Unity Bancorp, Inc. (NASDAQ:UNTY) Receives $64.75 Average Price Target from Analysts

Shares of Unity Bancorp, Inc. (NASDAQ:UNTY) have been given a consensus rating of “Buy” by the five ratings firms that are presently covering the stock, Marketbeat reports. Five investment analysts have rated the stock with a buy recommendation. The average 1 year price objective among analysts that have covered the stock in the last year is $64.75.

A number of brokerages have issued reports on UNTY. DA Davidson initiated coverage on shares of Unity Bancorp in a research report on Friday, May 15th. They set a “buy” rating and a $68.00 target price on the stock. Brean Capital initiated coverage on shares of Unity Bancorp in a research report on Wednesday, April 22nd. They set a “buy” rating and a $61.00 price target on the stock. Finally, Weiss Ratings upgraded shares of Unity Bancorp from a “buy (b)” rating to a “buy (b+)” rating in a research report on Monday, May 4th.

Unity Bancorp Stock Performance

Shares of NASDAQ:UNTY opened at $55.30 on Friday. The company’s 50 day moving average price is $52.64 and its two-hundred day moving average price is $52.37. Unity Bancorp has a 12-month low of $41.67 and a 12-month high of $57.30. The firm has a market cap of $555.21 million, a PE ratio of 9.31 and a beta of 0.60. 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) last announced its earnings results on Tuesday, April 14th. The financial services provider reported $1.40 earnings per share (EPS) 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. Equities research analysts predict that Unity Bancorp will post 5.84 earnings per share for the current year.

Unity Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 20th. Investors of record on Friday, March 6th were given a dividend of $0.16 per share. The ex-dividend date was Friday, March 6th. This represents a $0.64 annualized dividend and a dividend yield of 1.2%. This is a positive change from Unity Bancorp’s previous quarterly dividend of $0.15. Unity Bancorp’s dividend payout ratio (DPR) is 10.77%.

Insider Activity at Unity Bancorp

In related news, Director Robert H. Dallas II sold 7,725 shares of the stock in a transaction that occurred on Friday, March 13th. The shares were sold at an average price of $49.60, for a total transaction of $383,160.00. Following the sale, the director owned 32,073 shares in the company, valued at approximately $1,590,820.80. This trade represents a 19.41% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Mary E. Gross sold 2,075 shares of the stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $56.01, for a total transaction of $116,220.75. Following the sale, the director owned 18,479 shares in the company, valued at $1,035,008.79. This represents a 10.10% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 16,888 shares of company stock worth $851,654 in the last quarter. 28.87% of the stock is currently owned by company insiders.

Institutional Trading of Unity Bancorp

Large investors have recently made changes to their positions in the company. CWM LLC boosted its position in shares of Unity Bancorp by 38.0% during the 4th quarter. CWM LLC now owns 857 shares of the financial services provider’s stock worth $44,000 after acquiring an additional 236 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in Unity Bancorp by 159.1% in the 3rd 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 last quarter. Strs Ohio bought a new position in Unity Bancorp in the 1st quarter valued at approximately $49,000. State of Alaska Department of Revenue lifted its stake in Unity Bancorp by 261.1% in the 4th quarter. State of Alaska Department of Revenue now owns 1,412 shares of the financial services provider’s stock valued at $72,000 after purchasing an additional 1,021 shares during the last quarter. Finally, AlphaQuest LLC bought a new position in Unity Bancorp in the 3rd quarter valued at approximately $91,000. Institutional investors and hedge funds own 42.31% of the company’s stock.

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.