Unity Bancorp, Inc. (NASDAQ:UNTY) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Unity Bancorp, Inc. (NASDAQ:UNTY) have earned an average recommendation of “Moderate Buy” from the six analysts that are presently covering the company, MarketBeat reports. One investment analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $65.50.

UNTY has been the subject of a number of research reports. DA Davidson began coverage on shares of Unity Bancorp in a report on Friday, May 15th. They issued a “buy” rating and a $68.00 price target for the company. Brean Capital began coverage on shares of Unity Bancorp in a research note on Wednesday, April 22nd. They issued a “buy” rating and a $61.00 target price for the company. Freedom Capital raised Unity Bancorp to a “hold” rating in a research report on Friday, July 3rd. Weiss Ratings upgraded Unity Bancorp from a “buy (b)” rating to a “buy (b+)” rating in a research note on Monday, May 4th. Finally, Piper Sandler upped their price target on Unity Bancorp from $65.00 to $68.00 and gave the company an “overweight” rating in a report on Friday, June 26th.

Unity Bancorp Stock Performance

Shares of UNTY traded up $0.35 during mid-day trading on Friday, hitting $56.67. The company’s stock had a trading volume of 48,496 shares, compared to its average volume of 58,128. The stock’s 50-day moving average is $55.32 and its two-hundred day moving average is $53.80. The firm has a market capitalization of $568.97 million, a PE ratio of 9.54 and a beta of 0.62. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.17 and a current ratio of 1.17. Unity Bancorp has a one year low of $44.34 and a one year high of $60.86.

Unity Bancorp (NASDAQ:UNTY) last announced its earnings results on Tuesday, April 14th. The financial services provider reported $1.40 earnings per share (EPS) 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 net margin of 31.33% and a return on equity of 16.06%. As a group, sell-side analysts anticipate that Unity Bancorp will post 5.84 EPS for the current year.

Unity Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 18th. Stockholders of record on Thursday, June 4th were given a dividend of $0.16 per share. The ex-dividend date was Thursday, June 4th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.1%. Unity Bancorp’s payout ratio is currently 10.77%.

Insiders Place Their Bets

In other Unity Bancorp news, Director Mary E. Gross sold 2,075 shares of the business’s stock in a transaction 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 sale, the director owned 18,479 shares of the company’s stock, valued at $1,035,008.79. The trade was a 10.10% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Mark S. Brody sold 1,600 shares of the stock in a transaction 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 completion of the transaction, the director owned 113,854 shares of the company’s stock, valued at approximately $6,288,156.42. This represents a 1.39% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 28.87% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. CWM LLC lifted its stake in Unity Bancorp by 38.0% during the fourth quarter. CWM LLC now owns 857 shares of the financial services provider’s stock worth $44,000 after purchasing an additional 236 shares during the period. Russell Investments Group Ltd. grew its stake 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 valued at $48,000 after purchasing an additional 606 shares during the period. Strs Ohio bought a new position in shares of Unity Bancorp during the first quarter valued at $49,000. State of Alaska Department of Revenue boosted its stake 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 valued at $72,000 after purchasing an additional 1,021 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its holdings 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 valued at $136,000 after purchasing an additional 372 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.