Unity Bancorp (NASDAQ:UNTY) Given New $63.00 Price Target at Keefe, Bruyette & Woods

Unity Bancorp (NASDAQ:UNTY - Free Report) had its target price increased by Keefe, Bruyette & Woods from $55.00 to $63.00 in a research report sent to investors on Friday morning,Benzinga reports. They currently have an outperform rating on the financial services provider's stock.

A number of other equities research analysts have also weighed in on the company. Wall Street Zen lowered Unity Bancorp from a "buy" rating to a "hold" rating in a research report on Saturday, May 24th. Piper Sandler lowered their price objective on Unity Bancorp from $54.00 to $50.00 and set an "overweight" rating on the stock in a research report on Monday, April 14th.

Unity Bancorp Stock Performance

Shares of Unity Bancorp stock traded up $0.02 during trading hours on Friday, reaching $52.62. The company had a trading volume of 111,146 shares, compared to its average volume of 38,923. The firm has a market cap of $527.78 million, a PE ratio of 10.65 and a beta of 0.72. Unity Bancorp has a one year low of $30.28 and a one year high of $54.64. 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 business has a fifty day simple moving average of $46.40 and a 200 day simple moving average of $44.79.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) last announced its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.20 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.03. The firm had revenue of $34.37 million for the quarter, compared to analysts' expectations of $30.30 million. Unity Bancorp had a return on equity of 15.66% and a net margin of 28.72%. On average, analysts anticipate that Unity Bancorp will post 4.83 earnings per share for the current fiscal year.

Unity Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, June 6th were issued a $0.14 dividend. The ex-dividend date was Friday, June 6th. This represents a $0.56 dividend on an annualized basis and a yield of 1.06%. Unity Bancorp's dividend payout ratio is currently 11.34%.

Insider Transactions at Unity Bancorp

In other news, Director Donald E. Jr. Souders sold 1,333 shares of the stock in a transaction on Thursday, April 24th. The shares were sold at an average price of $41.23, for a total value of $54,959.59. Following the completion of the sale, the director directly owned 8,477 shares of the company's stock, valued at $349,506.71. This represents a 13.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 29.68% of the company's stock.

Institutional Trading of Unity Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wellington Management Group LLP boosted its position in shares of Unity Bancorp by 6.4% during the 4th quarter. Wellington Management Group LLP now owns 310,953 shares of the financial services provider's stock valued at $13,561,000 after acquiring an additional 18,660 shares during the last quarter. Sei Investments Co. purchased a new position in shares of Unity Bancorp in the 4th quarter worth $339,000. Ameriprise Financial Inc. increased its holdings in shares of Unity Bancorp by 97.2% in the 4th quarter. Ameriprise Financial Inc. now owns 21,439 shares of the financial services provider's stock worth $937,000 after buying an additional 10,567 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Unity Bancorp by 11,262.5% during the 1st quarter. GAMMA Investing LLC now owns 2,727 shares of the financial services provider's stock valued at $111,000 after buying an additional 2,703 shares in the last quarter. Finally, Hsbc Holdings PLC purchased a new position in Unity Bancorp in the fourth quarter worth about $209,000. Institutional investors own 42.31% of the company's stock.

Unity Bancorp Company Profile

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.