Unity Bancorp (NASDAQ:UNTY) Now Covered by Analysts at DA Davidson

Stock analysts at DA Davidson initiated coverage on shares of Unity Bancorp (NASDAQ:UNTY) in a research note issued on Friday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $68.00 price target on the financial services provider’s stock. DA Davidson’s price target points to a potential upside of 29.38% from the stock’s previous close.

Several other equities research analysts have also commented on the stock. Brean Capital initiated coverage on shares of Unity Bancorp in a research note on Wednesday, April 22nd. They issued a “buy” rating and a $61.00 price objective for the company. Piper Sandler upped their target price on Unity Bancorp from $64.00 to $65.00 and gave the company an “overweight” rating in a report on Thursday, January 15th. Finally, Weiss Ratings raised Unity Bancorp from a “buy (b)” rating to a “buy (b+)” rating in a research report on Monday, May 4th. Five investment analysts have rated the stock with a Buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $64.75.

Unity Bancorp Price Performance

Shares of NASDAQ:UNTY opened at $52.56 on Friday. The company has a current ratio of 1.17, a quick ratio of 1.16 and a debt-to-equity ratio of 0.72. The stock’s fifty day simple moving average is $52.42 and its two-hundred day simple moving average is $52.12. Unity Bancorp has a 1-year low of $41.67 and a 1-year high of $57.30. The stock has a market cap of $527.70 million, a PE ratio of 8.85 and a beta of 0.60.

Unity Bancorp (NASDAQ:UNTY) last posted its earnings results on Tuesday, April 14th. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.37 by $0.03. Unity Bancorp had a net margin of 31.33% and a return on equity of 16.06%. The firm had revenue of $33.61 million during the quarter, compared to analyst estimates of $33.59 million. As a group, analysts forecast that Unity Bancorp will post 5.79 EPS for the current fiscal year.

Insider Activity

In related news, CEO James A. Hughes sold 1,500 shares of the company’s stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $54.50, for a total transaction of $81,750.00. Following the sale, the chief executive officer directly owned 173,013 shares in the company, valued at approximately $9,429,208.50. This represents a 0.86% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Mary E. Gross sold 2,075 shares of the firm’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 transaction, the director directly 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 18,388 shares of company stock valued at $933,404 over the last quarter. Company insiders own 28.87% of the company’s stock.

Hedge Funds Weigh In On Unity Bancorp

Several hedge funds have recently made changes to their positions in the stock. Squarepoint Ops LLC lifted its holdings 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 purchasing an additional 34,568 shares in the last quarter. Two Sigma Investments LP grew its holdings 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 buying an additional 27,340 shares in the last quarter. Marshall Wace LLP increased its position in shares of Unity Bancorp by 300.8% during the second quarter. Marshall Wace LLP now owns 29,898 shares of the financial services provider’s stock valued at $1,408,000 after buying an additional 22,439 shares during the period. Wesbanco Bank Inc. purchased a new stake in shares of Unity Bancorp in the first quarter worth about $1,083,000. Finally, Kennedy Capital Management LLC boosted 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 valued at $4,072,000 after acquiring an additional 19,468 shares during the period. 42.31% of the stock is currently owned by hedge funds and other institutional investors.

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.