barclays PLC purchased a new stake in shares of First United during the 3rd quarter worth approximately $126,000. Hedge funds and other institutional investors own 33.27% of the company’s stock.

First United Company Profile

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.