Unity Bancorp (NASDAQ:UNTY) Raised to Buy at Wall Street Zen

Unity Bancorp (NASDAQ:UNTY) was upgraded by stock analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report released on Saturday.

Separately, Keefe, Bruyette & Woods upped their target price on shares of Unity Bancorp from $55.00 to $63.00 and gave the stock an “outperform” rating in a research report on Friday, July 18th. Two research analysts have rated the stock with a Buy rating, According to MarketBeat, Unity Bancorp has a consensus rating of “Buy” and a consensus target price of $56.50.

Unity Bancorp Stock Down 2.3%

Shares of NASDAQ:UNTY opened at $51.89 on Friday. Unity Bancorp has a 52-week low of $32.23 and a 52-week high of $54.64. The firm has a fifty day moving average of $50.88 and a 200 day moving average of $45.94. The firm has a market capitalization of $520.46 million, a PE ratio of 10.50 and a beta of 0.79. The company has a debt-to-equity ratio of 1.21, a quick ratio of 1.20 and a current ratio of 1.20.

Unity Bancorp (NASDAQ:UNTY) last announced its earnings results on Tuesday, July 15th. The financial services provider reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.03. Unity Bancorp had a net margin of 28.72% and a return on equity of 15.34%. The company had revenue of $34.37 million during the quarter, compared to analyst estimates of $30.30 million. As a group, research analysts anticipate that Unity Bancorp will post 4.83 EPS for the current fiscal year.

Institutional Trading of Unity Bancorp

Several institutional investors have recently added to or reduced their stakes in the business. Squarepoint Ops LLC purchased a new stake in Unity Bancorp during the second quarter valued at about $498,000. Hohimer Wealth Management LLC bought a new position in shares of Unity Bancorp during the second quarter valued at about $203,000. Corient Private Wealth LLC bought a new position in shares of Unity Bancorp during the second quarter valued at about $260,000. Lazard Asset Management LLC raised its stake in Unity Bancorp by 228.6% in the second quarter. Lazard Asset Management LLC now owns 17,844 shares of the financial services provider’s stock worth $840,000 after buying an additional 12,414 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its stake in Unity Bancorp by 14.8% in the second quarter. BNP Paribas Financial Markets now owns 2,883 shares of the financial services provider’s stock worth $136,000 after buying an additional 372 shares in the last quarter. 42.31% of the stock is currently owned by hedge funds and other institutional investors.

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.