Unity Bancorp, Inc. (NASDAQ:UNTY) has earned a consensus broker rating score of 1.00 (Strong Buy) from the one brokers that provide coverage for the stock, Zacks Investment Research reports. One investment analyst has rated the stock with a strong buy recommendation. Unity Bancorp’s rating score has improved by 33.3% from three months ago as a result of various analysts’ ratings changes.
Analysts have set a 12 month consensus price target of $24.00 for the company and are expecting that the company will post $0.52 EPS for the current quarter, according to Zacks. Zacks has also assigned Unity Bancorp an industry rank of 165 out of 256 based on the ratings given to related companies.
A number of research firms have issued reports on UNTY. ValuEngine downgraded Unity Bancorp from a “hold” rating to a “sell” rating in a report on Friday, June 21st. Boenning Scattergood assumed coverage on Unity Bancorp in a research note on Tuesday, June 11th. They issued a “buy” rating and a $24.00 target price on the stock.
Several institutional investors have recently added to or reduced their stakes in UNTY. BNP Paribas Arbitrage SA boosted its position in shares of Unity Bancorp by 654.4% during the first quarter. BNP Paribas Arbitrage SA now owns 1,637 shares of the financial services provider’s stock valued at $31,000 after buying an additional 1,420 shares during the last quarter. PNC Financial Services Group Inc. purchased a new stake in shares of Unity Bancorp during the first quarter valued at $41,000. Bank of America Corp DE boosted its position in shares of Unity Bancorp by 94.1% during the fourth quarter. Bank of America Corp DE now owns 5,954 shares of the financial services provider’s stock valued at $124,000 after buying an additional 2,886 shares during the last quarter. Context BH Capital Management LP purchased a new stake in shares of Unity Bancorp during the first quarter valued at $279,000. Finally, Acadian Asset Management LLC boosted its position in shares of Unity Bancorp by 39.8% during the first quarter. Acadian Asset Management LLC now owns 14,815 shares of the financial services provider’s stock valued at $280,000 after buying an additional 4,217 shares during the last quarter. 49.09% of the stock is currently owned by institutional investors.
UNTY traded up $0.20 during trading hours on Thursday, reaching $19.74. 1 shares of the company’s stock traded hands, compared to its average volume of 5,580. The firm has a 50-day moving average price of $20.23 and a 200 day moving average price of $20.69. Unity Bancorp has a 52-week low of $16.74 and a 52-week high of $24.62. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 1.34. The firm has a market capitalization of $209.28 million, a PE ratio of 9.88 and a beta of 0.69.
Unity Bancorp (NASDAQ:UNTY) last issued its earnings results on Thursday, July 18th. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.53. The business had revenue of $16.62 million during the quarter, compared to analyst estimates of $16.50 million. Unity Bancorp had a return on equity of 16.20% and a net margin of 28.09%. Equities analysts predict that Unity Bancorp will post 2.1 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.62%. Unity Bancorp’s dividend payout ratio is currently 15.92%.
About Unity Bancorp
Unity Bancorp, Inc operates as the holding company for Unity Bank that provides a range of banking products and services to individuals, small and medium sized businesses, and professional communities. The company offers personal and business checking accounts, time deposits, money market accounts, and regular savings accounts.
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