First United (NASDAQ:FUNC) Coverage Initiated by Analysts at Hovde Group

Investment analysts at Hovde Group started coverage on shares of First United (NASDAQ:FUNC) in a report issued on Friday, MarketBeat.com reports. The brokerage set an “outperform” rating and a $44.50 price target on the bank’s stock. Hovde Group’s price target would indicate a potential upside of 14.10% from the company’s current price.

Separately, Wall Street Zen upgraded shares of First United from a “hold” rating to a “buy” rating in a research report on Saturday, May 16th. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, First United has an average rating of “Buy” and a consensus target price of $44.50.

First United Stock Performance

Shares of FUNC opened at $39.00 on Friday. First United has a one year low of $28.00 and a one year high of $41.94. The company has a 50-day moving average of $37.43 and a two-hundred day moving average of $37.61. The stock has a market cap of $251.55 million, a price-to-earnings ratio of 9.97 and a beta of 0.52. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.91 and a quick ratio of 0.91.

First United (NASDAQ:FUNC) last posted its quarterly earnings data on Tuesday, April 21st. The bank reported $1.02 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.10. First United had a net margin of 20.55% and a return on equity of 13.39%. The firm had revenue of $23.41 million for the quarter, compared to analysts’ expectations of $22.83 million. On average, equities research analysts expect that First United will post 4.4 earnings per share for the current year.

Hedge Funds Weigh In On First United

Several institutional investors and hedge funds have recently modified their holdings of the stock. Invesco Ltd. lifted its stake in First United by 3.4% in the second quarter. Invesco Ltd. now owns 11,105 shares of the bank’s stock valued at $344,000 after acquiring an additional 364 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in First United by 9.0% in the third quarter. JPMorgan Chase & Co. now owns 5,208 shares of the bank’s stock valued at $191,000 after acquiring an additional 431 shares during the last quarter. AdvisorNet Financial Inc lifted its stake in First United by 126.8% in the first quarter. AdvisorNet Financial Inc now owns 896 shares of the bank’s stock valued at $33,000 after acquiring an additional 501 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in First United by 6.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 11,672 shares of the bank’s stock valued at $437,000 after acquiring an additional 743 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its holdings in First United by 102.1% in the third quarter. BNP Paribas Financial Markets now owns 1,524 shares of the bank’s stock worth $56,000 after purchasing an additional 770 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.