Unity Bancorp (NASDAQ:UNTY) Raised to “Strong-Buy” at Freedom Capital

Unity Bancorp (NASDAQ:UNTY) was upgraded by equities researchers at Freedom Capital from a “hold” rating to a “strong-buy” rating in a research note issued on Thursday,Zacks.com reports.

Several other research analysts have also commented on the company. Piper Sandler lifted their target price on Unity Bancorp from $65.00 to $68.00 and gave the stock an “overweight” rating in a research report on Friday, June 26th. Brean Capital assumed coverage on shares of Unity Bancorp in a report on Wednesday, April 22nd. They set a “buy” rating and a $61.00 target price on the stock. Weiss Ratings raised shares of Unity Bancorp from a “buy (b)” rating to a “buy (b+)” rating in a report on Monday, May 4th. Finally, DA Davidson reiterated a “buy” rating and set a $68.00 price objective on shares of Unity Bancorp in a research note on Wednesday. One analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company. According to data from MarketBeat, Unity Bancorp has a consensus rating of “Buy” and an average price target of $65.50.

Unity Bancorp Trading Down 3.4%

Shares of UNTY opened at $57.25 on Thursday. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.17 and a quick ratio of 1.17. Unity Bancorp has a 12 month low of $44.34 and a 12 month high of $60.86. The stock has a market cap of $574.79 million, a PE ratio of 9.96 and a beta of 0.62. The stock’s 50-day moving average is $55.71 and its two-hundred day moving average is $53.94.

Unity Bancorp (NASDAQ:UNTY) last released its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.42 earnings per share for the quarter, missing analysts’ consensus estimates of $1.44 by ($0.02). The firm had revenue of $34.40 million for the quarter, compared to analyst estimates of $34.62 million. Unity Bancorp had a net margin of 30.26% and a return on equity of 16.40%. Equities analysts forecast that Unity Bancorp will post 5.86 earnings per share for the current fiscal year.

Insider Transactions at Unity Bancorp

In related news, Director Mark S. Brody sold 1,600 shares of the company’s stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $55.23, for a total value of $88,368.00. Following the completion of the sale, the director owned 113,854 shares in the company, valued at approximately $6,288,156.42. This represents a 1.39% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 28.87% of the company’s stock.

Hedge Funds Weigh In On Unity Bancorp

Institutional investors have recently made changes to their positions in the business. CWM LLC grew its position in Unity Bancorp by 38.0% during the fourth quarter. CWM LLC now owns 857 shares of the financial services provider’s stock worth $44,000 after buying an additional 236 shares in the last quarter. Russell Investments Group Ltd. increased its position in shares of Unity Bancorp by 159.1% during the third quarter. Russell Investments Group Ltd. now owns 987 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 606 shares during the period. Strs Ohio acquired a new position in shares of Unity Bancorp in the first quarter valued at $49,000. State of Alaska Department of Revenue boosted its stake in Unity Bancorp by 261.1% during the fourth quarter. State of Alaska Department of Revenue now owns 1,412 shares of the financial services provider’s stock worth $72,000 after buying an additional 1,021 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its position in shares of Unity Bancorp by 14.8% during the 2nd quarter. BNP Paribas Financial Markets now owns 2,883 shares of the financial services provider’s stock valued at $136,000 after acquiring an additional 372 shares in the last quarter. 42.31% of the stock is currently owned by 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.