StockNews.com upgraded shares of Unity Bancorp (NASDAQ:UNTY – Free Report) from a hold rating to a buy rating in a research report sent to investors on Saturday.
Separately, 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.
Read Our Latest Stock Analysis on Unity Bancorp
Unity Bancorp Stock Performance
Unity Bancorp Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, June 21st. Investors of record on Friday, June 7th were given a $0.13 dividend. The ex-dividend date of this dividend was Friday, June 7th. This represents a $0.52 dividend on an annualized basis and a yield of 1.52%. Unity Bancorp’s payout ratio is 13.72%.
Insider Buying and Selling
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 stock was 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 owns 166 shares in the company, valued at $5,805.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Unity Bancorp news, SVP Minsu Kim sold 2,264 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $34.90, for a total value of $79,013.60. Following the completion of the sale, the senior vice president now owns 3,975 shares in the company, valued at $138,727.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 transaction, the senior vice president now directly owns 166 shares in the company, valued at $5,805.02. The disclosure for this sale can be found here. Insiders sold 5,646 shares of company stock worth $176,959 in the last quarter. 28.88% of the stock is owned by insiders.
Hedge Funds Weigh In On Unity Bancorp
Several hedge funds have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC grew its stake 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 period. Hillsdale Investment Management Inc. boosted its holdings in 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 acquiring an additional 500 shares in the last quarter. BNP Paribas Financial Markets boosted its holdings 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 in the last quarter. SG Americas Securities LLC bought a new position in shares of Unity Bancorp during the fourth quarter valued at $117,000. Finally, O Shaughnessy Asset Management LLC lifted its holdings in shares of Unity Bancorp by 75.2% during 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 in the last quarter. 42.31% of the stock is owned by hedge funds and other 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.
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