Unity Bancorp's (UNTY) "Outperform" Rating Reiterated at Keefe, Bruyette & Woods

Unity Bancorp (NASDAQ:UNTY - Get Free Report)'s stock had its "outperform" rating reaffirmed by investment analysts at Keefe, Bruyette & Woods in a research report issued on Thursday,Benzinga reports. They presently have a $55.00 price objective on the financial services provider's stock, up from their prior price objective of $51.00. Keefe, Bruyette & Woods' target price would suggest a potential upside of 16.65% from the company's current price.

A number of other research analysts have also recently commented on UNTY. StockNews.com cut Unity Bancorp from a "buy" rating to a "hold" rating in a research note on Tuesday, October 22nd. Piper Sandler reiterated an "overweight" rating and issued a $54.00 target price (up previously from $53.00) on shares of Unity Bancorp in a research note on Thursday.

Unity Bancorp Trading Up 1.9 %

UNTY traded up $0.90 during trading on Thursday, reaching $47.15. The company had a trading volume of 45,006 shares, compared to its average volume of 42,710. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.97. Unity Bancorp has a 52 week low of $25.33 and a 52 week high of $48.44. The stock has a market cap of $471.03 million, a P/E ratio of 12.12 and a beta of 1.03. The business has a 50 day simple moving average of $44.70 and a 200-day simple moving average of $37.80.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) last released its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.13 EPS for the quarter, topping analysts' consensus estimates of $1.08 by $0.05. Unity Bancorp had a net margin of 24.46% and a return on equity of 14.63%. On average, equities analysts anticipate that Unity Bancorp will post 4.01 EPS for the current fiscal year.

Insider Activity

In other news, Director Vincent Geraci sold 1,043 shares of the firm's stock in a transaction dated 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 directly owns 8,250 shares in the company, valued at approximately $371,085. This trade represents a 11.22 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Peter E. Maricondo sold 2,800 shares of the business's stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $44.74, for a total transaction of $125,272.00. Following the transaction, the director now owns 39,522 shares of the company's stock, valued at approximately $1,768,214.28. This trade represents a 6.62 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 10,810 shares of company stock valued at $499,642. Corporate insiders own 28.88% of the company's stock.

Institutional Investors Weigh In On Unity Bancorp

Several institutional investors have recently added to or reduced their stakes in UNTY. BNP Paribas Financial Markets raised its position in shares of Unity Bancorp by 84.6% in the 3rd quarter. BNP Paribas Financial Markets now owns 2,464 shares of the financial services provider's stock valued at $84,000 after purchasing an additional 1,129 shares during the last quarter. SG Americas Securities LLC acquired a new position in Unity Bancorp during the 4th quarter valued at approximately $135,000. Princeton Capital Management LLC purchased a new position in shares of Unity Bancorp in the third quarter worth $208,000. Barclays PLC lifted its stake in shares of Unity Bancorp by 93.1% during the third quarter. Barclays PLC now owns 14,197 shares of the financial services provider's stock worth $484,000 after buying an additional 6,846 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Unity Bancorp during the third quarter valued at $623,000. Institutional investors and hedge funds 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.