First United (NASDAQ:FUNC) Downgraded by Zacks Investment Research to “Hold”

First United (NASDAQ:FUNCGet Rating) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report released on Monday, Zacks.com reports.

According to Zacks, “First United Corporation is a one-bank holding company with two non-bank subsidiaries. “

Several other analysts have also recently issued reports on FUNC. StockNews.com started coverage on shares of First United in a research note on Monday. They set a “buy” rating for the company. Raymond James upped their price objective on shares of First United from $24.00 to $26.00 and gave the company an “outperform” rating in a research note on Tuesday, February 8th.

Shares of FUNC stock traded down $0.23 on Monday, reaching $22.75. 12,176 shares of the company were exchanged, compared to its average volume of 12,513. The company has a market cap of $150.72 million, a P/E ratio of 7.71 and a beta of 0.81. The firm has a 50-day moving average of $22.42. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.82 and a current ratio of 0.82. First United has a 1 year low of $16.26 and a 1 year high of $24.50.

First United (NASDAQ:FUNCGet Rating) last released its earnings results on Friday, February 4th. The bank reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.30. The business had revenue of $20.26 million during the quarter, compared to analysts’ expectations of $17.73 million. First United had a net margin of 25.29% and a return on equity of 17.83%. Analysts anticipate that First United will post 3.3 EPS for the current year.

A number of large investors have recently bought and sold shares of the business. Royal Bank of Canada lifted its holdings in shares of First United by 660.3% in the 2nd quarter. Royal Bank of Canada now owns 4,113 shares of the bank’s stock worth $72,000 after acquiring an additional 3,572 shares during the last quarter. BHZ Capital Management LP acquired a new position in shares of First United in the 3rd quarter worth approximately $283,000. American Century Companies Inc. lifted its holdings in shares of First United by 16.8% in the 3rd quarter. American Century Companies Inc. now owns 15,689 shares of the bank’s stock worth $292,000 after acquiring an additional 2,258 shares during the last quarter. Millennium Management LLC acquired a new position in shares of First United in the 2nd quarter worth approximately $796,000. Finally, Geode Capital Management LLC lifted its holdings in shares of First United by 1.5% in the 3rd quarter. Geode Capital Management LLC now owns 47,813 shares of the bank’s stock worth $889,000 after acquiring an additional 695 shares during the last quarter. Institutional investors own 29.72% of the company’s stock.

About First United (Get Rating)

First United Corp. is a bank holding company, which engages in community banking services. It offers checking, savings, money market deposit accounts, and certificates of deposit, business loans, personal loans, mortgage loans, lines of credit, and consumer-oriented retirement accounts including individual retirement accounts, and employee benefit accounts through its subsidiary.

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