DA Davidson Reaffirms Buy Rating for Unity Bancorp (NASDAQ:UNTY)

Key Points

• DA Davidson reaffirmed its Buy rating on Unity Bancorp and maintained a $68 price target, implying approximately 13.25% upside from the prior close.
• Analyst sentiment remains positive, with Unity Bancorp carrying an overall “Buy” consensus rating and an average price target of $65.50.
• Shares rose 1.6% to $60.05, while the company’s latest quarterly results fell slightly short of estimates, reporting $1.42 EPS and $33.75 million in revenue.

Unity Bancorp (NASDAQ:UNTY - Get Free Report)'s stock had its "buy" rating reiterated by DA Davidson in a report issued on Friday, Benzinga reports. They currently have a $68.00 target price on the financial services provider's stock. DA Davidson's price target indicates a potential upside of 13.25% from the company's previous close.

A number of other equities research analysts have also weighed in on UNTY. Freedom Capital raised Unity Bancorp from a "hold" rating to a "strong-buy" rating in a research report on Thursday, July 16th. Weiss Ratings reissued a "buy (b+)" rating on shares of Unity Bancorp in a research report on Friday, July 31st. Finally, Piper Sandler lifted their price target on shares of Unity Bancorp from $65.00 to $68.00 and gave the stock an "overweight" rating in a report on Friday, June 26th. One investment analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company's stock. According to data from MarketBeat, Unity Bancorp currently has an average rating of "Buy" and a consensus price target of $65.50.

Unity Bancorp Trading Up 1.6%

UNTY stock traded up $0.95 during mid-day trading on Friday, reaching $60.05. 27,929 shares of the stock traded hands, compared to its average volume of 53,900. Unity Bancorp has a one year low of $44.34 and a one year high of $62.50. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.17 and a current ratio of 1.17. The business has a 50-day moving average price of $58.66 and a two-hundred day moving average price of $55.45. The stock has a market capitalization of $602.85 million, a PE ratio of 10.44 and a beta of 0.61.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) last announced its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.44 by ($0.02). Unity Bancorp had a return on equity of 16.10% and a net margin of 30.26%.The firm had revenue of $33.75 million during the quarter, compared to the consensus estimate of $34.62 million. Equities research analysts expect that Unity Bancorp will post 5.86 EPS for the current year.

Insider Buying and Selling at Unity Bancorp

In other Unity Bancorp news, President George Boyan sold 6,504 shares of the company's stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $59.16, for a total transaction of $384,776.64. Following the completion of the transaction, the president directly owned 25,015 shares in the company, valued at approximately $1,479,887.40. This represents a 20.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 28.87% of the stock is currently owned by insiders.

Institutional Trading of Unity Bancorp

Institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. acquired a new stake in Unity Bancorp in the 2nd quarter worth about $32,299,000. Alliancebernstein L.P. raised its holdings in shares of Unity Bancorp by 2.4% during the third quarter. Alliancebernstein L.P. now owns 357,310 shares of the financial services provider's stock valued at $17,462,000 after acquiring an additional 8,520 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Unity Bancorp by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 169,355 shares of the financial services provider's stock valued at $8,761,000 after acquiring an additional 1,291 shares during the last quarter. Maltese Capital Management LLC lifted its position in shares of Unity Bancorp by 2.4% in the fourth quarter. Maltese Capital Management LLC now owns 159,000 shares of the financial services provider's stock valued at $8,223,000 after acquiring an additional 3,700 shares in the last quarter. Finally, Bridgeway Capital Management LLC lifted its position in shares of Unity Bancorp by 6.2% in the third quarter. Bridgeway Capital Management LLC now owns 90,179 shares of the financial services provider's stock valued at $4,407,000 after acquiring an additional 5,248 shares in the last quarter. Hedge funds and other institutional investors own 42.31% of the company's stock.

Unity Bancorp Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.