NEW YORK ( TheStreet) -- Oneida Financial Corporation (Nasdaq: ONFC) has been upgraded by TheStreet Ratings from hold to buy. The company's strengths can be seen in multiple areas, such as its revenue growth, expanding profit margins, growth in earnings per share and increase in net income. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself.

Oneida Financial Corp. operates as the bank holding company for The Oneida Savings Bank that provides community banking services primarily in Madison and Oneida Counties in New York, and surrounding counties. The company has a P/E ratio of 16.4, below the average banking industry P/E ratio of 19.3 and below the S&P 500 P/E ratio of 23.5. Oneida Financial has a market cap of $62.2 million and is part of the financial sector and banking industry. Shares are down 15.8% year to date as of the close of trading on Friday.