Unity Bancorp (NASDAQ:UNTY) Raised to Buy at Wall Street Zen

Key Points

• Unity Bancorp was upgraded from a "hold" to a "buy" rating by Wall Street Zen, signaling increased analyst confidence in the stock.
• Keefe, Bruyette & Woods raised their target price for Unity Bancorp shares from $55.00 to $63.00, indicating a positive outlook on the company's performance.
• Unity Bancorp reported $1.20 EPS for the latest quarter, surpassing analysts' expectations and reflecting strong revenue growth.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued on Saturday.

Separately, Keefe, Bruyette & Woods boosted their target price on shares of Unity Bancorp from $55.00 to $63.00 and gave the company an "outperform" rating in a report on Friday, July 18th. Two equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $56.50.

Unity Bancorp Stock Down 2.3%

Unity Bancorp stock opened at $51.89 on Friday. The firm has a 50 day simple moving average of $50.88 and a 200 day simple moving average of $45.94. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 1.21. Unity Bancorp has a 1-year low of $32.23 and a 1-year high of $54.64. The firm has a market capitalization of $520.46 million, a price-to-earnings ratio of 10.50 and a beta of 0.79.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) last issued its earnings results on Tuesday, July 15th. The financial services provider reported $1.20 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.17 by $0.03. Unity Bancorp had a net margin of 28.72% and a return on equity of 15.34%. The business had revenue of $34.37 million for the quarter, compared to analysts' expectations of $30.30 million. On average, analysts predict that Unity Bancorp will post 4.83 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Alliancebernstein L.P. grew its position in shares of Unity Bancorp by 3.8% during the 2nd quarter. Alliancebernstein L.P. now owns 348,790 shares of the financial services provider's stock valued at $16,421,000 after purchasing an additional 12,652 shares in the last quarter. Wellington Management Group LLP grew 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 purchasing an additional 18,660 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Unity Bancorp by 4.3% during the 2nd quarter. Geode Capital Management LLC now owns 164,189 shares of the financial services provider's stock valued at $7,732,000 after purchasing an additional 6,708 shares in the last quarter. American Century Companies Inc. grew its position in shares of Unity Bancorp by 17.7% during the 2nd quarter. American Century Companies Inc. now owns 163,312 shares of the financial services provider's stock valued at $7,689,000 after purchasing an additional 24,528 shares in the last quarter. Finally, Bridgeway Capital Management LLC grew its position in shares of Unity Bancorp by 4.4% during the 2nd quarter. Bridgeway Capital Management LLC now owns 84,931 shares of the financial services provider's stock valued at $3,999,000 after purchasing an additional 3,608 shares in the last quarter. 42.31% of the stock is currently owned by hedge funds and other institutional investors.

About Unity Bancorp

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.