Analysts Expect Unity Bancorp, Inc. (NASDAQ:UNTY) to Post $0.54 EPS

Shares of Unity Bancorp, Inc. (NASDAQ:UNTY) have been given an average broker rating score of 1.50 (Buy) from the two brokers that provide coverage for the stock, Zacks Investment Research reports. One investment analyst has rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. Unity Bancorp’s rating score has improved by 25% from three months ago as a result of various analysts’ upgrades and downgrades.

Analysts have set a twelve-month consensus price target of $24.00 for the company and are forecasting that the company will post $0.54 earnings per share for the current quarter, according to Zacks. Zacks has also given Unity Bancorp an industry rank of 172 out of 256 based on the ratings given to its competitors.

A number of brokerages have recently commented on UNTY. ValuEngine lowered Unity Bancorp from a “hold” rating to a “sell” rating in a report on Friday. Boenning Scattergood began coverage on Unity Bancorp in a report on Tuesday, June 11th. They set a “buy” rating and a $24.00 price target for the company.

In other news, CFO Alan J. Bedner sold 6,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $20.05, for a total transaction of $120,300.00. Following the sale, the chief financial officer now directly owns 18,939 shares in the company, valued at $379,726.95. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO John J. Kauchak sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $21.25, for a total value of $106,250.00. Following the sale, the chief operating officer now owns 55,090 shares in the company, valued at $1,170,662.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 18,500 shares of company stock valued at $384,270. Corporate insiders own 29.66% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Arbitrage SA increased its position in shares of Unity Bancorp by 654.4% during the first quarter. BNP Paribas Arbitrage SA now owns 1,637 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 1,420 shares during the period. PNC Financial Services Group Inc. bought a new stake in shares of Unity Bancorp during the first quarter valued at approximately $41,000. Bank of America Corp DE grew its position in Unity Bancorp by 94.1% in the fourth quarter. Bank of America Corp DE now owns 5,954 shares of the financial services provider’s stock valued at $124,000 after acquiring an additional 2,886 shares during the period. Acadian Asset Management LLC grew its position in Unity Bancorp by 28.4% in the fourth quarter. Acadian Asset Management LLC now owns 10,598 shares of the financial services provider’s stock valued at $220,000 after acquiring an additional 2,345 shares during the period. Finally, Rhumbline Advisers bought a new stake in Unity Bancorp in the fourth quarter valued at $225,000. Institutional investors and hedge funds own 48.74% of the company’s stock.

UNTY opened at $20.86 on Friday. Unity Bancorp has a twelve month low of $16.74 and a twelve month high of $25.50. The company has a market capitalization of $226.08 million, a P/E ratio of 10.38 and a beta of 0.61. The company has a debt-to-equity ratio of 1.43, a current ratio of 1.17 and a quick ratio of 1.17.

Unity Bancorp (NASDAQ:UNTY) last issued its quarterly earnings results on Thursday, April 18th. The financial services provider reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.03. Unity Bancorp had a return on equity of 16.51% and a net margin of 28.43%. The company had revenue of $16.24 million during the quarter. Equities analysts expect that Unity Bancorp will post 2.19 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Thursday, June 13th. This is a positive change from Unity Bancorp’s previous quarterly dividend of $0.07. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.53%. Unity Bancorp’s payout ratio is 15.92%.

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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