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

Key Points

• Unity Bancorp has been upgraded from a "hold" to a "buy" rating by Wall Street Zen, signaling increased analyst confidence in the stock's performance.
• Analysts at Keefe, Bruyette & Woods raised their price target for Unity Bancorp from $55.00 to $63.00, indicating strong growth expectations for the company.
• Unity Bancorp reported an earnings per share (EPS) of $1.20 for the last quarter, which surpassed analysts' expectations of $1.17 and reflected a net margin of 28.72%.

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

UNTY has been the subject of a number of other research reports. Piper Sandler lowered their price target on Unity Bancorp from $54.00 to $50.00 and set an "overweight" rating for the company in a research report on Monday, April 14th. Keefe, Bruyette & Woods lifted their price target on Unity Bancorp from $55.00 to $63.00 and gave the stock an "outperform" rating in a research report on Friday, July 18th.

Unity Bancorp Stock Up 0.7%

Shares of Unity Bancorp stock traded up $0.35 during trading on Friday, reaching $49.69. The company's stock had a trading volume of 4,004 shares, compared to its average volume of 50,051. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 1.21. The company has a market cap of $498.34 million, a price-to-earnings ratio of 10.07 and a beta of 0.78. Unity Bancorp has a 1-year low of $30.57 and a 1-year high of $54.64. The company has a 50-day simple moving average of $48.30 and a two-hundred day simple moving average of $45.47.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.20 earnings per share for the quarter, topping analysts' consensus estimates of $1.17 by $0.03. Unity Bancorp had a return on equity of 15.34% and a net margin of 28.72%. The firm had revenue of $34.37 million during the quarter, compared to analysts' expectations of $30.30 million. As a group, equities analysts forecast that Unity Bancorp will post 4.83 earnings per share for the current year.

Hedge Funds Weigh In On Unity Bancorp

A number of institutional investors have recently modified their holdings of UNTY. JPMorgan Chase & Co. raised its stake in shares of Unity Bancorp by 46.1% during the 4th quarter. JPMorgan Chase & Co. now owns 128,941 shares of the financial services provider's stock valued at $5,623,000 after buying an additional 40,710 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in shares of Unity Bancorp during the 4th quarter valued at about $742,000. Wells Fargo & Company MN raised its stake 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 buying an additional 852 shares during the last quarter. Invesco Ltd. raised its stake in shares of Unity Bancorp by 647.3% during the 4th quarter. Invesco Ltd. now owns 100,812 shares of the financial services provider's stock valued at $4,396,000 after buying an additional 87,321 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of Unity Bancorp during the 4th quarter valued at about $1,247,000. Hedge funds and other 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.