Keefe, Bruyette & Woods Raises Unity Bancorp (NASDAQ:UNTY) Price Target to $65.00

Unity Bancorp (NASDAQ:UNTY) had its target price lifted by Keefe, Bruyette & Woods from $60.00 to $65.00 in a research report issued on Wednesday, Marketbeat reports. The brokerage presently has an “outperform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ target price indicates a potential upside of 17.35% from the company’s current price.

Several other analysts have also commented on the company. Piper Sandler increased their price objective on Unity Bancorp from $60.00 to $61.00 and gave the company an “overweight” rating in a report on Wednesday, October 15th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Unity Bancorp in a research report on Wednesday, October 8th. Finally, Wall Street Zen cut Unity Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, November 15th. Three analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $65.00.

Unity Bancorp Stock Up 2.6%

NASDAQ:UNTY opened at $55.39 on Wednesday. The company’s 50-day simple moving average is $51.71 and its 200-day simple moving average is $50.54. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.15 and a current ratio of 1.15. Unity Bancorp has a fifty-two week low of $36.65 and a fifty-two week high of $57.24. The stock has a market capitalization of $556.12 million, a P/E ratio of 9.77 and a beta of 0.65.

Unity Bancorp (NASDAQ:UNTY) last posted its earnings results on Tuesday, January 13th. The financial services provider reported $1.41 EPS for the quarter, beating analysts’ consensus estimates of $1.35 by $0.06. Unity Bancorp had a net margin of 30.76% and a return on equity of 16.19%. The company had revenue of $33.70 million during the quarter, compared to analysts’ expectations of $33.39 million. On average, equities analysts anticipate that Unity Bancorp will post 4.83 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Unity Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of the business. AQR Capital Management LLC boosted its holdings in shares of Unity Bancorp by 70.8% in the 1st quarter. AQR Capital Management LLC now owns 11,419 shares of the financial services provider’s stock valued at $465,000 after acquiring an additional 4,732 shares during the last quarter. Empowered Funds LLC lifted its position in Unity Bancorp by 7.2% during the first quarter. Empowered Funds LLC now owns 37,456 shares of the financial services provider’s stock valued at $1,524,000 after purchasing an additional 2,524 shares during the period. Jane Street Group LLC purchased a new stake in Unity Bancorp in the first quarter valued at $283,000. Strs Ohio acquired a new stake in Unity Bancorp during the 1st quarter worth about $49,000. Finally, Truist Financial Corp raised its stake in shares of Unity Bancorp by 9.0% during the 2nd quarter. Truist Financial Corp now owns 50,577 shares of the financial services provider’s stock valued at $2,381,000 after buying an additional 4,172 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.