Keefe, Bruyette & Woods Boosts Unity Bancorp (NASDAQ:UNTY) Price Target to $51.00

Unity Bancorp (NASDAQ:UNTY) had its price target upped by stock analysts at Keefe, Bruyette & Woods from $43.00 to $51.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ target price would suggest a potential upside of 13.64% from the stock’s previous close.

Several other research firms have also recently commented on UNTY. StockNews.com cut Unity Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. Piper Sandler reaffirmed an “overweight” rating and set a $44.00 price objective (up from $40.00) on shares of Unity Bancorp in a report on Monday, October 14th.

Unity Bancorp Stock Down 0.8 %

NASDAQ UNTY traded down $0.37 during trading hours on Wednesday, hitting $44.88. 5,576 shares of the company were exchanged, compared to its average volume of 19,721. Unity Bancorp has a 52-week low of $25.33 and a 52-week high of $48.22. The firm has a market cap of $448.35 million, a price-to-earnings ratio of 11.54 and a beta of 1.03. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.97. The company has a 50 day moving average of $40.22 and a two-hundred day moving average of $33.97.

Unity Bancorp (NASDAQ:UNTY) last released its quarterly earnings results on Friday, October 11th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.97 by $0.10. The firm had revenue of $27.66 million for the quarter, compared to the consensus estimate of $26.40 million. Unity Bancorp had a return on equity of 14.63% and a net margin of 24.46%. Equities research analysts anticipate that Unity Bancorp will post 4.01 earnings per share for the current year.

Insider Activity at Unity Bancorp

In other Unity Bancorp news, Director Mark S. Brody sold 2,800 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $47.33, for a total value of $132,524.00. Following the completion of the sale, the director now directly owns 70,002 shares in the company, valued at $3,313,194.66. This represents a 3.85 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Vincent Geraci sold 1,043 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $44.98, for a total value of $46,914.14. Following the sale, the director now owns 8,250 shares of the company’s stock, valued at $371,085. This trade represents a 11.22 % decrease in their position. The disclosure for this sale can be found here. 28.88% of the stock is owned by corporate insiders.

Institutional Trading of Unity Bancorp

Hedge funds have recently modified their holdings of the business. Allspring Global Investments Holdings LLC lifted its holdings in shares of Unity Bancorp by 2,329.8% in the second quarter. Allspring Global Investments Holdings LLC now owns 1,385 shares of the financial services provider’s stock valued at $41,000 after purchasing an additional 1,328 shares in the last quarter. BNP Paribas Financial Markets increased its stake in shares of Unity Bancorp by 84.6% in the third quarter. BNP Paribas Financial Markets now owns 2,464 shares of the financial services provider’s stock worth $84,000 after acquiring an additional 1,129 shares during the last quarter. Ritholtz Wealth Management acquired a new position in shares of Unity Bancorp in the second quarter worth $202,000. Princeton Capital Management LLC acquired a new position in shares of Unity Bancorp in the third quarter worth $208,000. Finally, Barclays PLC increased its stake in shares of Unity Bancorp by 93.1% in the third quarter. Barclays PLC now owns 14,197 shares of the financial services provider’s stock worth $484,000 after acquiring an additional 6,846 shares during the last quarter. 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.