Unity Bancorp, Inc. (NASDAQ:UNTY) Receives $65.50 Average PT from Analysts

Unity Bancorp, Inc. (NASDAQ:UNTY) has earned an average recommendation of “Moderate Buy” from the six analysts that are covering the stock, Marketbeat reports. One investment analyst has rated the stock with a hold rating and five have issued a buy rating on the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $65.50.

Several brokerages have recently commented on UNTY. Piper Sandler raised their price objective on shares of Unity Bancorp from $65.00 to $68.00 and gave the stock an “overweight” rating in a research report on Friday, June 26th. Freedom Capital upgraded shares of Unity Bancorp to a “hold” rating in a research report on Friday, July 3rd. DA Davidson started coverage on shares of Unity Bancorp in a research note on Friday, May 15th. They set a “buy” rating and a $68.00 target price on the stock. Weiss Ratings upgraded shares of Unity Bancorp from a “buy (b)” rating to a “buy (b+)” rating in a report on Monday, May 4th. Finally, Brean Capital assumed coverage on shares of Unity Bancorp in a research note on Wednesday, April 22nd. They issued a “buy” rating and a $61.00 price target for the company.

Unity Bancorp Stock Down 2.2%

Shares of Unity Bancorp stock opened at $55.34 on Friday. The stock’s 50-day moving average is $55.18 and its 200 day moving average is $53.77. Unity Bancorp has a one year low of $44.34 and a one year high of $60.86. The firm has a market cap of $555.61 million, a price-to-earnings ratio of 9.32 and a beta of 0.62. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.17 and a quick ratio of 1.17.

Unity Bancorp (NASDAQ:UNTY) last issued its earnings results on Tuesday, April 14th. The financial services provider reported $1.40 earnings per share for the quarter, topping analysts’ consensus estimates of $1.37 by $0.03. Unity Bancorp had a return on equity of 16.06% and a net margin of 31.33%.The business had revenue of $33.61 million during the quarter, compared to the consensus estimate of $33.59 million. Equities research analysts anticipate that Unity Bancorp will post 5.84 EPS for the current year.

Unity Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Stockholders of record on Thursday, June 4th were paid a $0.16 dividend. The ex-dividend date was Thursday, June 4th. This represents a $0.64 annualized dividend and a dividend yield of 1.2%. Unity Bancorp’s dividend payout ratio (DPR) is currently 10.77%.

Insider Activity

In other Unity Bancorp news, Director Mark S. Brody sold 1,600 shares of the firm’s stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $55.23, for a total value of $88,368.00. Following the completion of the sale, the director owned 113,854 shares of the company’s stock, valued at approximately $6,288,156.42. This trade represents a 1.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Mary E. Gross sold 2,075 shares of the business’s stock in a transaction that occurred 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 sale, the director owned 18,479 shares of the company’s stock, valued at approximately $1,035,008.79. This represents a 10.10% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 28.87% of the company’s stock.

Institutional Trading of Unity Bancorp

Hedge funds have recently bought and sold shares of the business. Empowered Funds LLC increased its stake in Unity Bancorp by 9.5% during the 1st quarter. Empowered Funds LLC now owns 49,848 shares of the financial services provider’s stock valued at $2,584,000 after purchasing an additional 4,308 shares in the last quarter. Quantinno Capital Management LP lifted its stake in shares of Unity Bancorp by 33.0% in the first quarter. Quantinno Capital Management LP now owns 6,615 shares of the financial services provider’s stock valued at $343,000 after buying an additional 1,643 shares in the last quarter. Renaissance Technologies LLC lifted its stake in shares of Unity Bancorp by 78.4% in the first quarter. Renaissance Technologies LLC now owns 15,700 shares of the financial services provider’s stock valued at $814,000 after buying an additional 6,900 shares in the last quarter. Public Employees Retirement System of Ohio lifted its stake in shares of Unity Bancorp by 17.3% in the first quarter. Public Employees Retirement System of Ohio now owns 3,391 shares of the financial services provider’s stock valued at $176,000 after buying an additional 500 shares in the last quarter. Finally, Hsbc Holdings PLC grew its holdings in shares of Unity Bancorp by 34.2% during the first quarter. Hsbc Holdings PLC now owns 7,113 shares of the financial services provider’s stock valued at $367,000 after buying an additional 1,814 shares during the last quarter. Institutional investors and hedge funds own 42.31% of the company’s stock.

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.