Unity Bancorp’s (UNTY) “Buy” Rating Reiterated at DA Davidson

Unity Bancorp (NASDAQ:UNTY)‘s stock had its “buy” rating reaffirmed by stock analysts at DA Davidson in a research report issued on Friday, Benzinga reports. They currently have a $68.00 target price on the financial services provider’s stock. DA Davidson’s price target suggests a potential upside of 13.25% from the stock’s previous close.

Several other research analysts have also recently weighed in on the company. Freedom Capital upgraded Unity Bancorp from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 16th. Piper Sandler lifted their price objective on Unity Bancorp from $65.00 to $68.00 and gave the stock an “overweight” rating in a research report on Friday, June 26th. Finally, Weiss Ratings reissued a “buy (b+)” rating on shares of Unity Bancorp in a research note on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $65.50.

Unity Bancorp Price Performance

Shares of NASDAQ:UNTY traded up $0.95 during midday trading on Friday, hitting $60.05. The company’s stock had a trading volume of 27,929 shares, compared to its average volume of 53,900. The business’s 50 day simple moving average is $58.66 and its 200 day simple moving average is $55.45. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.17 and a current ratio of 1.17. The company has a market cap of $602.85 million, a P/E ratio of 10.44 and a beta of 0.61. Unity Bancorp has a 12-month low of $44.34 and a 12-month high of $62.50.

Unity Bancorp (NASDAQ:UNTY) last announced its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.44 by ($0.02). The business had revenue of $33.75 million for the quarter, compared to analysts’ expectations of $34.62 million. Unity Bancorp had a net margin of 30.26% and a return on equity of 16.10%. On average, analysts forecast that Unity Bancorp will post 5.86 EPS for the current year.

Insider Activity at Unity Bancorp

In other news, President George Boyan sold 6,504 shares of the firm’s stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $59.16, for a total value of $384,776.64. Following the completion of the transaction, the president owned 25,015 shares of the company’s stock, valued at approximately $1,479,887.40. This trade represents a 20.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 28.87% of the company’s stock.

Institutional Investors Weigh In On Unity Bancorp

Large investors have recently added to or reduced their stakes in the business. Legal & General Group Plc acquired a new stake in Unity Bancorp during the 2nd quarter worth approximately $44,000. Russell Investments Group Ltd. raised its stake in shares of Unity Bancorp by 159.1% in the third quarter. Russell Investments Group Ltd. now owns 987 shares of the financial services provider’s stock valued at $48,000 after acquiring an additional 606 shares in the last quarter. Strs Ohio purchased a new position in Unity Bancorp in the first quarter valued at $49,000. Allworth Financial LP acquired a new position in Unity Bancorp during the 2nd quarter worth $92,000. Finally, BNP Paribas Financial Markets grew its stake in Unity Bancorp by 14.8% during the 2nd quarter. BNP Paribas Financial Markets now owns 2,883 shares of the financial services provider’s stock worth $136,000 after purchasing an additional 372 shares in the last quarter. 42.31% of the stock is 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.