Unity Bancorp (NASDAQ:UNTY) Downgraded by StockNews.com to "Hold"

StockNews.com cut shares of Unity Bancorp (NASDAQ:UNTY - Free Report) from a buy rating to a hold rating in a research note issued to investors on Tuesday.

Other analysts have also issued research reports about the stock. Keefe, Bruyette & Woods restated an "outperform" rating and issued a $39.00 target price (up previously from $35.00) on shares of Unity Bancorp in a research report on Monday, July 15th. Piper Sandler reaffirmed an "overweight" rating and issued a $44.00 price objective (up from $40.00) on shares of Unity Bancorp in a research note on Monday, October 14th.

Unity Bancorp Price Performance

UNTY traded up $1.19 on Tuesday, hitting $39.21. 30,556 shares of the stock were exchanged, compared to its average volume of 18,714. The business has a 50-day moving average of $33.97 and a two-hundred day moving average of $30.50. The firm has a market capitalization of $391.32 million, a price-to-earnings ratio of 10.08 and a beta of 1.01. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.15 and a quick ratio of 1.15. Unity Bancorp has a 12 month low of $22.50 and a 12 month high of $40.81.

Unity Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Friday, September 6th were paid a dividend of $0.13 per share. The ex-dividend date of this dividend was Friday, September 6th. This represents a $0.52 dividend on an annualized basis and a yield of 1.33%. Unity Bancorp's dividend payout ratio (DPR) is currently 13.37%.

Insider Transactions at Unity Bancorp

In related news, SVP James Joseph Donovan sold 750 shares of the company's stock in a transaction on Friday, July 26th. The stock was sold at an average price of $34.97, for a total transaction of $26,227.50. Following the completion of the sale, the senior vice president now owns 166 shares in the company, valued at approximately $5,805.02. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 28.88% of the company's stock.

Hedge Funds Weigh In On Unity Bancorp

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Allspring Global Investments Holdings LLC boosted its position in 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 purchasing an additional 1,328 shares during the last quarter. BNP Paribas Financial Markets raised its position in 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 acquiring an additional 1,509 shares during the period. Hillsdale Investment Management Inc. boosted its stake in Unity Bancorp by 46.9% in the first quarter. Hillsdale Investment Management Inc. now owns 4,700 shares of the financial services provider's stock valued at $130,000 after acquiring an additional 1,500 shares during the last quarter. Ritholtz Wealth Management bought a new position in shares of Unity Bancorp during the 2nd quarter valued at approximately $202,000. Finally, O Shaughnessy Asset Management LLC grew its position in shares of Unity Bancorp by 75.2% during 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 acquiring an additional 7,104 shares during the period. Hedge funds and other institutional investors own 42.31% of the company's stock.

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.