Unity Bancorp (NASDAQ:UNTY) Given New $50.00 Price Target at Piper Sandler

Unity Bancorp (NASDAQ:UNTY - Get Free Report) had its price objective lowered by Piper Sandler from $54.00 to $50.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an "overweight" rating on the financial services provider's stock. Piper Sandler's price target points to a potential upside of 21.01% from the company's current price.

Separately, Keefe, Bruyette & Woods reaffirmed an "outperform" rating and issued a $55.00 price target (up from $51.00) on shares of Unity Bancorp in a report on Thursday, January 16th.

Unity Bancorp Stock Performance

UNTY stock traded up $0.22 during midday trading on Monday, reaching $41.32. The stock had a trading volume of 44,616 shares, compared to its average volume of 27,714. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.16 and a current ratio of 1.16. The firm has a fifty day simple moving average of $43.11 and a two-hundred day simple moving average of $43.31. The stock has a market cap of $415.60 million, a PE ratio of 10.18 and a beta of 0.80. Unity Bancorp has a 52-week low of $25.60 and a 52-week high of $51.22.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) last issued its earnings results on Friday, April 11th. The financial services provider reported $1.13 EPS for the quarter, beating analysts' consensus estimates of $1.12 by $0.01. Unity Bancorp had a return on equity of 15.08% and a net margin of 25.24%. The firm had revenue of $29.35 million for the quarter, compared to analyst estimates of $28.81 million. During the same quarter in the prior year, the firm earned $0.93 earnings per share. As a group, equities research analysts anticipate that Unity Bancorp will post 4.83 EPS for the current year.

Insider Activity

In related news, Director Vincent Geraci sold 1,811 shares of the stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $50.82, for a total value of $92,035.02. Following the completion of the transaction, the director now directly owns 8,312 shares of the company's stock, valued at approximately $422,415.84. This represents a 17.89 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Mary E. Gross sold 3,300 shares of the firm's stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $48.04, for a total value of $158,532.00. Following the completion of the transaction, the director now owns 18,479 shares in the company, valued at $887,731.16. The trade was a 15.15 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 7,791 shares of company stock worth $380,669 over the last three months. 29.68% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Unity Bancorp

A number of hedge funds have recently modified their holdings of UNTY. Axecap Investments LLC purchased a new stake in Unity Bancorp during the 1st quarter valued at about $1,237,000. Whipplewood Advisors LLC increased its holdings in shares of Unity Bancorp by 11,000.0% in the first quarter. Whipplewood Advisors LLC now owns 1,221 shares of the financial services provider's stock valued at $50,000 after purchasing an additional 1,210 shares during the last quarter. Delphi Management Inc. MA lifted its position in Unity Bancorp by 11.0% during the first quarter. Delphi Management Inc. MA now owns 31,971 shares of the financial services provider's stock worth $1,301,000 after buying an additional 3,177 shares in the last quarter. GAMMA Investing LLC boosted its stake in Unity Bancorp by 11,262.5% during the first quarter. GAMMA Investing LLC now owns 2,727 shares of the financial services provider's stock worth $111,000 after buying an additional 2,703 shares during the last quarter. Finally, Wellington Management Group LLP grew its holdings in Unity Bancorp by 6.4% in the 4th quarter. Wellington Management Group LLP now owns 310,953 shares of the financial services provider's stock valued at $13,561,000 after buying an additional 18,660 shares in the last quarter. 42.31% of the stock is currently 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.