Keefe, Bruyette & Woods Issues Positive Forecast for Unity Bancorp (NASDAQ:UNTY) Stock Price

Unity Bancorp (NASDAQ:UNTY) had its target price increased by investment analysts at Keefe, Bruyette & Woods from $60.00 to $65.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price objective suggests a potential upside of 18.87% from the stock’s previous close.

Several other research firms also recently commented on UNTY. Piper Sandler boosted their target price on shares of Unity Bancorp from $60.00 to $61.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 15th. Wall Street Zen cut shares of Unity Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, November 15th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Unity Bancorp in a research report on Wednesday, October 8th. Three analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $63.00.

Unity Bancorp Stock Performance

Shares of NASDAQ UNTY opened at $54.68 on Wednesday. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.15 and a quick ratio of 1.15. Unity Bancorp has a one year low of $36.65 and a one year high of $57.24. The business’s 50-day moving average price is $51.35 and its two-hundred day moving average price is $50.48. The company has a market capitalization of $548.93 million, a P/E ratio of 10.36 and a beta of 0.65.

Unity Bancorp (NASDAQ:UNTY) last posted its quarterly earnings results on Tuesday, January 13th. The financial services provider reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.35 by $0.06. The company had revenue of $33.70 million during the quarter. Unity Bancorp had a return on equity of 15.60% and a net margin of 29.85%. Analysts anticipate that Unity Bancorp will post 4.83 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Ameritas Investment Partners Inc. boosted its holdings in Unity Bancorp by 41.7% during the second quarter. Ameritas Investment Partners Inc. now owns 748 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 220 shares during the period. Russell Investments Group Ltd. increased 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 worth $48,000 after purchasing an additional 606 shares during the period. Strs Ohio acquired a new position in shares of Unity Bancorp during the 1st quarter worth about $49,000. AlphaQuest LLC bought a new stake in Unity Bancorp during the 3rd quarter valued at approximately $91,000. Finally, BNP Paribas Financial Markets boosted 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 valued at $136,000 after purchasing an additional 372 shares during the period. Institutional investors and hedge funds own 42.31% of the company’s stock.

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.