Unity Bancorp, Inc. (NASDAQ:UNTY) Receives Average Recommendation of “Buy” from Analysts

Unity Bancorp, Inc. (NASDAQ:UNTY) has been assigned an average rating of “Buy” from the five brokerages that are presently covering the firm, Marketbeat Ratings reports. Five research analysts have rated the stock with a buy rating. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $64.75.

A number of analysts recently weighed in on UNTY shares. 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 note on Wednesday, April 22nd. They set a “buy” rating and a $61.00 target price on the stock. Finally, DA Davidson started coverage on shares of Unity Bancorp in a research note on Friday, May 15th. They set a “buy” rating and a $68.00 target price on the stock.

Unity Bancorp Stock Up 2.1%

Shares of NASDAQ:UNTY opened at $56.63 on Tuesday. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.17 and a quick ratio of 1.17. The firm has a market capitalization of $568.57 million, a PE ratio of 9.53 and a beta of 0.61. The firm’s 50-day moving average is $54.12 and its two-hundred day moving average is $53.23. Unity Bancorp has a 1 year low of $43.22 and a 1 year high of $57.30.

Unity Bancorp (NASDAQ:UNTY) last released its earnings results on Tuesday, April 14th. The financial services provider reported $1.40 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $33.59 million. Analysts predict that Unity Bancorp will post 5.84 EPS for the current year.

Unity Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 18th. Investors of record on Thursday, June 4th will be paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Thursday, June 4th. Unity Bancorp’s dividend payout ratio is presently 10.77%.

Insider Buying and Selling

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 stock was sold at an average price of $55.23, for a total value of $88,368.00. Following the completion of the transaction, the director directly owned 113,854 shares of the company’s stock, valued at $6,288,156.42. This represents a 1.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Mary E. Gross sold 2,075 shares of the company’s stock in a transaction that occurred 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 of the company’s stock, valued at $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. 28.87% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Unity Bancorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. CWM LLC boosted its holdings in Unity Bancorp by 38.0% in the fourth quarter. CWM LLC now owns 857 shares of the financial services provider’s stock valued at $44,000 after purchasing an additional 236 shares in the last quarter. Gator Capital Management LLC boosted its holdings in Unity Bancorp by 0.8% in 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 purchasing an additional 280 shares in the last quarter. Hsbc Holdings PLC boosted its holdings in Unity Bancorp by 5.1% in the second quarter. Hsbc Holdings PLC now owns 6,056 shares of the financial services provider’s stock valued at $287,000 after purchasing an additional 295 shares in the last quarter. BNP Paribas Financial Markets boosted its holdings in Unity Bancorp by 14.8% in the second quarter. BNP Paribas Financial Markets now owns 2,883 shares of the financial services provider’s stock valued at $136,000 after purchasing an additional 372 shares in the last quarter. Finally, Rhumbline Advisers boosted its holdings in Unity Bancorp by 3.7% in the second quarter. Rhumbline Advisers now owns 10,805 shares of the financial services provider’s stock valued at $509,000 after purchasing an additional 385 shares in the last quarter. 42.31% of the stock is owned by institutional investors and hedge funds.

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.