First United (NASDAQ:FUNC) Coverage Initiated at StockNews.com

Stock analysts at StockNews.com initiated coverage on shares of First United (NASDAQ:FUNCGet Rating) in a research report issued to clients and investors on Wednesday. The brokerage set a “buy” rating on the bank’s stock.

Separately, Raymond James decreased their price target on First United from $28.00 to $25.00 and set an “outperform” rating for the company in a research note on Thursday, July 7th.

First United Trading Down 1.2 %

Shares of FUNC stock opened at $16.86 on Wednesday. The stock has a market cap of $111.92 million, a price-to-earnings ratio of 4.84 and a beta of 0.74. The stock has a 50-day moving average of $17.99 and a 200-day moving average of $19.86. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.23. First United has a 1-year low of $16.55 and a 1-year high of $24.50.

First United (NASDAQ:FUNCGet Rating) last issued its quarterly earnings results on Monday, July 25th. The bank reported $0.82 earnings per share for the quarter. The company had revenue of $18.38 million during the quarter. First United had a return on equity of 18.04% and a net margin of 29.46%.

Institutional Investors Weigh In On First United

Several institutional investors and hedge funds have recently made changes to their positions in the business. rhino investment partners Inc boosted its position in shares of First United by 81.5% during the 2nd quarter. rhino investment partners Inc now owns 49,697 shares of the bank’s stock valued at $932,000 after purchasing an additional 22,315 shares in the last quarter. State Street Corp boosted its position in shares of First United by 20.7% during the 2nd quarter. State Street Corp now owns 17,671 shares of the bank’s stock valued at $332,000 after purchasing an additional 3,034 shares in the last quarter. Millennium Management LLC bought a new position in First United in the second quarter worth approximately $283,000. O Shaughnessy Asset Management LLC boosted its holdings in First United by 63.5% in the second quarter. O Shaughnessy Asset Management LLC now owns 20,759 shares of the bank’s stock worth $389,000 after acquiring an additional 8,061 shares in the last quarter. Finally, SeaCrest Wealth Management LLC bought a new position in First United in the second quarter worth approximately $140,000. Institutional investors own 31.28% of the company’s stock.

About First United

(Get Rating)

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. The company offers various deposit products, including checking accounts, savings and money market accounts, regular and individual retirement accounts (IRA) certificates of deposit, Christmas savings accounts, college savings accounts, and health savings accounts; Certificate of Deposit Account Registry Service program and Insured Cash Sweep program to municipalities, businesses, and consumers; and commercial customers packages, which include treasury management, cash sweep, and various checking opportunities.

Further Reading

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