Unity Bancorp (NASDAQ:UNTY) Upgraded to “Buy” by Zacks Investment Research

Unity Bancorp (NASDAQ:UNTYGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday, Zacks.com reports. The firm presently has a $32.00 target price on the financial services provider’s stock. Zacks Investment Research‘s price objective points to a potential upside of 11.93% from the company’s previous close.

According to Zacks, “Unity Bancorp, Inc. is a one-bank holding company incorporated to serve as a holding company for First Community Bank. The company’s primary business is ownership and supervision of the bank. The company, through the Bank, conducts a traditional and community-oriented commercial banking business, and offers services including personal and business checking accounts and time deposits, money market accounts and regular savings accounts. “

Several other analysts have also recently weighed in on the company. StockNews.com began coverage on Unity Bancorp in a report on Thursday, March 31st. They set a “buy” rating for the company. Piper Sandler assumed coverage on shares of Unity Bancorp in a research report on Thursday, April 7th. They issued an “overweight” rating and a $33.00 price objective on the stock.

Shares of UNTY opened at $28.59 on Wednesday. The firm has a 50 day simple moving average of $28.40 and a 200-day simple moving average of $27.96. The stock has a market cap of $299.91 million, a price-to-earnings ratio of 8.24 and a beta of 1.07. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.04 and a quick ratio of 1.04. Unity Bancorp has a 1-year low of $21.32 and a 1-year high of $31.37.

Unity Bancorp (NASDAQ:UNTYGet Rating) last released its earnings results on Tuesday, April 19th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.81 by $0.04. Unity Bancorp had a net margin of 38.26% and a return on equity of 18.21%. On average, equities analysts expect that Unity Bancorp will post 3.54 earnings per share for the current fiscal year.

Large investors have recently bought and sold shares of the company. JPMorgan Chase & Co. grew its holdings in Unity Bancorp by 8,053.8% in the fourth quarter. JPMorgan Chase & Co. now owns 1,060 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 1,047 shares during the period. Royal Bank of Canada lifted its stake in Unity Bancorp by 515.7% during the second quarter. Royal Bank of Canada now owns 3,011 shares of the financial services provider’s stock worth $66,000 after purchasing an additional 2,522 shares during the last quarter. Hillsdale Investment Management Inc. raised its position in Unity Bancorp by 33.3% in the 4th quarter. Hillsdale Investment Management Inc. now owns 2,800 shares of the financial services provider’s stock valued at $74,000 after purchasing an additional 700 shares during the last quarter. Citigroup Inc. purchased a new stake in shares of Unity Bancorp in the first quarter valued at about $90,000. Finally, Cambridge Investment Research Advisors Inc. acquired a new position in shares of Unity Bancorp during the 4th quarter worth $214,000. Institutional investors and hedge funds own 49.77% of the company’s stock.

Unity Bancorp Company Profile (Get Rating)

Unity Bancorp, Inc operates as the holding company for Unity Bank that provides commercial and retail 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, as well as noninterest and interest-bearing demand deposits.

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