Brean Capital Initiates Coverage on Unity Bancorp (NASDAQ:UNTY)

Key Points

• Brean Capital initiated coverage on Unity Bancorp with a Buy rating and a $61 price target (about a 15.5% upside), and other firms including Piper Sandler and Keefe, Bruyette & Woods have also raised targets — the consensus rating is Buy with an average price target of $63.67.
• UNTY shares trade near $52.82 with a market cap of $529M and a trailing PE of 8.91; insiders sold roughly 18,653 shares (~$947k) in the last three months, though insiders still own 28.87% of the stock and institutions own about 42.31%.

Equities research analysts at Brean Capital initiated coverage on shares of Unity Bancorp (NASDAQ:UNTY - Get Free Report) in a research note issued to investors on Wednesday. The brokerage set a "buy" rating and a $61.00 price target on the financial services provider's stock. Brean Capital's price target would suggest a potential upside of 15.48% from the stock's previous close.

Other equities analysts have also issued reports about the stock. Piper Sandler raised their target price on shares of Unity Bancorp from $64.00 to $65.00 and gave the stock an "overweight" rating in a research report on Thursday, January 15th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Unity Bancorp in a research report on Monday. Finally, Keefe, Bruyette & Woods raised their target price on shares of Unity Bancorp from $60.00 to $65.00 and gave the stock an "outperform" rating in a research report on Wednesday, January 14th. Four equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $63.67.

Unity Bancorp Trading Up 0.3%

Shares of NASDAQ:UNTY traded up $0.15 during trading on Wednesday, reaching $52.82. 12,260 shares of the company were exchanged, compared to its average volume of 50,269. The firm has a market capitalization of $529.07 million, a PE ratio of 8.91 and a beta of 0.64. The business's fifty day simple moving average is $52.66 and its 200-day simple moving average is $51.65. Unity Bancorp has a 12-month low of $41.00 and a 12-month high of $57.30. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.16 and a quick ratio of 1.16.

Insider Buying and Selling

In other news, Director Robert H. Dallas II sold 7,725 shares of the business's stock in a transaction on Friday, March 13th. The shares were sold at an average price of $49.60, for a total transaction of $383,160.00. Following the sale, the director directly owned 32,073 shares of the company's stock, valued at $1,590,820.80. The trade was a 19.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO James A. Hughes sold 1,500 shares of the business's stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $54.50, for a total transaction of $81,750.00. Following the sale, the chief executive officer directly owned 173,013 shares in the company, valued at $9,429,208.50. This trade represents a 0.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 18,653 shares of company stock worth $947,214 in the last three months. Corporate insiders own 28.87% of the company's stock.

Institutional Investors Weigh In On Unity Bancorp

A number of large investors have recently made changes to their positions in the stock. Sterling Capital Management LLC grew its holdings in shares of Unity Bancorp by 1,798.0% during the first quarter. Sterling Capital Management LLC now owns 4,650 shares of the financial services provider's stock valued at $241,000 after buying an additional 4,405 shares during the last quarter. Wesbanco Bank Inc. purchased a new stake in shares of Unity Bancorp during the first quarter valued at $1,083,000. Hsbc Holdings PLC grew its holdings in shares of Unity Bancorp by 17.9% during the fourth quarter. Hsbc Holdings PLC now owns 5,299 shares of the financial services provider's stock valued at $271,000 after buying an additional 805 shares during the last quarter. NewEdge Advisors LLC grew its holdings in shares of Unity Bancorp by 2,350.0% during the fourth quarter. NewEdge Advisors LLC now owns 4,949 shares of the financial services provider's stock valued at $256,000 after buying an additional 4,747 shares during the last quarter. Finally, Tudor Investment Corp ET AL purchased a new stake in shares of Unity Bancorp during the fourth quarter valued at $952,000. 42.31% of the stock is owned by hedge funds and other institutional investors.

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.

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