Unity Bancorp (NASDAQ:UNTY) Price Target Raised to $65.00

Unity Bancorp (NASDAQ:UNTY) had its price objective upped by Keefe, Bruyette & Woods from $60.00 to $65.00 in a research report sent to investors on Wednesday, MarketBeat Ratings reports. The brokerage currently has an outperform rating on the financial services provider’s stock.

A number of other equities research analysts have also weighed in on the stock. Piper Sandler boosted their price objective on shares of Unity Bancorp from $60.00 to $61.00 and gave the stock an “overweight” rating in a report on Wednesday, October 15th. Weiss Ratings reissued a “buy (b)” rating on shares of Unity Bancorp in a research note on Wednesday, October 8th. Finally, Wall Street Zen lowered shares of Unity Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, November 15th. Three analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $65.00.

Unity Bancorp Trading Down 2.5%

Shares of UNTY stock opened at $54.01 on Wednesday. The business has a 50-day moving average price of $51.86 and a two-hundred day moving average price of $50.59. Unity Bancorp has a 12-month low of $36.65 and a 12-month high of $57.24. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.72. The firm has a market cap of $542.21 million, a P/E ratio of 9.53 and a beta of 0.65.

Unity Bancorp (NASDAQ:UNTY) last announced its quarterly earnings data on Tuesday, January 13th. The financial services provider reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.35 by $0.06. The company had revenue of $33.70 million for the quarter, compared to analysts’ expectations of $33.39 million. Unity Bancorp had a return on equity of 16.19% and a net margin of 30.76%. Equities analysts anticipate that Unity Bancorp will post 4.83 EPS for the current fiscal year.

Unity Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 19th. Investors of record on Friday, December 5th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date was Friday, December 5th. Unity Bancorp’s payout ratio is currently 10.58%.

Insider Buying and Selling at Unity Bancorp

In related news, SVP James Joseph Donovan sold 777 shares of the company’s stock in a transaction that occurred on Thursday, January 15th. The stock was sold at an average price of $56.07, for a total transaction of $43,566.39. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Minsu Kim sold 750 shares of the firm’s stock in a transaction on Thursday, January 15th. The stock was sold at an average price of $56.13, for a total value of $42,097.50. Following the completion of the sale, the senior vice president directly owned 791 shares of the company’s stock, valued at $44,398.83. The trade was a 48.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 3,267 shares of company stock valued at $180,843 in the last 90 days. Insiders own 29.68% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Ameritas Investment Partners Inc. raised its stake in Unity Bancorp by 41.7% during the second quarter. Ameritas Investment Partners Inc. now owns 748 shares of the financial services provider’s stock valued at $35,000 after buying an additional 220 shares during the last quarter. Gator Capital Management LLC increased its holdings in shares of Unity Bancorp by 0.8% during the third quarter. Gator Capital Management LLC now owns 33,536 shares of the financial services provider’s stock valued at $1,639,000 after acquiring an additional 280 shares in the last quarter. Hsbc Holdings PLC raised its position in shares of Unity Bancorp by 5.1% in the 2nd quarter. Hsbc Holdings PLC now owns 6,056 shares of the financial services provider’s stock worth $287,000 after purchasing an additional 295 shares during the last quarter. BNP Paribas Financial Markets raised its position in shares of Unity Bancorp by 14.8% in the 2nd quarter. BNP Paribas Financial Markets now owns 2,883 shares of the financial services provider’s stock worth $136,000 after purchasing an additional 372 shares during the last quarter. Finally, Rhumbline Advisers boosted its stake in Unity Bancorp by 3.7% in the 2nd quarter. Rhumbline Advisers now owns 10,805 shares of the financial services provider’s stock worth $509,000 after purchasing an additional 385 shares in the last quarter. 42.31% of the stock is 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.