Unity Bancorp (NASDAQ:UNTY) Given Overweight Rating at Piper Sandler

Unity Bancorp (NASDAQ:UNTY)‘s stock had its “overweight” rating reissued by research analysts at Piper Sandler in a note issued to investors on Thursday,Benzinga reports. They currently have a $54.00 target price on the financial services provider’s stock, up from their prior target price of $53.00. Piper Sandler’s price target indicates a potential upside of 14.53% from the company’s previous close.

Several other research analysts have also recently issued reports on UNTY. StockNews.com cut shares of Unity Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. Keefe, Bruyette & Woods lifted their price objective on shares of Unity Bancorp from $43.00 to $51.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th.

Unity Bancorp Stock Performance

Shares of NASDAQ:UNTY opened at $47.15 on Thursday. 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 market cap of $471.03 million, a PE ratio of 12.12 and a beta of 1.03. The firm’s 50 day simple moving average is $44.70 and its 200-day simple moving average is $37.80. Unity Bancorp has a one year low of $25.33 and a one year high of $48.44.

Unity Bancorp (NASDAQ:UNTY) last released its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.13 EPS for the quarter, topping the consensus estimate of $1.08 by $0.05. Unity Bancorp had a return on equity of 14.63% and a net margin of 24.46%. As a group, equities analysts predict that Unity Bancorp will post 4.01 EPS for the current year.

Insider Buying and Selling at Unity Bancorp

In other news, Director Mark S. Brody sold 2,800 shares of the company’s 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 transaction, the director now directly owns 70,002 shares of the company’s stock, valued at approximately $3,313,194.66. This represents a 3.85 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Vincent Geraci sold 1,043 shares of the firm’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 sale, the director now directly owns 8,250 shares of the company’s stock, valued at $371,085. The trade was a 11.22 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 10,810 shares of company stock valued at $499,642. 28.88% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Unity Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. raised its position in shares of Unity Bancorp by 79.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 88,231 shares of the financial services provider’s stock valued at $3,005,000 after purchasing an additional 39,033 shares during the last quarter. Inspire Investing LLC purchased a new position in shares of Unity Bancorp in the fourth quarter worth $845,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Unity Bancorp during the third quarter worth $623,000. Barclays PLC grew its holdings 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 valued at $484,000 after buying an additional 6,846 shares during the last quarter. Finally, Princeton Capital Management LLC acquired a new position in shares of Unity Bancorp in the 3rd quarter valued at $208,000. 42.31% of the stock is currently owned by hedge funds and other 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.