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

Unity Bancorp, Inc. (NASDAQ:UNTY) has been assigned an average rating of “Buy” from the five research firms that are covering the firm, Marketbeat reports. Five analysts have rated the stock with a buy recommendation. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $64.75.

A number of equities research analysts have recently weighed in on UNTY shares. DA Davidson initiated coverage on shares of Unity Bancorp in a research note on Friday. They set a “buy” rating and a $68.00 target price on the stock. Brean Capital assumed coverage on shares of Unity Bancorp in a report on Wednesday, April 22nd. They issued a “buy” rating and a $61.00 price objective for the company. Piper Sandler lifted their price objective on Unity Bancorp from $64.00 to $65.00 and gave the company an “overweight” rating in a research report on Thursday, January 15th. Finally, Weiss Ratings upgraded Unity Bancorp from a “buy (b)” rating to a “buy (b+)” rating in a report on Monday, May 4th.

Insiders Place Their Bets

In other news, Director Mary E. Gross sold 2,075 shares of the company’s stock in a transaction dated 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 directly owned 18,479 shares of the company’s stock, valued at $1,035,008.79. This represents a 10.10% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO James A. Hughes sold 1,500 shares of the stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $54.50, for a total transaction of $81,750.00. Following the completion of the transaction, the chief executive officer owned 173,013 shares of the company’s stock, valued at approximately $9,429,208.50. The trade was a 0.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 18,388 shares of company stock worth $933,404. 28.87% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Unity Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. CWM LLC lifted its holdings in shares of Unity Bancorp by 38.0% during the fourth quarter. CWM LLC now owns 857 shares of the financial services provider’s stock valued at $44,000 after purchasing an additional 236 shares during the last quarter. Gator Capital Management LLC grew its stake in shares of Unity Bancorp by 0.8% in the 3rd quarter. Gator Capital Management LLC now owns 33,536 shares of the financial services provider’s stock worth $1,639,000 after buying an additional 280 shares during the last quarter. Hsbc Holdings PLC increased its position in Unity Bancorp by 5.1% during the 2nd quarter. Hsbc Holdings PLC now owns 6,056 shares of the financial services provider’s stock valued at $287,000 after buying an additional 295 shares in the last quarter. BNP Paribas Financial Markets increased its position 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 buying an additional 372 shares in the last quarter. Finally, Rhumbline Advisers raised its stake in Unity Bancorp by 3.7% during the second quarter. Rhumbline Advisers now owns 10,805 shares of the financial services provider’s stock valued at $509,000 after buying an additional 385 shares during the last quarter. Hedge funds and other institutional investors own 42.31% of the company’s stock.

Unity Bancorp Trading Down 0.2%

Shares of Unity Bancorp stock traded down $0.09 during midday trading on Friday, reaching $52.48. 7,731 shares of the company’s stock traded hands, compared to its average volume of 47,999. The stock has a 50 day moving average of $52.42 and a 200-day moving average of $52.12. Unity Bancorp has a 12 month low of $41.67 and a 12 month high of $57.30. The company has a market cap of $526.85 million, a PE ratio of 8.83 and a beta of 0.60. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.16 and a current ratio of 1.17.

Unity Bancorp (NASDAQ:UNTY) last released 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 for 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%. As a group, equities analysts expect that Unity Bancorp will post 5.79 EPS for the current fiscal year.

Unity Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 20th. Investors of record on Friday, March 6th were paid a $0.16 dividend. The ex-dividend date of this dividend was Friday, March 6th. This is a positive change from Unity Bancorp’s previous quarterly dividend of $0.15. This represents a $0.64 annualized dividend and a yield of 1.2%. Unity Bancorp’s payout ratio is currently 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.