Unity Bancorp’s (UNTY) Buy Rating Reiterated at DA Davidson

DA Davidson restated their buy rating on shares of Unity Bancorp (NASDAQ:UNTY) in a report issued on Wednesday morning,Benzinga reports. They currently have a $68.00 target price on the financial services provider’s stock.

Several other research analysts have also issued reports on UNTY. Brean Capital initiated coverage on shares of Unity Bancorp in a research report on Wednesday, April 22nd. They issued a “buy” rating and a $61.00 price target for the company. Piper Sandler lifted their price objective on Unity Bancorp from $65.00 to $68.00 and gave the company an “overweight” rating in a report on Friday, June 26th. Weiss Ratings upgraded Unity Bancorp from a “buy (b)” rating to a “buy (b+)” rating in a research note on Monday, May 4th. Finally, Freedom Capital raised Unity Bancorp to a “hold” rating in a report on Friday, July 3rd. Five analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $65.50.

Unity Bancorp Trading Down 3.4%

Shares of Unity Bancorp stock opened at $57.25 on Wednesday. Unity Bancorp has a 52-week low of $44.34 and a 52-week high of $60.86. The firm has a market capitalization of $574.79 million, a PE ratio of 9.96 and a beta of 0.62. 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 company’s fifty day moving average price is $55.71 and its two-hundred day moving average price is $53.94.

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

Unity Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Stockholders of record on Thursday, June 4th were issued a $0.16 dividend. The ex-dividend date of this dividend was Thursday, June 4th. This represents a $0.64 annualized dividend and a dividend yield of 1.1%. Unity Bancorp’s dividend payout ratio is presently 11.13%.

Insider Activity

In related news, Director Mark S. Brody sold 1,600 shares of the stock in a transaction dated 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 sale, the director owned 113,854 shares in the company, valued at $6,288,156.42. This trade represents a 1.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 28.87% of the stock is owned by company insiders.

Institutional Trading of Unity Bancorp

Several large investors have recently added to or reduced their stakes in the company. CWM LLC raised its stake in shares of 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 acquiring an additional 236 shares during the last quarter. Russell Investments Group Ltd. grew its position in Unity Bancorp by 159.1% during the 3rd quarter. Russell Investments Group Ltd. now owns 987 shares of the financial services provider’s stock worth $48,000 after acquiring an additional 606 shares during the last quarter. Strs Ohio bought a new stake in Unity Bancorp during the 1st quarter worth approximately $49,000. State of Alaska Department of Revenue grew its position in Unity Bancorp by 261.1% during the 4th quarter. State of Alaska Department of Revenue now owns 1,412 shares of the financial services provider’s stock worth $72,000 after acquiring an additional 1,021 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its holdings in 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 purchasing an additional 372 shares in the last quarter. 42.31% of the stock is 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.