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

Equities research analysts at Hovde Group began coverage on shares of First United (NASDAQ:FUNC) in a research report issued to clients and investors on Friday, Marketbeat.com reports. The firm set an “outperform” rating and a $44.50 price target on the bank’s stock. Hovde Group’s target price indicates 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 note on Saturday, May 16th. Two analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $44.50.

First United Stock Performance

Shares of FUNC stock opened at $39.00 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.91 and a current ratio of 0.91. First United has a one year low of $28.00 and a one year high of $41.94. The company’s 50-day simple moving average is $37.43 and its 200-day simple moving average is $37.61. The stock has a market capitalization of $251.55 million, a price-to-earnings ratio of 9.97 and a beta of 0.52.

First United (NASDAQ:FUNC) last issued its quarterly earnings results on Tuesday, April 21st. The bank reported $1.02 EPS 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 business had revenue of $23.41 million for the quarter, compared to analysts’ expectations of $22.83 million. Equities analysts anticipate that First United will post 4.4 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. AdvisorNet Financial Inc grew its position in First United by 126.8% in the first quarter. AdvisorNet Financial Inc now owns 896 shares of the bank’s stock worth $33,000 after buying an additional 501 shares during the last quarter. Kestra Advisory Services LLC acquired a new position in First United in the fourth quarter worth approximately $38,000. BNP Paribas Financial Markets grew its position 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 buying an additional 770 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in First United in the second quarter worth approximately $102,000. Finally, New York State Common Retirement Fund acquired a new position in First United in the second quarter worth approximately $105,000. Institutional investors and hedge funds own 33.27% of the company’s stock.

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.