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

Key Points

• DA Davidson reaffirmed its Buy rating on Unity Bancorp and kept a $68 price target, implying about 20.5% upside from the current share price.
• Analyst sentiment remains broadly positive overall, with five Buy ratings and one Hold; the consensus price target stands at $65.50.
• Unity Bancorp reported Q2 earnings of $1.42 per share, which missed estimates by $0.06, even as the stock was up 1.6% and traded near $56.42.

Unity Bancorp (NASDAQ:UNTY - Get Free Report)'s stock had its "buy" rating restated by investment analysts at 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 price objective would suggest a potential upside of 20.53% from the company's current price.

Several other equities research analysts have also recently commented on the company. Piper Sandler lifted their target price on Unity Bancorp from $65.00 to $68.00 and gave the company an "overweight" rating in a research note on Friday, June 26th. Freedom Capital upgraded Unity Bancorp to a "hold" rating in a report 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. Finally, Brean Capital assumed coverage on Unity Bancorp in a research report on Wednesday, April 22nd. They issued a "buy" rating and a $61.00 price objective for the company. Five investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Unity Bancorp currently has an average rating of "Moderate Buy" and an average price target of $65.50.

Unity Bancorp Stock Up 1.6%

Shares of Unity Bancorp stock opened at $56.42 on Wednesday. Unity Bancorp has a 1-year low of $44.34 and a 1-year high of $60.86. The business's fifty day moving average price is $55.46 and its two-hundred day moving average price is $53.85. The company has a market capitalization of $566.42 million, a P/E ratio of 9.50 and a beta of 0.62. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.17 and a quick ratio of 1.17.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) last posted its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.42 earnings per share for the quarter, missing the consensus estimate of $1.48 by ($0.06). Unity Bancorp had a return on equity of 16.06% and a net margin of 31.33%.The company had revenue of $34.40 million during the quarter, compared to the consensus estimate of $34.62 million. As a group, research analysts forecast that Unity Bancorp will post 5.84 EPS for the current year.

Insider Transactions at Unity Bancorp

In related news, Director Mark S. Brody sold 1,600 shares of the business's stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $55.23, for a total value of $88,368.00. Following the completion of the transaction, the director directly owned 113,854 shares in the company, valued at approximately $6,288,156.42. The trade was a 1.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Mary E. Gross sold 2,075 shares of the business's stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $56.01, for a total value of $116,220.75. Following the completion of the transaction, the director owned 18,479 shares of the company's stock, valued at $1,035,008.79. This represents a 10.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 28.87% of the company's stock.

Institutional Trading of Unity Bancorp

Hedge funds have recently bought and sold shares of the stock. Alliancebernstein L.P. boosted its holdings in shares of Unity Bancorp by 2.4% in the third quarter. Alliancebernstein L.P. now owns 357,310 shares of the financial services provider's stock valued at $17,462,000 after buying an additional 8,520 shares during the period. 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 worth $8,761,000 after acquiring an additional 1,291 shares during the period. Maltese Capital Management LLC raised its holdings in shares of Unity Bancorp by 2.4% during the fourth quarter. Maltese Capital Management LLC now owns 159,000 shares of the financial services provider's stock worth $8,223,000 after acquiring an additional 3,700 shares during the period. Bridgeway Capital Management LLC lifted its position in Unity Bancorp by 6.2% in the 3rd 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. Finally, Kennedy Capital Management LLC lifted its position in Unity Bancorp by 32.8% in the 4th quarter. Kennedy Capital Management LLC now owns 78,738 shares of the financial services provider's stock valued at $4,072,000 after acquiring an additional 19,468 shares in the last quarter. 42.31% of the stock is currently owned by institutional investors and hedge funds.

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.