Piper Sandler Reiterates Overweight Rating for Unity Bancorp (NASDAQ:UNTY)

Piper Sandler restated their overweight rating on shares of Unity Bancorp (NASDAQ:UNTY) in a research note published on Monday, Benzinga reports. The brokerage currently has a $44.00 price target on the financial services provider’s stock, up from their previous price target of $40.00.

UNTY has been the subject of several other reports. StockNews.com downgraded Unity Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, September 7th. Keefe, Bruyette & Woods restated 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.

Unity Bancorp Trading Up 3.5 %

Shares of NASDAQ UNTY opened at $40.47 on Monday. Unity Bancorp has a twelve month low of $22.50 and a twelve month high of $40.47. The firm has a market cap of $403.89 million, a PE ratio of 10.40 and a beta of 1.01. The business has a fifty day simple moving average of $33.49 and a two-hundred day simple moving average of $30.21. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 1.04.

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. The ex-dividend date of this dividend was Friday, September 6th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.28%. Unity Bancorp’s dividend payout ratio is presently 13.37%.

Insider Buying and Selling

In related news, SVP James Joseph Donovan sold 750 shares of the firm’s stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $34.97, for a total transaction of $26,227.50. Following the sale, the senior vice president now owns 166 shares of the company’s stock, valued at $5,805.02. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related 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 transaction of $26,227.50. Following the completion of the transaction, the senior vice president now owns 166 shares in the company, valued at $5,805.02. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Minsu Kim sold 2,264 shares of the firm’s stock in a transaction that occurred 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 owns 3,975 shares of the company’s stock, valued at approximately $138,727.50. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 28.88% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Inspire Investing LLC acquired a new stake in Unity Bancorp in the first quarter worth about $884,000. O Shaughnessy Asset Management LLC raised its position in shares of Unity Bancorp by 75.2% in the 1st 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. Ritholtz Wealth Management acquired a new stake in Unity Bancorp in the 2nd quarter worth approximately $202,000. Dimensional Fund Advisors LP grew its position in Unity Bancorp by 1.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 478,877 shares of the financial services provider’s stock worth $14,159,000 after purchasing an additional 5,449 shares during the last quarter. Finally, GSA Capital Partners LLP increased its stake in Unity Bancorp by 47.4% during the 1st quarter. GSA Capital Partners LLP now owns 16,649 shares of the financial services provider’s stock valued at $460,000 after purchasing an additional 5,352 shares in the last quarter. 42.31% of the stock is currently owned by hedge funds and other institutional investors.

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.