Unity Bancorp’s (UNTY) “Buy” Rating Reiterated at DA Davidson

Unity Bancorp (NASDAQ:UNTY)‘s stock had its “buy” rating reiterated by research analysts at DA Davidson in a report released on Wednesday,Benzinga reports. They currently have a $68.00 price objective on the financial services provider’s stock. DA Davidson’s price objective indicates a potential upside of 20.53% from the company’s previous close.

Other analysts have also issued research reports about the stock. Weiss Ratings raised shares of Unity Bancorp from a “buy (b)” rating to a “buy (b+)” rating in a research report on Monday, May 4th. Brean Capital began coverage on shares of Unity Bancorp in a research report on Wednesday, April 22nd. They set a “buy” rating and a $61.00 price target on the stock. Freedom Capital upgraded Unity Bancorp to a “hold” rating in a report on Friday, July 3rd. Finally, Piper Sandler lifted their target price on Unity Bancorp from $65.00 to $68.00 and gave the company an “overweight” rating in a research report on Friday, June 26th. Five equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, Unity Bancorp has an average rating of “Moderate Buy” and a consensus target price of $65.50.

Unity Bancorp Stock Up 1.6%

Shares of Unity Bancorp stock opened at $56.42 on Wednesday. The firm has a market cap of $566.42 million, a PE ratio of 9.50 and a beta of 0.62. The business’s 50 day simple moving average is $55.46 and its 200 day simple moving average is $53.85. 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 52-week low of $44.34 and a 52-week high of $60.86.

Unity Bancorp (NASDAQ:UNTY) last released its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.42 earnings per share for the quarter, missing analysts’ consensus estimates of $1.48 by ($0.06). The firm had revenue of $34.40 million for the quarter, compared to analyst estimates of $34.62 million. Unity Bancorp had a return on equity of 16.06% and a net margin of 31.33%. On average, analysts predict that Unity Bancorp will post 5.84 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Mary E. Gross sold 2,075 shares of the business’s stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $56.01, for a total transaction of $116,220.75. Following the completion of the sale, the director owned 18,479 shares in the company, valued at $1,035,008.79. The trade was a 10.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, 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 transaction, the director directly owned 113,854 shares in the company, valued at $6,288,156.42. The trade was a 1.39% decrease in their position. The SEC filing for this sale provides additional information. 28.87% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Unity Bancorp

A number of large investors have recently made changes to their positions in UNTY. Wesbanco Bank Inc. bought a new position in Unity Bancorp during the first quarter worth about $1,083,000. JPMorgan Chase & Co. boosted its holdings in Unity Bancorp by 31.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 65,477 shares of the financial services provider’s stock valued at $3,200,000 after purchasing an additional 15,628 shares during the period. Public Employees Retirement System of Ohio grew its position in shares of Unity Bancorp by 17.3% during the 1st quarter. Public Employees Retirement System of Ohio now owns 3,391 shares of the financial services provider’s stock worth $176,000 after purchasing an additional 500 shares in the last quarter. Hsbc Holdings PLC grew its position in shares of Unity Bancorp by 34.2% during the 1st quarter. Hsbc Holdings PLC now owns 7,113 shares of the financial services provider’s stock worth $367,000 after purchasing an additional 1,814 shares in the last quarter. Finally, Inspire Investing LLC grew its position in shares of Unity Bancorp by 9.4% during the 1st quarter. Inspire Investing LLC now owns 9,945 shares of the financial services provider’s stock worth $515,000 after purchasing an additional 851 shares in the last quarter. Institutional investors 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.