Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for Unity Bancorp (NASDAQ:UNTY) Stock

Unity Bancorp (NASDAQ:UNTY) had its price objective lifted by investment analysts at Keefe, Bruyette & Woods from $55.00 to $63.00 in a report released on Friday,Benzinga reports. The firm presently has an “outperform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price target would indicate a potential upside of 19.73% from the stock’s previous close.

Several other brokerages have also weighed in on UNTY. Piper Sandler decreased their target price on shares of Unity Bancorp from $54.00 to $50.00 and set an “overweight” rating on the stock in a research report on Monday, April 14th. Wall Street Zen lowered shares of Unity Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, May 24th.

Unity Bancorp Stock Performance

NASDAQ UNTY opened at $52.62 on Friday. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.15 and a quick ratio of 1.15. The firm has a market capitalization of $527.78 million, a price-to-earnings ratio of 10.65 and a beta of 0.72. The company’s fifty day moving average is $46.59 and its two-hundred day moving average is $44.86. Unity Bancorp has a 52-week low of $30.28 and a 52-week high of $54.64.

Unity Bancorp (NASDAQ:UNTY) last posted its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.03. The company had revenue of $34.37 million for the quarter, compared to analyst estimates of $30.30 million. Unity Bancorp had a net margin of 28.72% and a return on equity of 15.66%. Equities research analysts forecast that Unity Bancorp will post 4.83 EPS for the current year.

Insider Buying and Selling

In other Unity Bancorp news, Director Donald E. Jr. Souders sold 1,333 shares of the business’s stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $41.23, for a total value of $54,959.59. Following the transaction, the director directly owned 8,477 shares in the company, valued at $349,506.71. The trade was a 13.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 29.68% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Unity Bancorp

Institutional investors have recently modified their holdings of the stock. CWM LLC raised its stake in shares of Unity Bancorp by 122.5% in the first quarter. CWM LLC now owns 612 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 337 shares during the last quarter. Public Employees Retirement System of Ohio bought a new stake in shares of Unity Bancorp during the fourth quarter worth approximately $33,000. Strs Ohio bought a new stake in shares of Unity Bancorp during the first quarter worth approximately $49,000. Whipplewood Advisors LLC raised its stake in shares of Unity Bancorp by 11,000.0% during the first quarter. Whipplewood Advisors LLC now owns 1,221 shares of the financial services provider’s stock worth $50,000 after buying an additional 1,210 shares during the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of Unity Bancorp by 11,262.5% during the first quarter. GAMMA Investing LLC now owns 2,727 shares of the financial services provider’s stock worth $111,000 after buying an additional 2,703 shares during the last quarter. 42.31% of the stock is owned by institutional investors.

About Unity Bancorp

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.