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

Shares of Unity Bancorp, Inc. (NASDAQ:UNTY) have earned an average rating of “Buy” from the six research firms that are covering the firm, Marketbeat Ratings reports. Five analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $65.50.

Several brokerages have recently weighed in on UNTY. Freedom Capital upgraded shares of Unity Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 16th. DA Davidson reaffirmed a “buy” rating and set a $68.00 price objective on shares of Unity Bancorp in a report on Wednesday, July 15th. Piper Sandler increased their target price on Unity Bancorp from $65.00 to $68.00 and gave the stock an “overweight” rating in a report on Friday, June 26th. Finally, Weiss Ratings reissued a “buy (b+)” rating on shares of Unity Bancorp in a research note on Friday, July 31st.

Unity Bancorp Stock Performance

NASDAQ:UNTY opened at $58.78 on Friday. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.88. The firm’s fifty day simple moving average is $58.50 and its 200 day simple moving average is $55.17. The firm has a market capitalization of $590.15 million, a PE ratio of 10.22 and a beta of 0.62. Unity Bancorp has a 1 year low of $44.34 and a 1 year high of $62.50.

Unity Bancorp (NASDAQ:UNTY) last issued its quarterly earnings results 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). The business had revenue of $33.75 million for the quarter, compared to analyst estimates of $34.62 million. Unity Bancorp had a return on equity of 16.10% and a net margin of 30.26%. On average, sell-side analysts anticipate that Unity Bancorp will post 5.86 EPS for the current year.

Unity Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 17th. Shareholders of record on Thursday, September 3rd will be issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Thursday, September 3rd. This represents a $0.68 dividend on an annualized basis and a yield of 1.2%. This is a boost from Unity Bancorp’s previous quarterly dividend of $0.16. Unity Bancorp’s dividend payout ratio (DPR) is presently 11.13%.

Hedge Funds Weigh In On Unity Bancorp

Institutional investors and hedge funds have recently made changes to their positions in the company. CWM LLC increased its holdings 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 worth $44,000 after acquiring an additional 236 shares in the last quarter. Legal & General Group Plc acquired a new position in shares of Unity Bancorp during the 2nd quarter worth about $44,000. Russell Investments Group Ltd. increased its position in shares of 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 purchasing an additional 606 shares during the last quarter. Strs Ohio acquired a new position in Unity Bancorp during the first quarter worth $49,000. Finally, State of Alaska Department of Revenue raised its holdings in shares of 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 period. 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.