Boenning & Scattergood analyst Erik Zwick maintained a Buy rating on Unity Bancorp (UNTY) today and set a price target of $24. The company’s shares opened today at $21.22.
Zwick said:
“We remain favorable on shares of UNTY following 2Q19 results. The company operates a traditional, commercial-focused community bank model that we believe should be attractive to risk averse investors who prefer steady growth and a focus on efficiency. Combined with an attractive footprint, high profitability, and the ability to grow tangible book value 13%-14% annually, we believe the risk/reward profile is favorable today with shares trading at a discount to peers on a P/E basis (10.1x 2019E vs. 11.7x).”
According to TipRanks.com, Zwick is a 1-star analyst with an average return of -1.3% and a 42.4% success rate. Zwick covers the Financial sector, focusing on stocks such as Atlantic Union Bankshares Corporation, The First Of Long Island Corp, and Provident Financial Services.
Currently, the analyst consensus on Unity Bancorp is a Moderate Buy with an average price target of $24.
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Based on Unity Bancorp’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of $5.74 million. In comparison, last year the company had a net profit of $5.4 million.
Based on the recent corporate insider activity of 47 insiders, corporate insider sentiment is negative on the stock.
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Unity Bancorp, Inc. is a bank holding company, which engages in the ownership and supervision of Unity Bank. The company accepts personal and business checking accounts, time deposits, money market accounts, regular savings accounts, and demand and savings deposits. Its loan portfolio comprises credit cards, mortgage, home equity, and personal loans.
