Unity Bancorp (NASDAQ:UNTY) Earns Buy Rating from DA Davidson

Unity Bancorp (NASDAQ:UNTY)‘s stock had its “buy” rating reiterated by DA Davidson in a note issued to investors on Wednesday,Benzinga reports. They currently have a $68.00 price objective on the financial services provider’s stock. DA Davidson’s target price points to a potential upside of 14.75% from the company’s current price.

UNTY has been the topic of several other research reports. Freedom Capital upgraded shares of Unity Bancorp to a “hold” rating in a research note on Friday, July 3rd. Weiss Ratings upgraded Unity Bancorp from a “buy (b)” rating to a “buy (b+)” rating in a research report on Monday, May 4th. Piper Sandler lifted 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, Brean Capital started coverage on Unity Bancorp in a research report on Wednesday, April 22nd. They issued a “buy” rating and a $61.00 target price on the stock. Five investment 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 currently has a consensus rating of “Moderate Buy” and a consensus target price of $65.50.

Unity Bancorp Price Performance

UNTY stock opened at $59.26 on Wednesday. Unity Bancorp has a one year low of $44.34 and a one year high of $60.86. The company’s fifty day moving average price is $55.64 and its 200-day moving average price is $53.92. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.17 and a current ratio of 1.17. The company has a market capitalization of $594.97 million, a PE ratio of 10.31 and a beta of 0.62.

Unity Bancorp (NASDAQ:UNTY) last issued its earnings results on Tuesday, July 14th. The financial services provider reported $1.42 earnings per share for the quarter, missing analysts’ consensus estimates of $1.44 by ($0.02). The company had revenue of $34.40 million for the quarter, compared to the consensus estimate of $34.62 million. Unity Bancorp had a return on equity of 16.40% and a net margin of 30.26%. On average, equities analysts anticipate that Unity Bancorp will post 5.84 EPS for the current fiscal year.

Insider Buying and Selling

In other Unity Bancorp news, Director Mark S. Brody sold 1,600 shares of the stock in a transaction on 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 transaction, the director owned 113,854 shares in the company, valued at $6,288,156.42. This trade represents a 1.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 28.87% of the stock is owned by company insiders.

Institutional Trading of Unity Bancorp

A number of large investors have recently made changes to their positions in UNTY. Squarepoint Ops LLC raised its position in shares of Unity Bancorp by 600.2% during the 4th quarter. Squarepoint Ops LLC now owns 40,327 shares of the financial services provider’s stock valued at $2,086,000 after buying an additional 34,568 shares in the last quarter. Two Sigma Investments LP grew its position in Unity Bancorp by 115.9% in the third quarter. Two Sigma Investments LP now owns 50,920 shares of the financial services provider’s stock worth $2,488,000 after acquiring an additional 27,340 shares in the last quarter. Marshall Wace LLP grew its position in Unity Bancorp by 300.8% in the second quarter. Marshall Wace LLP now owns 29,898 shares of the financial services provider’s stock worth $1,408,000 after acquiring an additional 22,439 shares in the last quarter. Wesbanco Bank Inc. bought a new stake in Unity Bancorp during the first quarter worth approximately $1,083,000. Finally, Kennedy Capital Management LLC increased its stake in Unity Bancorp by 32.8% during the fourth quarter. Kennedy Capital Management LLC now owns 78,738 shares of the financial services provider’s stock worth $4,072,000 after acquiring an additional 19,468 shares during the last quarter. 42.31% of the stock is currently 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.