Unity Bancorp, Inc. (NASDAQ:UNTY – Get Free Report) has been given an average rating of “Buy” by the five ratings firms that are currently covering the company, Marketbeat Ratings reports. Five investment analysts have rated the stock with a buy rating. The average 12-month target price among brokers that have issued a report on the stock in the last year is $64.75.
UNTY has been the topic of a number of research reports. Weiss Ratings upgraded shares of Unity Bancorp from a “buy (b)” rating to a “buy (b+)” rating in a research note on Monday, May 4th. Brean Capital started coverage on shares of Unity Bancorp in a research report on Wednesday, April 22nd. They set a “buy” rating and a $61.00 target price for the company. Finally, DA Davidson assumed coverage on shares of Unity Bancorp in a report on Friday, May 15th. They issued a “buy” rating and a $68.00 price target on the stock.
View Our Latest Research Report on Unity Bancorp
Insider Transactions at Unity Bancorp
Hedge Funds Weigh In On Unity Bancorp
Institutional investors have recently made changes to their positions in the company. Alliancebernstein L.P. grew its position in Unity Bancorp by 2.4% during the third quarter. Alliancebernstein L.P. now owns 357,310 shares of the financial services provider’s stock valued at $17,462,000 after buying an additional 8,520 shares during the period. Geode Capital Management LLC raised its position in shares of Unity Bancorp by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 169,355 shares of the financial services provider’s stock worth $8,761,000 after acquiring an additional 1,291 shares during the period. Maltese Capital Management LLC boosted its stake in shares of Unity Bancorp by 2.4% during the 4th quarter. Maltese Capital Management LLC now owns 159,000 shares of the financial services provider’s stock worth $8,223,000 after acquiring an additional 3,700 shares in the last quarter. Royce & Associates LP boosted its stake in shares of Unity Bancorp by 8.0% during the 3rd quarter. Royce & Associates LP now owns 157,496 shares of the financial services provider’s stock worth $7,697,000 after acquiring an additional 11,676 shares in the last quarter. Finally, Bridgeway Capital Management LLC grew its position in shares of Unity Bancorp by 6.2% during the 3rd quarter. Bridgeway Capital Management LLC now owns 90,179 shares of the financial services provider’s stock valued at $4,407,000 after acquiring an additional 5,248 shares during the period. 42.31% of the stock is owned by hedge funds and other institutional investors.
Unity Bancorp Trading Down 2.2%
Unity Bancorp stock opened at $55.38 on Tuesday. The stock has a 50-day moving average price of $54.17 and a 200 day moving average price of $53.29. The company has a market capitalization of $556.02 million, a price-to-earnings ratio of 9.32 and a beta of 0.61. Unity Bancorp has a 52 week low of $43.22 and a 52 week high of $57.82. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.72.
Unity Bancorp (NASDAQ:UNTY – Get Free Report) last issued its quarterly earnings results on Tuesday, April 14th. The financial services provider reported $1.40 earnings per share 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 company had revenue of $33.61 million for the quarter, compared to the consensus estimate of $33.59 million. Sell-side analysts anticipate that Unity Bancorp will post 5.84 EPS for the current year.
Unity Bancorp Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 18th. Stockholders of record on Thursday, June 4th will be issued a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Thursday, June 4th. Unity Bancorp’s payout ratio is 10.77%.
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.
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