Unity Bancorp's (UNTY) "Buy (B)" Rating Reaffirmed at Weiss Ratings

Key Points

• Unity Bancorp's stock received a reaffirmed "Buy (B)" rating from Weiss Ratings, indicating positive sentiment among analysts.
• Institutional investors own approximately 42.31% of Unity Bancorp's stock, showing strong investor interest and confidence in the company.
• The company reported $1.33 earnings per share for the last quarter, surpassing expectations and highlighting its financial strength.

Unity Bancorp (NASDAQ:UNTY - Get Free Report)'s stock had its "buy (b)" rating reaffirmed by investment analysts at Weiss Ratings in a research report issued to clients and investors on Friday,Weiss Ratings reports.

Other analysts also recently issued reports about the company. Wall Street Zen upgraded Unity Bancorp from a "hold" rating to a "buy" rating in a research note on Saturday, September 13th. Piper Sandler lifted their price objective on Unity Bancorp from $60.00 to $61.00 and gave the stock an "overweight" rating in a report on Wednesday, October 15th. Finally, Keefe, Bruyette & Woods lifted their price objective on Unity Bancorp from $55.00 to $63.00 and gave the stock an "outperform" rating in a report on Friday, July 18th. Three equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $62.00.

Unity Bancorp Stock Performance

Shares of UNTY stock traded up $0.48 during midday trading on Friday, hitting $48.04. The company had a trading volume of 24,128 shares, compared to its average volume of 49,085. The company's 50 day simple moving average is $50.32 and its 200 day simple moving average is $47.40. Unity Bancorp has a 52-week low of $36.65 and a 52-week high of $54.64. The stock has a market cap of $481.84 million, a price-to-earnings ratio of 9.93 and a beta of 0.72. The company has a debt-to-equity ratio of 1.21, a current ratio of 1.20 and a quick ratio of 1.20.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) last announced its earnings results on Tuesday, October 14th. The financial services provider reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.28 by $0.05. Unity Bancorp had a return on equity of 15.94% and a net margin of 29.85%.The company had revenue of $31.38 million for the quarter, compared to the consensus estimate of $31.35 million. Research analysts anticipate that Unity Bancorp will post 4.83 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Unity Bancorp

Large investors have recently modified their holdings of the stock. Dynamic Technology Lab Private Ltd bought a new position in shares of Unity Bancorp during the first quarter worth about $411,000. Jacobs Levy Equity Management Inc. bought a new position in Unity Bancorp during the 1st quarter worth approximately $785,000. Hsbc Holdings PLC lifted its stake in Unity Bancorp by 20.8% during the first quarter. Hsbc Holdings PLC now owns 5,761 shares of the financial services provider's stock worth $236,000 after purchasing an additional 993 shares during the last quarter. Nuveen LLC acquired a new position in Unity Bancorp in the first quarter worth $519,000. Finally, Truist Financial Corp raised its holdings in shares of Unity Bancorp by 9.0% during the second quarter. Truist Financial Corp now owns 50,577 shares of the financial services provider's stock worth $2,381,000 after purchasing an additional 4,172 shares during the period. 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.

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