First United (NASDAQ:FUNC) Cut to Hold at StockNews.com

First United (NASDAQ:FUNC) was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Saturday.

Separately, Raymond James upgraded First United from a “market perform” rating to an “outperform” rating and set a $42.00 price target for the company in a research report on Friday, February 7th.

First United Price Performance

Shares of NASDAQ FUNC opened at $29.69 on Friday. First United has a 52 week low of $19.17 and a 52 week high of $42.50. The business’s 50 day moving average price is $34.14 and its 200 day moving average price is $33.21. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.70. The firm has a market cap of $192.18 million, a P/E ratio of 9.43 and a beta of 0.77.

First United (NASDAQ:FUNC) last posted its earnings results on Wednesday, February 5th. The bank reported $0.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.09. First United had a net margin of 18.45% and a return on equity of 12.51%. On average, sell-side analysts expect that First United will post 3.75 earnings per share for the current year.

Institutional Investors Weigh In On First United

Hedge funds have recently added to or reduced their stakes in the business. Susquehanna International Group LLP grew its position in shares of First United by 565.9% during the fourth quarter. Susquehanna International Group LLP now owns 92,430 shares of the bank’s stock worth $3,116,000 after buying an additional 78,550 shares in the last quarter. Angel Oak Capital Advisors LLC purchased a new position in First United in the fourth quarter worth approximately $934,000. Marshall Wace LLP grew its holdings in First United by 218.9% during the 4th quarter. Marshall Wace LLP now owns 24,146 shares of the bank’s stock worth $814,000 after acquiring an additional 16,574 shares in the last quarter. Millennium Management LLC grew its holdings in First United by 102.5% during the 4th quarter. Millennium Management LLC now owns 31,246 shares of the bank’s stock worth $1,053,000 after acquiring an additional 15,815 shares in the last quarter. Finally, Schonfeld Strategic Advisors LLC purchased a new stake in shares of First United in the 4th quarter valued at approximately $529,000. 33.27% of the stock is currently owned by institutional investors and hedge funds.

About First United

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.