UPDATE: FIG Partners Initiates Coverage on 1st United Bancorp with Outperform Rating, $8.50 PT on Strong Balance Sheet Growth, Attractive Florida-Based Franchise

In a report published Monday, FIG Partners analyst John Rodis initiated coverage on

with an Outperform rating and $8.50 price target. In the report, FIG Partners noted, “We are initiating coverage of 1st United Bancorp with an ‘Outperform' rating. Our 12-month price target is $8.50/share representing potential upside of ~ 17%. On a YTD basis, FUBC shares have increased ~ 16% vs. the peer group median increase of ~ 21%. Our earnings estimates for 2013, 2014 and 2015 are $0.23, $0.37 and $0.48/share, respectively. Our 3Q13 operating estimate is $0.06 vs. the consensus estimate of $0.04/share. FUBC has shown relatively strong balance sheet growth over the last few years primarily driven by strategic acquisitions. Since 2005, the Company has completed seven bank acquisitions in Florida including three FDIC-assisted transactions. As a result, the Company has now built an attractive Florida-based franchise with ~ 26 branches throughout the South and Central part of the state.” 1st United Bancorp closed on Friday at $7.27.