Unity Bancorp, Inc. (NASDAQ:UNTY – Get Free Report) has received a consensus recommendation of “Buy” from the five ratings firms that are presently covering the company, MarketBeat.com reports. Five equities research analysts have rated the stock with a buy recommendation. The average twelve-month price objective among brokers that have covered the stock in the last year is $65.50.
Several equities analysts have recently issued reports on the company. DA Davidson assumed coverage on Unity Bancorp in a research note on Friday, May 15th. They issued a “buy” rating and a $68.00 price objective for the company. Weiss Ratings raised shares of Unity Bancorp from a “buy (b)” rating to a “buy (b+)” rating in a report on Monday, May 4th. Brean Capital assumed coverage on shares of Unity Bancorp in a research note on Wednesday, April 22nd. They issued a “buy” rating and a $61.00 price target for the company. Finally, Piper Sandler boosted their price target on shares of Unity Bancorp from $65.00 to $68.00 and gave the stock an “overweight” rating in a report on Friday, June 26th.
View Our Latest Analysis on UNTY
Unity Bancorp Price Performance
Unity Bancorp (NASDAQ:UNTY – Get Free Report) last released its earnings results on Tuesday, April 14th. The financial services provider reported $1.40 EPS for the quarter, topping the consensus estimate of $1.37 by $0.03. Unity Bancorp had a return on equity of 16.06% and a net margin of 31.33%.The firm had revenue of $33.61 million during the quarter, compared to analysts’ expectations of $33.59 million. As a group, equities analysts predict that Unity Bancorp will post 5.84 EPS for the current fiscal year.
Unity Bancorp Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 18th. Stockholders of record on Thursday, June 4th were issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date was Thursday, June 4th. Unity Bancorp’s dividend payout ratio (DPR) is presently 10.77%.
Insider Buying and Selling at Unity Bancorp
In related news, Director Mark S. Brody sold 1,600 shares of the business’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $55.23, for a total transaction of $88,368.00. Following the completion of the transaction, the director owned 113,854 shares in the company, valued at approximately $6,288,156.42. The trade was a 1.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Mary E. Gross sold 2,075 shares of the stock in a transaction on Friday, April 17th. The shares were sold at an average price of $56.01, for a total value of $116,220.75. Following the completion of the transaction, the director directly owned 18,479 shares in the company, valued at $1,035,008.79. This trade represents a 10.10% decrease in their position. The SEC filing for this sale provides additional information. 28.87% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Unity Bancorp
Several hedge funds and other institutional investors have recently made changes to their positions in UNTY. Wesbanco Bank Inc. purchased a new stake in Unity Bancorp during the first quarter worth approximately $1,083,000. JPMorgan Chase & Co. increased its stake in Unity Bancorp by 31.4% in the third 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 last quarter. Inspire Investing LLC increased its stake in Unity Bancorp by 9.4% in the first quarter. Inspire Investing LLC now owns 9,945 shares of the financial services provider’s stock valued at $515,000 after purchasing an additional 851 shares during the last quarter. Sterling Capital Management LLC raised its holdings in Unity Bancorp by 1,798.0% during the first quarter. Sterling Capital Management LLC now owns 4,650 shares of the financial services provider’s stock worth $241,000 after purchasing an additional 4,405 shares in the last quarter. Finally, Gator Capital Management LLC raised its holdings in 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 worth $1,639,000 after purchasing an additional 280 shares in the last quarter. Institutional investors and hedge funds own 42.31% of the company’s stock.
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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