Unity Bancorp, Inc. (NASDAQ:UNTY) Given Consensus Recommendation of “Buy” by Analysts

Shares of Unity Bancorp, Inc. (NASDAQ:UNTY) have received a consensus recommendation of “Buy” from the six research firms that are covering the firm, MarketBeat.com reports. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $65.50.

UNTY has been the topic of a number of analyst reports. Weiss Ratings raised shares of Unity Bancorp from a “buy (b)” rating to a “buy (b+)” rating in a report on Monday, May 4th. DA Davidson restated a “buy” rating and issued a $68.00 target price on shares of Unity Bancorp in a research report on Wednesday, July 15th. Piper Sandler raised their price target on shares of Unity Bancorp from $65.00 to $68.00 and gave the company an “overweight” rating in a research note on Friday, June 26th. Freedom Capital raised Unity Bancorp from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 16th. Finally, Brean Capital initiated coverage on Unity Bancorp in a research report on Wednesday, April 22nd. They set a “buy” rating and a $61.00 price objective for the company.

Insider Buying and Selling at Unity Bancorp

In related news, Director Mark S. Brody sold 1,600 shares of the firm’s stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $55.23, for a total transaction of $88,368.00. Following the transaction, the director owned 113,854 shares in the company, valued at $6,288,156.42. This trade represents a 1.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 28.87% of the company’s stock.

Hedge Funds Weigh In On Unity Bancorp

Hedge funds have recently modified their holdings of the company. CWM LLC lifted its holdings 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 buying an additional 236 shares during the period. Russell Investments Group Ltd. grew its holdings in Unity Bancorp by 159.1% during the third quarter. Russell Investments Group Ltd. now owns 987 shares of the financial services provider’s stock worth $48,000 after acquiring an additional 606 shares during the period. Strs Ohio bought a new stake in Unity Bancorp in the first quarter worth about $49,000. State of Alaska Department of Revenue raised its position in 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 worth $72,000 after acquiring an additional 1,021 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its holdings in Unity Bancorp by 14.8% in the 2nd quarter. BNP Paribas Financial Markets now owns 2,883 shares of the financial services provider’s stock valued at $136,000 after acquiring an additional 372 shares during the last quarter. 42.31% of the stock is currently owned by institutional investors and hedge funds.

Unity Bancorp Price Performance

Shares of UNTY opened at $59.02 on Wednesday. Unity Bancorp has a 12 month low of $44.34 and a 12 month high of $60.86. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.17 and a quick ratio of 1.17. The stock has a fifty day moving average price of $56.42 and a 200 day moving average price of $54.25. The company has a market cap of $592.62 million, a P/E ratio of 10.26 and a beta of 0.62.

Unity Bancorp (NASDAQ:UNTY) last posted its earnings results on Tuesday, July 14th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.44 by ($0.02). Unity Bancorp had a net margin of 30.26% and a return on equity of 16.40%. The company had revenue of $34.40 million during the quarter, compared to the consensus estimate of $34.62 million. On average, research analysts forecast that Unity Bancorp will post 5.86 earnings per share for the current year.

Unity Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Thursday, June 4th were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date was Thursday, June 4th. Unity Bancorp’s payout ratio is 11.13%.

Unity Bancorp Company Profile

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.