Weiss Ratings Reiterates Buy (B) Rating for Unity Bancorp (NASDAQ:UNTY)

Key Points

• Weiss Ratings has reiterated a "buy (B)" rating for Unity Bancorp (NASDAQ:UNTY), indicating positive investor sentiment towards the stock.
• Unity Bancorp's stock has recently dipped by 1.3%, trading at $48.28, and has an average rating of "buy" with a price target of $56.50.
• Institutional investors have shown increased interest, with several firms raising their stakes significantly in Unity Bancorp over recent quarters.

Unity Bancorp (NASDAQ:UNTY - Get Free Report)'s stock had its "buy (b)" rating reiterated by Weiss Ratings in a note issued to investors on Wednesday,Weiss Ratings reports.

Other research analysts also recently issued research reports about the company. Wall Street Zen upgraded Unity Bancorp from a "hold" rating to a "buy" rating in a report on Saturday, September 13th. Keefe, Bruyette & Woods raised their price objective on Unity Bancorp from $55.00 to $63.00 and gave the company an "outperform" rating in a research note on Friday, July 18th. Three equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Unity Bancorp currently has an average rating of "Buy" and an average price target of $56.50.

Unity Bancorp Stock Down 1.3%

Unity Bancorp stock traded down $0.65 during midday trading on Wednesday, reaching $48.28. The company's stock had a trading volume of 48,291 shares, compared to its average volume of 35,154. Unity Bancorp has a 52-week low of $32.30 and a 52-week high of $54.64. The stock has a market capitalization of $484.25 million, a P/E ratio of 9.77 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. The stock's 50-day simple moving average is $50.25 and its 200-day simple moving average is $46.79.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) last issued 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. The company had revenue of $34.37 million for the quarter, compared to analyst estimates of $30.30 million. Unity Bancorp had a return on equity of 15.34% and a net margin of 28.72%. On average, sell-side analysts expect that Unity Bancorp will post 4.83 EPS for the current year.

Institutional Investors Weigh In On Unity Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. CWM LLC grew its stake in shares of Unity Bancorp by 122.5% during the first quarter. CWM LLC now owns 612 shares of the financial services provider's stock worth $25,000 after purchasing an additional 337 shares in the last quarter. Ameritas Investment Partners Inc. raised its stake in Unity Bancorp by 41.7% during the second quarter. Ameritas Investment Partners Inc. now owns 748 shares of the financial services provider's stock worth $35,000 after purchasing an additional 220 shares during the period. Strs Ohio purchased a new position in shares of Unity Bancorp in the 1st quarter valued at $49,000. GAMMA Investing LLC grew its holdings in Unity Bancorp by 11,262.5% during the 1st quarter. GAMMA Investing LLC now owns 2,727 shares of the financial services provider's stock worth $111,000 after acquiring an additional 2,703 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its holdings in shares of Unity Bancorp by 14.8% in the 2nd quarter. BNP Paribas Financial Markets now owns 2,883 shares of the financial services provider's stock valued at $136,000 after buying an additional 372 shares during the period. 42.31% of the stock is owned by institutional investors and hedge funds.

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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