Keefe, Bruyette & Woods Reaffirms “Outperform” Rating for Unity Bancorp (NASDAQ:UNTY)

Keefe, Bruyette & Woods restated their outperform rating on shares of Unity Bancorp (NASDAQ:UNTY) in a report issued on Monday, Benzinga reports. Keefe, Bruyette & Woods currently has a $39.00 price objective on the financial services provider’s stock, up from their prior price objective of $35.00.

Separately, StockNews.com upgraded Unity Bancorp from a hold rating to a buy rating in a report on Monday, July 8th.

Unity Bancorp Stock Performance

UNTY stock opened at $34.47 on Monday. The business’s 50-day moving average price is $27.64 and its two-hundred day moving average price is $27.62. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 1.16. The firm has a market cap of $346.04 million, a PE ratio of 9.09 and a beta of 1.02. Unity Bancorp has a 1-year low of $22.50 and a 1-year high of $34.47.

Unity Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 21st. Shareholders of record on Friday, June 7th were issued a dividend of $0.13 per share. The ex-dividend date was Friday, June 7th. This represents a $0.52 annualized dividend and a yield of 1.51%. Unity Bancorp’s dividend payout ratio is presently 13.72%.

Insiders Place Their Bets

In other Unity Bancorp news, Director Vincent Geraci sold 2,600 shares of Unity Bancorp stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $27.19, for a total value of $70,694.00. Following the sale, the director now owns 1,043 shares of the company’s stock, valued at approximately $28,359.17. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 28.88% of the company’s stock.

Institutional Trading of Unity Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of UNTY. Panagora Asset Management Inc. increased its position in shares of Unity Bancorp by 11.7% in the fourth quarter. Panagora Asset Management Inc. now owns 20,540 shares of the financial services provider’s stock valued at $608,000 after acquiring an additional 2,150 shares during the last quarter. GSA Capital Partners LLP increased its position in shares of Unity Bancorp by 47.4% in the first quarter. GSA Capital Partners LLP now owns 16,649 shares of the financial services provider’s stock valued at $460,000 after acquiring an additional 5,352 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of Unity Bancorp in the fourth quarter valued at about $117,000. Hillsdale Investment Management Inc. increased its position 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 valued at $95,000 after acquiring an additional 500 shares during the last quarter. Finally, Inspire Investing LLC acquired a new stake in shares of Unity Bancorp in the first quarter valued at about $884,000. Institutional investors and hedge funds own 42.31% of the company’s stock.

About Unity Bancorp

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.