Unity Bancorp, Inc. (NASDAQ:UNTY) has been given a consensus broker rating score of 1.00 (Strong Buy) from the one analysts that provide coverage for the stock, Zacks Investment Research reports. One analyst has rated the stock with a strong buy recommendation. Unity Bancorp’s rating score has improved by 50% from three months ago as a result of various analysts’ upgrades and downgrades.
Analysts have set a one year consensus price target of $24.00 for the company and are forecasting that the company will post $0.52 EPS for the current quarter, according to Zacks. Zacks has also assigned Unity Bancorp an industry rank of 180 out of 256 based on the ratings given to its competitors.
A number of analysts recently weighed in on the stock. ValuEngine raised shares of Xylem from a “hold” rating to a “buy” rating in a report on Friday, June 21st. Boenning Scattergood assumed coverage on shares of Unity Bancorp in a report on Tuesday, June 11th. They issued a “buy” rating and a $24.00 price objective on the stock.
NASDAQ UNTY traded up $0.02 during trading hours on Monday, reaching $20.67. 9,100 shares of the company traded hands, compared to its average volume of 10,852. The stock has a 50 day simple moving average of $21.16. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 1.43. Unity Bancorp has a 12 month low of $16.74 and a 12 month high of $24.75. The stock has a market capitalization of $223.80 million, a PE ratio of 10.28 and a beta of 0.66.
Unity Bancorp (NASDAQ:UNTY) last released its quarterly earnings data on Thursday, July 18th. The financial services provider reported $0.53 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.53. Unity Bancorp had a net margin of 28.09% and a return on equity of 16.52%. The business had revenue of $16.62 million for the quarter, compared to analysts’ expectations of $16.50 million. Analysts forecast that Unity Bancorp will post 2.1 EPS for the current year.
In other Unity Bancorp news, COO John J. Kauchak sold 2,300 shares of the firm’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $21.40, for a total transaction of $49,220.00. Following the transaction, the chief operating officer now owns 55,090 shares of the company’s stock, valued at approximately $1,178,926. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Alan J. Bedner sold 6,000 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $20.05, for a total transaction of $120,300.00. Following the transaction, the chief financial officer now directly owns 18,939 shares in the company, valued at approximately $379,726.95. The disclosure for this sale can be found here. In the last three months, insiders have sold 11,000 shares of company stock worth $226,320. 29.66% of the stock is owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Arbitrage SA increased its stake in Unity Bancorp by 654.4% during the 1st quarter. BNP Paribas Arbitrage SA now owns 1,637 shares of the financial services provider’s stock valued at $31,000 after buying an additional 1,420 shares during the period. PNC Financial Services Group Inc. acquired a new position in shares of Unity Bancorp in the 1st quarter worth approximately $41,000. Bank of America Corp DE grew its stake in shares of Unity Bancorp by 94.1% in the 4th quarter. Bank of America Corp DE now owns 5,954 shares of the financial services provider’s stock worth $124,000 after purchasing an additional 2,886 shares during the last quarter. Rhumbline Advisers acquired a new position in shares of Unity Bancorp in the 4th quarter worth approximately $225,000. Finally, Context BH Capital Management LP acquired a new position in shares of Unity Bancorp in the 1st quarter worth approximately $279,000. 48.74% of the stock is currently owned by hedge funds and other institutional investors.
About Unity Bancorp
Unity Bancorp, Inc operates as the holding company for Unity Bank that provides a range of banking products and services to individuals, small and medium sized businesses, and professional communities. The company offers personal and business checking accounts, time deposits, money market accounts, and regular savings accounts.
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