Unity Bancorp (NASDAQ:UNTY) Given Outperform Rating at Keefe, Bruyette & Woods

Unity Bancorp (NASDAQ:UNTY)‘s stock had its “outperform” rating reiterated by equities research analysts at Keefe, Bruyette & Woods in a report released on Thursday,Benzinga reports. They presently have a $55.00 target price on the financial services provider’s stock, up from their prior target price of $51.00. Keefe, Bruyette & Woods’ price objective indicates a potential upside of 20.96% from the stock’s current price.

Several other equities research analysts have also weighed in on UNTY. StockNews.com lowered shares of Unity Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. Piper Sandler reaffirmed an “overweight” rating and set a $54.00 price objective (up previously from $53.00) on shares of Unity Bancorp in a report on Thursday.

Unity Bancorp Price Performance

UNTY traded up $0.07 during midday trading on Thursday, reaching $45.47. 18,960 shares of the company’s stock were exchanged, compared to its average volume of 39,441. Unity Bancorp has a one year low of $25.33 and a one year high of $48.44. The firm has a market capitalization of $454.25 million, a price-to-earnings ratio of 11.69 and a beta of 1.03. The business has a 50-day simple moving average of $44.64 and a two-hundred day simple moving average of $37.56. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.97.

Unity Bancorp (NASDAQ:UNTY) last posted its earnings results on Wednesday, January 15th. The financial services provider reported $1.13 EPS for the quarter, topping the consensus estimate of $1.08 by $0.05. Unity Bancorp had a return on equity of 14.63% and a net margin of 24.46%. As a group, research analysts predict that Unity Bancorp will post 4.01 EPS for the current year.

Insider Buying and Selling at Unity Bancorp

In other Unity Bancorp news, SVP David G. Bove sold 4,167 shares of the company’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $46.78, for a total transaction of $194,932.26. Following the transaction, the senior vice president now directly owns 9,837 shares in the company, valued at approximately $460,174.86. This represents a 29.76 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Mark S. Brody sold 2,800 shares of Unity Bancorp stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $47.33, for a total transaction of $132,524.00. Following the sale, the director now owns 70,002 shares of the company’s stock, valued at approximately $3,313,194.66. This represents a 3.85 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 10,810 shares of company stock worth $499,642. Insiders own 28.88% of the company’s stock.

Hedge Funds Weigh In On Unity Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. BNP Paribas Financial Markets raised its position in shares of Unity Bancorp by 84.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 2,464 shares of the financial services provider’s stock valued at $84,000 after acquiring an additional 1,129 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Unity Bancorp during the third quarter worth $623,000. Geode Capital Management LLC lifted its stake in Unity Bancorp by 0.3% in the third quarter. Geode Capital Management LLC now owns 152,590 shares of the financial services provider’s stock valued at $5,198,000 after buying an additional 492 shares during the period. Barclays PLC boosted its holdings in Unity Bancorp by 93.1% during the third quarter. Barclays PLC now owns 14,197 shares of the financial services provider’s stock worth $484,000 after buying an additional 6,846 shares during the last quarter. Finally, State Street Corp grew its position in shares of Unity Bancorp by 0.6% during the 3rd quarter. State Street Corp now owns 94,750 shares of the financial services provider’s stock worth $3,227,000 after buying an additional 607 shares during the period. 42.31% of the stock is owned by institutional investors.

Unity Bancorp Company Profile

Unity Bancorp, Inc operates as a bank holding company for Unity Bank that provides range of commercial and retail banking services to individuals, small and medium sized businesses, and professional communities. It offers personal and business checking accounts, time deposits, money market accounts, savings accounts, and retirement accounts, as well as noninterest and interest-bearing demand deposits.