Unity Bancorp (NASDAQ:UNTY) Rating Increased to Strong-Buy at Freedom Capital

Key Points

• Freedom Capital upgraded Unity Bancorp from “hold” to “strong-buy,” adding to a generally bullish Wall Street view of the stock.
• Other analysts have also been positive: Piper Sandler lifted its target to $68, DA Davidson reiterated $68, and the stock now carries a consensus Buy rating with an average target price of $65.50.
• Unity Bancorp recently reported quarterly EPS of $1.42, slightly below estimates, while shares were down 3.4% on Thursday and last traded at $57.25.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) was upgraded by analysts at Freedom Capital from a "hold" rating to a "strong-buy" rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

Several other equities research analysts also recently weighed in on UNTY. Piper Sandler raised their target price on shares of Unity Bancorp from $65.00 to $68.00 and gave the stock an "overweight" rating in a research report on Friday, June 26th. Weiss Ratings raised shares of Unity Bancorp from a "buy (b)" rating to a "buy (b+)" rating in a report on Monday, May 4th. Brean Capital started coverage on shares of Unity Bancorp in a research report on Wednesday, April 22nd. They issued a "buy" rating and a $61.00 price target for the company. Finally, DA Davidson reiterated a "buy" rating and set a $68.00 price target on shares of Unity Bancorp in a research note on Wednesday. One analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $65.50.

Unity Bancorp Stock Down 3.4%

Shares of NASDAQ UNTY opened at $57.25 on Thursday. The stock has a market cap of $574.79 million, a PE ratio of 9.96 and a beta of 0.62. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.72. Unity Bancorp has a 52-week low of $44.34 and a 52-week high of $60.86. The business has a 50-day moving average price of $55.71 and a 200 day moving average price of $53.94.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) last released its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.42 EPS for the quarter, missing the consensus estimate of $1.44 by ($0.02). Unity Bancorp had a return on equity of 16.40% and a net margin of 30.26%.The firm had revenue of $34.40 million for the quarter, compared to analyst estimates of $34.62 million. Equities research analysts forecast that Unity Bancorp will post 5.86 earnings per share for the current year.

Insiders Place Their Bets

In other 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 transaction, the director owned 113,854 shares of the company's stock, valued at approximately $6,288,156.42. The trade was a 1.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 28.87% of the company's stock.

Institutional Investors Weigh In On Unity Bancorp

Several hedge funds have recently modified their holdings of the stock. Alliancebernstein L.P. increased its stake in Unity Bancorp by 2.4% in the 3rd 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 lifted its stake in shares of Unity Bancorp by 0.8% in the 4th 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 lifted its stake in shares of Unity Bancorp by 2.4% in the 4th 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 stake in shares of 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 worth $4,407,000 after acquiring an additional 5,248 shares during the period. Finally, Kennedy Capital Management LLC boosted its holdings in shares of Unity Bancorp by 32.8% in the fourth 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 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.

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