Brean Capital Initiates Coverage on Unity Bancorp (NASDAQ:UNTY)

Equities research analysts at Brean Capital began coverage on shares of Unity Bancorp (NASDAQ:UNTY) in a research report issued on Wednesday. The firm set a “buy” rating and a $61.00 price target on the financial services provider’s stock. Brean Capital’s price target suggests a potential upside of 15.48% from the stock’s current price.

Several other research firms have also commented on UNTY. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Unity Bancorp in a report on Monday. Piper Sandler upped their price target on shares of Unity Bancorp from $64.00 to $65.00 and gave the company an “overweight” rating in a report on Thursday, January 15th. Finally, Keefe, Bruyette & Woods upped their price target on shares of Unity Bancorp from $60.00 to $65.00 and gave the company an “outperform” rating in a report on Wednesday, January 14th. Four investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $63.67.

Unity Bancorp Stock Performance

Shares of UNTY traded up $0.15 during trading hours on Wednesday, reaching $52.82. 12,260 shares of the company traded hands, compared to its average volume of 50,269. The stock has a market capitalization of $529.07 million, a P/E ratio of 8.91 and a beta of 0.64. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.77. Unity Bancorp has a 12-month low of $41.00 and a 12-month high of $57.30. The business has a fifty day moving average price of $52.66 and a 200-day moving average price of $51.65.

Insider Buying and Selling

In related news, Director Robert H. Dallas II sold 7,725 shares of the company’s stock in a transaction dated Friday, March 13th. The shares were sold at an average price of $49.60, for a total transaction of $383,160.00. Following the completion of the transaction, the director owned 32,073 shares in the company, valued at $1,590,820.80. This represents a 19.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Mary E. Gross sold 2,075 shares of the company’s stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $56.01, for a total transaction of $116,220.75. Following the transaction, the director owned 18,479 shares of the company’s stock, valued at approximately $1,035,008.79. This trade represents a 10.10% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 18,653 shares of company stock worth $947,214 in the last 90 days. Insiders own 28.87% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Principal Financial Group Inc. acquired a new position in shares of Unity Bancorp during the 3rd quarter worth about $550,000. JPMorgan Chase & Co. raised its position in shares of Unity Bancorp by 31.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 65,477 shares of the financial services provider’s stock worth $3,200,000 after purchasing an additional 15,628 shares during the last quarter. Squarepoint Ops LLC purchased a new stake in Unity Bancorp during the 2nd quarter valued at about $498,000. CenterBook Partners LP purchased a new stake in Unity Bancorp during the 3rd quarter valued at about $682,000. Finally, Royce & Associates LP grew its stake in Unity Bancorp by 8.0% during the 3rd quarter. Royce & Associates LP now owns 157,496 shares of the financial services provider’s stock valued at $7,697,000 after acquiring an additional 11,676 shares in the last quarter. 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.