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

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

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

First United Trading Down 3.6 %

FUNC opened at $29.69 on Friday. The business’s 50-day simple moving average is $34.14 and its 200-day simple moving average is $33.15. The company has a market cap of $192.18 million, a P/E ratio of 9.43 and a beta of 0.77. First United has a one year low of $19.17 and a one year high of $42.50. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.94 and a current ratio of 0.94.

First United (NASDAQ:FUNC) last issued 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%. As a group, equities research analysts expect that First United will post 3.75 EPS for the current fiscal year.

Hedge Funds Weigh In On First United

Institutional investors have recently bought and sold shares of the company. Millennium Management LLC boosted its holdings in shares of First United by 102.5% in the fourth quarter. Millennium Management LLC now owns 31,246 shares of the bank’s stock valued at $1,053,000 after acquiring an additional 15,815 shares in the last quarter. Bridgeway Capital Management LLC lifted its position in First United by 0.5% in the fourth quarter. Bridgeway Capital Management LLC now owns 77,761 shares of the bank’s stock valued at $2,621,000 after purchasing an additional 380 shares during the period. Bank of America Corp DE boosted its holdings in First United by 449.4% in the 4th quarter. Bank of America Corp DE now owns 11,648 shares of the bank’s stock valued at $393,000 after purchasing an additional 9,528 shares in the last quarter. 683 Capital Management LLC acquired a new position in First United during the 4th quarter worth approximately $339,000. Finally, Jane Street Group LLC acquired a new position in First United during the 4th quarter worth approximately $524,000. 33.27% of the stock is owned by institutional investors and hedge funds.

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.