Unity Bancorp, Inc. (UNTY) – What Are Analysts Thinking About This Stock?

Unity Bancorp, Inc. (NASDAQ:UNTY) has received a consensus rating of “Buy” from the six research firms that are presently covering the firm, Marketbeat reports. Four investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $65.50.

UNTY has been the subject of several analyst reports. DA Davidson restated a “buy” rating and set a $68.00 price target on shares of Unity Bancorp in a report on Tuesday, October 13th. Weiss Ratings raised shares of Unity Bancorp from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, October 19th. Finally, Freedom Capital raised Unity Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 16th.

Insider Transactions at Unity Bancorp

In other Unity Bancorp news, President George Boyan sold 6,504 shares of the stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $59.16, for a total value of $384,776.64. Following the completion of the sale, the president owned 25,015 shares in the company, valued at approximately $1,479,887.40. This represents a 20.64% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Peter E. Maricondo sold 470 shares of the stock in a transaction that occurred on Tuesday, October 20th. The shares were sold at an average price of $56.25, for a total transaction of $26,437.50. Following the completion of the sale, the director directly owned 49,943 shares of the company’s stock, valued at approximately $2,809,293.75. This trade represents a 0.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 7,819 shares of company stock worth $461,162 over the last three months. Corporate insiders own 28.87% of the company’s stock.

Hedge Funds Weigh In On Unity Bancorp

Several large investors have recently bought and sold shares of UNTY. BlackRock Inc. purchased a new stake in shares of Unity Bancorp in the second quarter valued at about $32,299,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Unity Bancorp in the second quarter valued at approximately $2,410,000. Bank of New York Mellon Corp acquired a new position in shares of Unity Bancorp in the 2nd quarter valued at about $1,976,000. Empowered Funds LLC acquired a new position in shares of Unity Bancorp during the 2nd quarter valued at $1,517,000. Finally, Bank of America Corp DE acquired a new position in shares of Unity Bancorp during the second quarter worth $1,240,000. Hedge funds and other institutional investors own 42.31% of the company’s stock.

Unity Bancorp Stock Performance

Shares of NASDAQ:UNTY opened at $58.21 on Friday. The company has a 50-day moving average price of $57.24 and a 200-day moving average price of $55.64. Unity Bancorp has a 12 month low of $46.47 and a 12 month high of $62.50. The company has a market cap of $586.17 million, a price-to-earnings ratio of 9.64 and a beta of 0.62. The company has a current ratio of 1.15, a quick ratio of 1.17 and a debt-to-equity ratio of 0.67.

Unity Bancorp (NASDAQ:UNTY) last issued its quarterly earnings data on Tuesday, October 13th. The financial services provider reported $1.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.49 by $0.02. The business had revenue of $36.65 million for the quarter, compared to the consensus estimate of $35.63 million. Unity Bancorp had a net margin of 31.00% and a return on equity of 16.00%. As a group, equities analysts anticipate that Unity Bancorp will post 5.91 EPS for the current year.

Unity Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 17th. Investors of record on Thursday, September 3rd were given a dividend of $0.17 per share. The ex-dividend date of this dividend was Thursday, September 3rd. This is a positive change from Unity Bancorp’s previous quarterly dividend of $0.16. This represents a $0.68 dividend on an annualized basis and a yield of 1.2%. Unity Bancorp’s dividend payout ratio is currently 11.26%.

Unity Bancorp Company Profile

Unity Bancorp, Inc. is the bank holding company for Unity Bank, a community bank headquartered in Clinton, New Jersey. Founded in 1991, the company serves customers in New Jersey and eastern Pennsylvania, including the Lehigh Valley. Unity Bank offers personal and business banking services, including checking and savings accounts, digital banking, and lending. Its financing products include residential mortgages and consumer loans, as well as commercial loans for businesses and real estate.