Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for Unity Bancorp (NASDAQ:UNTY) Stock

Unity Bancorp (NASDAQ:UNTY - Free Report) had its target price upped by Keefe, Bruyette & Woods from $55.00 to $63.00 in a research report report published 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 also recently issued reports on the stock. Piper Sandler reduced their price objective on shares of Unity Bancorp from $54.00 to $50.00 and set an "overweight" rating for the company in a research report on Monday, April 14th. Wall Street Zen downgraded shares of Unity Bancorp from a "buy" rating to a "hold" rating in a research report on Saturday, May 24th.

Unity Bancorp Price Performance

Shares of NASDAQ UNTY traded up $0.60 during midday trading on Friday, reaching $53.22. 77,765 shares of the company were exchanged, compared to its average volume of 39,166. The stock's 50-day moving average price is $46.59 and its 200-day moving average price is $44.88. The stock has a market cap of $533.80 million, a P/E ratio of 10.77 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 quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.83.

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

Unity Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Friday, June 6th were paid a $0.14 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.05%. Unity Bancorp's dividend payout ratio is presently 11.34%.

Insider Activity at Unity Bancorp

In other Unity Bancorp news, Director Donald E. Jr. Souders sold 1,333 shares of Unity Bancorp stock in a transaction that occurred on Thursday, April 24th. The shares were sold at an average price of $41.23, for a total transaction of $54,959.59. Following the transaction, the director owned 8,477 shares of the company's stock, valued at $349,506.71. The trade was a 13.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 29.68% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Unity Bancorp

Several large investors have recently bought and sold shares of the business. Truist Financial Corp increased its position in Unity Bancorp by 9.0% during the second quarter. Truist Financial Corp now owns 50,577 shares of the financial services provider's stock valued at $2,381,000 after acquiring an additional 4,172 shares during the last quarter. Strs Ohio bought a new position in Unity Bancorp during the first quarter valued at $49,000. Jane Street Group LLC bought a new position in Unity Bancorp during the first quarter valued at $283,000. Empowered Funds LLC increased its position in Unity Bancorp by 7.2% during the first quarter. Empowered Funds LLC now owns 37,456 shares of the financial services provider's stock valued at $1,524,000 after acquiring an additional 2,524 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new position in Unity Bancorp during the first quarter valued at $411,000. 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.