Unity Bancorp (NASDAQ:UNTY) Now Covered by DA Davidson

DA Davidson started coverage on shares of Unity Bancorp (NASDAQ:UNTY) in a report issued on Friday, Marketbeat.com reports. The brokerage issued a buy rating and a $68.00 target price on the financial services provider’s stock.

Several other equities research analysts have also issued reports on UNTY. Piper Sandler increased their price objective on shares of Unity Bancorp from $64.00 to $65.00 and gave the stock an “overweight” rating in a research report on Thursday, January 15th. Brean Capital began coverage on shares of Unity Bancorp in a research report on Wednesday, April 22nd. They issued a “buy” rating and a $61.00 price objective for the company. Finally, Weiss Ratings raised shares of Unity Bancorp from a “buy (b)” rating to a “buy (b+)” rating in a research report on Monday, May 4th. Five analysts have rated the stock with a Buy rating, According to MarketBeat.com, Unity Bancorp currently has a consensus rating of “Buy” and a consensus target price of $64.75.

Unity Bancorp Price Performance

Unity Bancorp stock opened at $52.43 on Friday. Unity Bancorp has a 52-week low of $41.67 and a 52-week high of $57.30. The firm has a fifty day moving average of $52.41 and a 200-day moving average of $52.12. The firm has a market capitalization of $526.40 million, a P/E ratio of 8.83 and a beta of 0.60. The company has a quick ratio of 1.16, a current ratio of 1.17 and a debt-to-equity ratio of 0.72.

Unity Bancorp (NASDAQ:UNTY) last released its quarterly earnings data on Tuesday, April 14th. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.37 by $0.03. Unity Bancorp had a net margin of 31.33% and a return on equity of 16.06%. The company had revenue of $33.61 million during the quarter, compared to analyst estimates of $33.59 million. As a group, analysts predict that Unity Bancorp will post 5.79 EPS for the current year.

Unity Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 20th. Stockholders of record on Friday, March 6th were paid a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 1.2%. This is a boost from Unity Bancorp’s previous quarterly dividend of $0.15. The ex-dividend date was Friday, March 6th. Unity Bancorp’s payout ratio is currently 10.77%.

Insider Activity

In other news, Director Mary E. Gross sold 2,075 shares of the company’s stock in a transaction on Friday, April 17th. The shares were sold at an average price of $56.01, for a total value of $116,220.75. Following the completion of the transaction, the director directly owned 18,479 shares in the company, valued at approximately $1,035,008.79. This represents a 10.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO James A. Hughes sold 1,500 shares of the company’s stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $54.50, for a total transaction of $81,750.00. Following the completion of the transaction, the chief executive officer owned 173,013 shares of the company’s stock, valued at $9,429,208.50. This trade represents a 0.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 18,388 shares of company stock worth $933,404. 28.87% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in UNTY. CWM LLC boosted its stake in shares of Unity Bancorp by 38.0% in the fourth quarter. CWM LLC now owns 857 shares of the financial services provider’s stock valued at $44,000 after purchasing an additional 236 shares during the period. Russell Investments Group Ltd. boosted its stake in shares of Unity Bancorp by 159.1% in the third quarter. Russell Investments Group Ltd. now owns 987 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 606 shares during the period. Strs Ohio purchased a new position in shares of Unity Bancorp in the first quarter valued at $49,000. State of Alaska Department of Revenue boosted its stake in shares of Unity Bancorp by 261.1% in the fourth quarter. State of Alaska Department of Revenue now owns 1,412 shares of the financial services provider’s stock valued at $72,000 after purchasing an additional 1,021 shares during the period. Finally, AlphaQuest LLC purchased a new position in shares of Unity Bancorp in the third quarter valued at $91,000. 42.31% of the stock is currently owned by hedge funds and other institutional investors.

About Unity Bancorp

Unity Bancorp, Inc is a bank holding company headquartered in Morrisville, Pennsylvania, trading on the NASDAQ under the ticker UNTY. Through its primary subsidiary, Unity Bank, the company delivers a comprehensive suite of commercial and retail banking services to individuals, businesses and municipal clients in its regional markets.

Founded in 1906, Unity Bank maintains a network of conveniently located branches across Bucks County and adjacent areas of southeastern Pennsylvania. The company’s deposit portfolio includes checking and savings accounts, money market accounts and certificates of deposit, while its loan offerings encompass commercial real estate, construction and land development, agricultural and consumer lending solutions.

Beyond traditional deposit and lending activities, Unity Bancorp provides cash management and merchant services, as well as internet and mobile banking platforms designed to streamline day-to-day financial operations.