Unity Bancorp, Inc. (NASDAQ:UNTY) Receives Consensus Recommendation of “Buy” from Brokerages

Unity Bancorp, Inc. (NASDAQ:UNTY) has earned a consensus rating of “Buy” from the six analysts that are currently covering the firm, MarketBeat.com reports. Five analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $65.50.

A number of equities analysts recently issued reports on the company. Freedom Capital upgraded Unity Bancorp from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 16th. Weiss Ratings upgraded Unity Bancorp from a “buy (b)” rating to a “buy (b+)” rating in a research report on Monday, May 4th. DA Davidson reissued a “buy” rating and issued a $68.00 price target on shares of Unity Bancorp in a research note on Wednesday, July 15th. Piper Sandler boosted their price objective on Unity Bancorp from $65.00 to $68.00 and gave the stock an “overweight” rating in a report on Friday, June 26th. Finally, Brean Capital initiated coverage on shares of Unity Bancorp in a research note on Wednesday, April 22nd. They set a “buy” rating and a $61.00 price objective for the company.

Unity Bancorp Trading Up 1.6%

Unity Bancorp stock opened at $59.02 on Wednesday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.17 and a current ratio of 1.17. The firm has a market cap of $592.62 million, a price-to-earnings ratio of 10.26 and a beta of 0.62. Unity Bancorp has a 1 year low of $44.34 and a 1 year high of $60.86. The firm’s 50 day moving average price is $56.42 and its two-hundred day moving average price is $54.25.

Unity Bancorp (NASDAQ:UNTY) last announced its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.42 EPS 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 for the quarter, compared to analyst estimates of $34.62 million. On average, research analysts predict that Unity Bancorp will post 5.86 EPS for the current fiscal year.

Unity Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Stockholders of record on Thursday, June 4th were issued 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 11.13%.

Insider Activity at Unity Bancorp

In related news, Director Mark S. Brody sold 1,600 shares of the company’s stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $55.23, for a total value of $88,368.00. Following the completion of the sale, the director owned 113,854 shares in the company, valued at approximately $6,288,156.42. This represents a 1.39% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 28.87% of the company’s stock.

Institutional Trading of Unity Bancorp

Large investors have recently added to or reduced their stakes in the company. Squarepoint Ops LLC boosted its position in Unity Bancorp by 600.2% during the 4th quarter. Squarepoint Ops LLC now owns 40,327 shares of the financial services provider’s stock worth $2,086,000 after acquiring an additional 34,568 shares during the period. Two Sigma Investments LP grew its stake in Unity Bancorp by 115.9% during the 3rd quarter. Two Sigma Investments LP now owns 50,920 shares of the financial services provider’s stock valued at $2,488,000 after acquiring an additional 27,340 shares in the last quarter. Marshall Wace LLP increased its holdings in shares of Unity Bancorp by 300.8% in the 2nd quarter. Marshall Wace LLP now owns 29,898 shares of the financial services provider’s stock valued at $1,408,000 after purchasing an additional 22,439 shares during the period. Wesbanco Bank Inc. acquired a new position in shares of Unity Bancorp in the 1st quarter valued at about $1,083,000. Finally, Kennedy Capital Management LLC lifted its position in shares of Unity Bancorp by 32.8% in the fourth quarter. Kennedy Capital Management LLC now owns 78,738 shares of the financial services provider’s stock worth $4,072,000 after purchasing an additional 19,468 shares in the last quarter. 42.31% of the stock is owned by institutional investors and hedge funds.

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.