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

Shares of Unity Bancorp, Inc. (NASDAQ:UNTY) have been given an average recommendation of “Buy” by the five research firms that are currently covering the firm, Marketbeat Ratings reports. Five analysts have rated the stock with a buy rating. The average 12-month price objective among brokerages that have covered the stock in the last year is $65.50.

A number of research firms recently commented on UNTY. Weiss Ratings upgraded Unity Bancorp from a “buy (b)” rating to a “buy (b+)” rating in a report on Monday, May 4th. DA Davidson began coverage on Unity Bancorp in a research note on Friday, May 15th. They set a “buy” rating and a $68.00 target price for the company. Brean Capital started coverage on Unity Bancorp in a research report on Wednesday, April 22nd. They issued a “buy” rating and a $61.00 target price on the stock. Finally, Piper Sandler lifted their target price on Unity Bancorp from $65.00 to $68.00 and gave the company an “overweight” rating in a research report on Friday, June 26th.

Insider Activity

In related news, Director Mary E. Gross sold 2,075 shares of Unity Bancorp 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 completion of the sale, the director owned 18,479 shares in the company, valued at approximately $1,035,008.79. This trade represents a 10.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Mark S. Brody sold 1,600 shares of the business’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 value of $88,368.00. Following the completion of the sale, the director directly owned 113,854 shares in the company, valued at approximately $6,288,156.42. The trade was a 1.39% decrease in their position. The SEC filing for this sale provides additional information. 28.87% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Wesbanco Bank Inc. purchased a new stake in Unity Bancorp during the first quarter worth about $1,083,000. JPMorgan Chase & Co. lifted its position in shares of Unity Bancorp by 31.4% during the third quarter. JPMorgan Chase & Co. now owns 65,477 shares of the financial services provider’s stock worth $3,200,000 after purchasing an additional 15,628 shares in the last quarter. Inspire Investing LLC boosted its stake in shares of Unity Bancorp by 9.4% in the first quarter. Inspire Investing LLC now owns 9,945 shares of the financial services provider’s stock valued at $515,000 after purchasing an additional 851 shares during the period. Sterling Capital Management LLC boosted its stake in shares of Unity Bancorp by 1,798.0% in the first quarter. Sterling Capital Management LLC now owns 4,650 shares of the financial services provider’s stock valued at $241,000 after purchasing an additional 4,405 shares during the period. Finally, Gator Capital Management LLC grew its holdings in shares of Unity Bancorp by 0.8% in the third quarter. Gator Capital Management LLC now owns 33,536 shares of the financial services provider’s stock valued at $1,639,000 after purchasing an additional 280 shares in the last quarter. 42.31% of the stock is currently owned by hedge funds and other institutional investors.

Unity Bancorp Price Performance

Shares of UNTY stock opened at $58.12 on Friday. 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 firm’s 50-day moving average is $54.96 and its two-hundred day moving average is $53.78. Unity Bancorp has a 12 month low of $44.34 and a 12 month high of $60.86. The company has a market capitalization of $583.58 million, a PE ratio of 9.78 and a beta of 0.62.

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

Unity Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 18th. Investors 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 dividend yield of 1.1%. The ex-dividend date of this dividend was Thursday, June 4th. Unity Bancorp’s dividend payout ratio (DPR) is presently 10.77%.

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.