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

Shares of Unity Bancorp, Inc. (NASDAQ:UNTY) have been given a consensus rating of “Buy” by the five analysts that are covering the firm, MarketBeat.com reports. Five research analysts have rated the stock with a buy rating. The average 12-month price target among brokers that have issued a report on the stock in the last year is $64.75.

A number of equities analysts have weighed in on UNTY shares. Brean Capital started coverage on Unity Bancorp in a research note on Wednesday, April 22nd. They issued a “buy” rating and a $61.00 target price on the stock. Weiss Ratings upgraded Unity Bancorp from a “buy (b)” rating to a “buy (b+)” rating in a research note on Monday, May 4th. Finally, DA Davidson started coverage on Unity Bancorp in a report on Friday, May 15th. They issued a “buy” rating and a $68.00 price objective for the company.

Unity Bancorp Price Performance

Shares of NASDAQ UNTY opened at $54.71 on Tuesday. The firm has a market capitalization of $549.29 million, a P/E ratio of 9.21 and a beta of 0.61. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.72. The stock’s 50-day simple moving average is $53.76 and its two-hundred day simple moving average is $53.04. Unity Bancorp has a twelve month low of $42.78 and a twelve month high of $57.30.

Unity Bancorp (NASDAQ:UNTY) last announced 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. The business had revenue of $33.61 million for the quarter, compared to analyst estimates of $33.59 million. Unity Bancorp had a return on equity of 16.06% and a net margin of 31.33%. As a group, equities analysts anticipate that Unity Bancorp will post 5.84 EPS for the current fiscal year.

Unity Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 18th. Stockholders of record on Thursday, June 4th will be issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date is Thursday, June 4th. Unity Bancorp’s dividend payout ratio is presently 10.77%.

Insider Transactions at Unity Bancorp

In other news, Director Mark S. Brody sold 1,600 shares of the company’s stock in a transaction dated 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 transaction, the director directly owned 113,854 shares in the company, valued at approximately $6,288,156.42. This represents a 1.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert H. Dallas II sold 7,725 shares of the company’s stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $49.60, for a total value of $383,160.00. Following the completion of the transaction, the director owned 32,073 shares of the company’s stock, valued at $1,590,820.80. The trade was a 19.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 18,488 shares of company stock worth $940,022. 28.87% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Unity Bancorp

A number of hedge funds and other institutional investors have recently modified their holdings of UNTY. CWM LLC boosted its holdings in shares of Unity Bancorp by 38.0% in the 4th quarter. CWM LLC now owns 857 shares of the financial services provider’s stock worth $44,000 after purchasing an additional 236 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of Unity Bancorp by 159.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 987 shares of the financial services provider’s stock worth $48,000 after purchasing an additional 606 shares in the last quarter. Strs Ohio purchased a new position in shares of Unity Bancorp in the 1st quarter worth about $49,000. State of Alaska Department of Revenue boosted its holdings in shares of Unity Bancorp by 261.1% in the 4th quarter. State of Alaska Department of Revenue now owns 1,412 shares of the financial services provider’s stock worth $72,000 after purchasing an additional 1,021 shares in the last quarter. Finally, AlphaQuest LLC purchased a new stake in Unity Bancorp during the 3rd quarter valued at about $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.