Unity Bancorp (NASDAQ:UNTY) Stock Rating Lowered by Wall Street Zen

Key Points

• Unity Bancorp has been downgraded from a "buy" rating to a "hold" rating by Wall Street Zen.
• Despite the downgrade, Keefe, Bruyette & Woods raised its price target on Unity Bancorp from $55 to $63 and maintained an "outperform" rating.
• The company's latest earnings report showed an EPS of $1.20, exceeding the consensus estimate of $1.17, with revenue also surpassing expectations at $34.37 million.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a note issued to investors on Saturday.

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

Unity Bancorp Price Performance

Shares of UNTY stock traded up $0.91 on Friday, reaching $52.98. The company's stock had a trading volume of 19,624 shares, compared to its average volume of 29,789. The stock's fifty day simple moving average is $50.55 and its 200-day simple moving average is $45.74. Unity Bancorp has a 1 year low of $31.44 and a 1 year high of $54.64. The company has a market capitalization of $531.39 million, a price-to-earnings ratio of 10.72 and a beta of 0.79. 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 (NASDAQ:UNTY - Get Free Report) last released its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.20 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $30.30 million. Analysts forecast that Unity Bancorp will post 4.83 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Unity Bancorp

Several institutional investors and hedge funds have recently bought and sold shares of UNTY. Wells Fargo & Company MN lifted its holdings in shares of Unity Bancorp by 25.8% during the 4th quarter. Wells Fargo & Company MN now owns 4,159 shares of the financial services provider's stock valued at $181,000 after purchasing an additional 852 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Unity Bancorp during the 4th quarter valued at about $1,247,000. Barclays PLC raised its stake in Unity Bancorp by 10.6% in the fourth quarter. Barclays PLC now owns 15,700 shares of the financial services provider's stock valued at $685,000 after buying an additional 1,503 shares during the last quarter. First Trust Advisors LP acquired a new stake in Unity Bancorp in the fourth quarter worth about $263,000. Finally, State of Tennessee Department of Treasury purchased a new stake in shares of Unity Bancorp during the fourth quarter worth about $154,000. 42.31% of the stock is owned by hedge funds and other institutional investors.

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.