Unity Bancorp (NASDAQ:UNTY) Raised to “Buy” at StockNews.com

StockNews.com upgraded shares of Unity Bancorp (NASDAQ:UNTY) from a hold rating to a buy rating in a report published on Saturday.

Separately, Keefe, Bruyette & Woods restated an outperform rating and set a $39.00 price target (up previously from $35.00) on shares of Unity Bancorp in a report on Monday, July 15th.

Unity Bancorp Stock Down 4.0 %

UNTY stock opened at $34.13 on Friday. Unity Bancorp has a 52-week low of $22.50 and a 52-week high of $35.66. The company’s 50 day simple moving average is $28.77 and its 200-day simple moving average is $27.96. The company has a debt-to-equity ratio of 1.16, a current ratio of 1.18 and a quick ratio of 1.18. The firm has a market capitalization of $342.67 million, a P/E ratio of 9.01 and a beta of 1.02.

Unity Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 21st. Investors of record on Friday, June 7th were given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date was Friday, June 7th. Unity Bancorp’s payout ratio is presently 13.72%.

Insider Activity at Unity Bancorp

In related news, Director Vincent Geraci sold 2,600 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $27.19, for a total transaction of $70,694.00. Following the transaction, the director now directly owns 1,043 shares of the company’s stock, valued at $28,359.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Unity Bancorp news, SVP James Joseph Donovan sold 750 shares of the business’s stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $34.97, for a total value of $26,227.50. Following the completion of the sale, the senior vice president now directly owns 166 shares of the company’s stock, valued at $5,805.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Vincent Geraci sold 2,600 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $27.19, for a total transaction of $70,694.00. Following the completion of the sale, the director now directly owns 1,043 shares of the company’s stock, valued at $28,359.17. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,646 shares of company stock valued at $176,959. Corporate insiders own 28.88% of the company’s stock.

Institutional Trading of Unity Bancorp

Several large investors have recently added to or reduced their stakes in the business. Panagora Asset Management Inc. grew its position in Unity Bancorp by 2.4% in the second quarter. Panagora Asset Management Inc. now owns 20,852 shares of the financial services provider’s stock worth $617,000 after acquiring an additional 488 shares in the last quarter. Hillsdale Investment Management Inc. lifted its stake in shares of Unity Bancorp by 18.5% in the fourth quarter. Hillsdale Investment Management Inc. now owns 3,200 shares of the financial services provider’s stock worth $95,000 after buying an additional 500 shares during the last quarter. Janney Montgomery Scott LLC lifted its stake in shares of Unity Bancorp by 6.0% in the first quarter. Janney Montgomery Scott LLC now owns 20,007 shares of the financial services provider’s stock worth $552,000 after buying an additional 1,135 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of Unity Bancorp by 2,329.8% in the second quarter. Allspring Global Investments Holdings LLC now owns 1,385 shares of the financial services provider’s stock worth $41,000 after buying an additional 1,328 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its stake in shares of Unity Bancorp by 80.3% in the first quarter. BNP Paribas Financial Markets now owns 3,389 shares of the financial services provider’s stock worth $94,000 after buying an additional 1,509 shares during the last quarter. 42.31% of the stock is owned by 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.