Unity Bancorp (NASDAQ:UNTY) Rating Increased to Strong-Buy at Freedom Capital

Freedom Capital upgraded shares of Unity Bancorp (NASDAQ:UNTY) from a hold rating to a strong-buy rating in a report published on Thursday morning,Zacks.com reports.

A number of other equities analysts have also commented on UNTY. DA Davidson reissued a “buy” rating and issued a $68.00 price target on shares of Unity Bancorp in a report on Wednesday. Brean Capital initiated coverage on shares of Unity Bancorp in a report on Wednesday, April 22nd. They set a “buy” rating and a $61.00 price objective for the company. Weiss Ratings upgraded shares of Unity Bancorp from a “buy (b)” rating to a “buy (b+)” rating in a research report on Monday, May 4th. Finally, Piper Sandler increased their target price on Unity Bancorp from $65.00 to $68.00 and gave the company an “overweight” rating in a research note on Friday, June 26th. One research analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $65.50.

Unity Bancorp Stock Down 3.4%

UNTY stock opened at $57.25 on Thursday. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.72. The company’s 50 day moving average is $55.71 and its 200 day moving average is $53.94. The stock has a market cap of $574.79 million, a price-to-earnings ratio of 9.96 and a beta of 0.62. Unity Bancorp has a 1-year low of $44.34 and a 1-year high of $60.86.

Unity Bancorp (NASDAQ:UNTY) last announced its earnings results on Tuesday, July 14th. The financial services provider reported $1.42 earnings per share 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 analysts’ expectations of $34.62 million. Sell-side analysts predict that Unity Bancorp will post 5.86 EPS for the current fiscal year.

Unity Bancorp Announces Dividend

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

Insider Transactions at Unity Bancorp

In other Unity Bancorp news, Director Mark S. Brody sold 1,600 shares of the 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 directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 28.87% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Unity Bancorp

A number of hedge funds have recently made changes to their positions in UNTY. AQR Capital Management LLC grew its holdings in shares of Unity Bancorp by 70.8% during the 1st quarter. AQR Capital Management LLC now owns 11,419 shares of the financial services provider’s stock valued at $465,000 after purchasing an additional 4,732 shares during the last quarter. Empowered Funds LLC raised its position in Unity Bancorp by 7.2% in the 1st quarter. Empowered Funds LLC now owns 37,456 shares of the financial services provider’s stock worth $1,524,000 after purchasing an additional 2,524 shares during the period. Jane Street Group LLC bought a new stake in Unity Bancorp in the first quarter worth $283,000. Strs Ohio bought a new stake in Unity Bancorp in the first quarter worth $49,000. Finally, Cetera Investment Advisers boosted its position in Unity Bancorp by 7.3% during the second quarter. Cetera Investment Advisers now owns 8,335 shares of the financial services provider’s stock valued at $392,000 after buying an additional 565 shares during the period. 42.31% of the stock is currently owned by institutional investors.

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.