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

Unity Bancorp (NASDAQ:UNTY) had its price target raised by equities researchers at Keefe, Bruyette & Woods from $43.00 to $51.00 in a research 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 indicate a potential upside of 13.64% from the company’s previous close.

Several other analysts have also weighed in on the stock. StockNews.com lowered shares of Unity Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. Piper Sandler reissued an “overweight” rating and issued a $44.00 price target (up previously from $40.00) on shares of Unity Bancorp in a report on Monday, October 14th.

Unity Bancorp Stock Performance

Shares of NASDAQ UNTY traded down $0.37 during mid-day trading on Wednesday, hitting $44.88. The company had a trading volume of 5,576 shares, compared to its average volume of 19,721. 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’s 50-day simple moving average is $40.22 and its 200-day simple moving average is $33.97. Unity Bancorp has a 12 month low of $25.33 and a 12 month high of $48.22. The firm has a market cap of $448.35 million, a P/E ratio of 11.54 and a beta of 1.03.

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

Insiders Place Their Bets

In other Unity Bancorp news, Director Vincent Geraci sold 1,043 shares of Unity Bancorp stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $44.98, for a total transaction of $46,914.14. Following the completion of the sale, the director now owns 8,250 shares of the company’s stock, valued at approximately $371,085. The trade was a 11.22 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Mark S. Brody sold 2,800 shares of Unity Bancorp stock in a transaction on Monday, November 25th. The stock was sold at an average price of $47.33, for a total transaction of $132,524.00. Following the sale, the director now directly owns 70,002 shares of the company’s stock, valued at $3,313,194.66. This represents a 3.85 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 28.88% of the company’s stock.

Institutional Trading of Unity Bancorp

A number of institutional investors have recently bought and sold shares of UNTY. Allspring Global Investments Holdings LLC boosted its position in shares of 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 worth $41,000 after purchasing an additional 1,328 shares in the last quarter. BNP Paribas Financial Markets boosted its position in shares of Unity Bancorp by 84.6% during the third quarter. BNP Paribas Financial Markets now owns 2,464 shares of the financial services provider’s stock worth $84,000 after purchasing an additional 1,129 shares in the last quarter. Ritholtz Wealth Management bought a new position in shares of Unity Bancorp during the second quarter worth $202,000. Princeton Capital Management LLC bought a new position in shares of Unity Bancorp during the third quarter worth $208,000. Finally, Barclays PLC boosted its position 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 purchasing an additional 6,846 shares in the last quarter. Institutional investors and hedge funds own 42.31% of the company’s stock.

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.