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 research report released on Monday.

Several other research analysts have also recently weighed in on the stock. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $39.00 price target (up previously from $35.00) on shares of Unity Bancorp in a report on Monday, July 15th. Piper Sandler restated an “overweight” rating and issued a $44.00 target price (up from $40.00) on shares of Unity Bancorp in a research note on Monday.

Unity Bancorp Price Performance

UNTY stock opened at $39.12 on Monday. The firm has a 50 day moving average of $33.31 and a 200-day moving average of $30.13. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $390.42 million, a P/E ratio of 10.06 and a beta of 1.01. Unity Bancorp has a 12 month low of $22.50 and a 12 month high of $39.49.

Unity Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, September 6th were issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.33%. The ex-dividend date was Friday, September 6th. Unity Bancorp’s payout ratio is 13.37%.

Insider Transactions at Unity Bancorp

In related news, SVP Minsu Kim sold 2,264 shares of the company’s stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $34.90, for a total value of $79,013.60. Following the completion of the transaction, the senior vice president now directly owns 3,975 shares in the company, valued at approximately $138,727.50. The trade was a 0.00 % decrease in their ownership of the stock. 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 Unity Bancorp stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $34.97, for a total transaction of $26,227.50. Following the transaction, the senior vice president now directly owns 166 shares of the company’s stock, valued at approximately $5,805.02. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Minsu Kim sold 2,264 shares of the company’s stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $34.90, for a total transaction of $79,013.60. Following the completion of the sale, the senior vice president now directly owns 3,975 shares of the company’s stock, valued at $138,727.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 28.88% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Unity Bancorp

Large investors have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC grew its stake in shares of Unity Bancorp by 2,329.8% during the second quarter. Allspring Global Investments Holdings LLC now owns 1,385 shares of the financial services provider’s stock valued at $41,000 after buying an additional 1,328 shares during the last quarter. BNP Paribas Financial Markets grew its position in Unity Bancorp by 80.3% during the 1st quarter. BNP Paribas Financial Markets now owns 3,389 shares of the financial services provider’s stock worth $94,000 after acquiring an additional 1,509 shares during the last quarter. Hillsdale Investment Management Inc. increased its stake in Unity Bancorp by 46.9% in the 1st quarter. Hillsdale Investment Management Inc. now owns 4,700 shares of the financial services provider’s stock worth $130,000 after purchasing an additional 1,500 shares during the period. Ritholtz Wealth Management purchased a new position in Unity Bancorp in the 2nd quarter worth approximately $202,000. Finally, O Shaughnessy Asset Management LLC lifted its position in Unity Bancorp by 75.2% in the first quarter. O Shaughnessy Asset Management LLC now owns 16,552 shares of the financial services provider’s stock valued at $457,000 after purchasing an additional 7,104 shares during the last quarter. Hedge funds and other institutional investors 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.