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

Unity Bancorp (NASDAQ:UNTY) had its target price hoisted by research analysts at Keefe, Bruyette & Woods from $43.00 to $51.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price objective suggests a potential upside of 12.73% from the stock’s previous close.

Several other research analysts also recently commented on the stock. StockNews.com downgraded shares of Unity Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, October 22nd. Piper Sandler reaffirmed an “overweight” rating and set a $44.00 price target (up previously from $40.00) on shares of Unity Bancorp in a research note on Monday, October 14th.

Unity Bancorp Stock Down 0.6 %

Shares of NASDAQ:UNTY opened at $45.24 on Wednesday. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.16 and a quick ratio of 1.16. The business has a 50 day simple moving average of $40.66 and a two-hundred day simple moving average of $34.13. Unity Bancorp has a 1 year low of $25.33 and a 1 year high of $48.22. The firm has a market capitalization of $451.95 million, a PE ratio of 11.63 and a beta of 1.03.

Unity Bancorp (NASDAQ:UNTY) last posted its quarterly earnings data on Friday, October 11th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.10. Unity Bancorp had a return on equity of 14.63% and a net margin of 24.46%. The company had revenue of $27.66 million during the quarter, compared to analysts’ expectations of $26.40 million. On average, equities analysts predict that Unity Bancorp will post 4.01 EPS for the current year.

Insiders Place Their Bets

In other news, Director Peter E. Maricondo sold 2,800 shares of Unity Bancorp stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $44.74, for a total value of $125,272.00. Following the transaction, the director now directly owns 39,522 shares in the company, valued at approximately $1,768,214.28. This trade represents a 6.62 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Vincent Geraci sold 1,043 shares of the business’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $44.98, for a total value of $46,914.14. Following the completion of the transaction, the director now directly owns 8,250 shares of the company’s stock, valued at approximately $371,085. The trade was a 11.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 6,643 shares of company stock worth $304,710 in the last three months. Corporate insiders own 28.88% of the company’s stock.

Institutional Trading of Unity Bancorp

A number of institutional investors have recently modified their holdings of the company. Allspring Global Investments Holdings LLC lifted its position in Unity Bancorp by 2,329.8% during 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 acquiring an additional 1,328 shares during the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of Unity Bancorp by 84.6% during 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. Princeton Capital Management LLC purchased a new stake in shares of Unity Bancorp during the 3rd quarter valued at $208,000. Ritholtz Wealth Management acquired a new stake in shares of Unity Bancorp in the 2nd quarter worth $202,000. Finally, Barclays PLC grew its stake in Unity Bancorp by 93.1% during the 3rd 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 last quarter. 42.31% of the stock is currently owned by institutional investors.

About Unity Bancorp

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.