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 investment analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Saturday.

Other analysts also recently issued research reports about the stock. Keefe, Bruyette & Woods lifted their price target on shares of Unity Bancorp from $55.00 to $63.00 and gave the company an "outperform" rating in a research note on Friday, July 18th. Piper Sandler decreased their price target on shares of Unity Bancorp from $54.00 to $50.00 and set an "overweight" rating for the company in a research note on Monday, April 14th.

Unity Bancorp Trading Up 4.3%

UNTY traded up $2.06 on Friday, hitting $49.43. The company had a trading volume of 15,105 shares, compared to its average volume of 50,238. The company has a market cap of $495.73 million, a PE ratio of 10.01 and a beta of 0.78. Unity Bancorp has a 12-month low of $30.27 and a 12-month high of $54.64. 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 business's fifty day simple moving average is $48.18 and its 200 day simple moving average is $45.44.

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 net margin of 28.72% and a return on equity of 15.34%. The company had revenue of $34.37 million for the quarter, compared to analyst estimates of $30.30 million. Equities research analysts expect that Unity Bancorp will post 4.83 EPS for the current year.

Hedge Funds Weigh In On Unity Bancorp

Several institutional investors have recently bought and sold shares of UNTY. Invesco Ltd. increased its holdings in Unity Bancorp by 647.3% during the fourth 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 period. American Century Companies Inc. increased its holdings in Unity Bancorp by 41.7% during the first quarter. American Century Companies Inc. now owns 138,784 shares of the financial services provider's stock valued at $5,649,000 after buying an additional 40,809 shares during the period. JPMorgan Chase & Co. increased its holdings in Unity Bancorp by 46.1% during the fourth 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 period. Axecap Investments LLC purchased a new position in Unity Bancorp during the first quarter valued at approximately $1,237,000. Finally, Raymond James Financial Inc. purchased a new position in Unity Bancorp during the fourth quarter valued at approximately $1,247,000. 42.31% of the stock is 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.