Unity Bancorp (NASDAQ:UNTY) Stock Rating Upgraded by StockNews.com

Unity Bancorp (NASDAQ:UNTY) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday.

UNTY has been the topic of a number of other reports. Piper Sandler reissued an “overweight” rating and set a $44.00 target price (up from $40.00) on shares of Unity Bancorp in a report on Monday. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $39.00 price objective (up from $35.00) on shares of Unity Bancorp in a report on Monday, July 15th.

Unity Bancorp Stock Up 7.4 %

Shares of Unity Bancorp stock traded up $2.59 on Monday, reaching $37.72. 41,864 shares of the company were exchanged, compared to its average volume of 17,815. 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 company has a market capitalization of $376.45 million, a price-to-earnings ratio of 9.95 and a beta of 1.01. Unity Bancorp has a one year low of $22.50 and a one year high of $38.10. The company has a 50-day moving average of $33.00 and a 200 day moving average of $29.99.

Unity Bancorp (NASDAQ:UNTY) last posted its earnings results on Friday, July 12th. The financial services provider reported $0.93 earnings per share for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.01). The business had revenue of $25.46 million for the quarter, compared to analyst estimates of $25.81 million. Unity Bancorp had a return on equity of 14.71% and a net margin of 24.37%. On average, equities research analysts forecast that Unity Bancorp will post 3.8 earnings per share for the current year.

Insider Transactions at Unity Bancorp

In other news, SVP James Joseph Donovan sold 750 shares of the 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 sale, the senior vice president now directly owns 166 shares of the company’s stock, valued at approximately $5,805.02. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 directly owns 166 shares in the company, valued at $5,805.02. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Minsu Kim sold 2,264 shares of the company’s stock in a transaction 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 sale, the senior vice president now owns 3,975 shares of the company’s stock, valued at approximately $138,727.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,046 shares of company stock valued at $106,265. 28.88% of the stock is owned by corporate insiders.

Institutional Trading of Unity Bancorp

Several institutional investors and hedge funds have recently modified their holdings of the business. Panagora Asset Management Inc. lifted its position in shares of Unity Bancorp by 2.4% during the 2nd quarter. Panagora Asset Management Inc. now owns 20,852 shares of the financial services provider’s stock worth $617,000 after buying an additional 488 shares during the last quarter. Janney Montgomery Scott LLC raised its position in Unity Bancorp by 6.0% in the first quarter. Janney Montgomery Scott LLC now owns 20,007 shares of the financial services provider’s stock valued at $552,000 after purchasing an additional 1,135 shares during the last quarter. Allspring Global Investments Holdings LLC raised 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 valued at $41,000 after purchasing an additional 1,328 shares during the last quarter. Hillsdale Investment Management Inc. raised its position 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 purchasing an additional 1,500 shares during the last quarter. Finally, 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 valued at $94,000 after purchasing an additional 1,509 shares during the last quarter. 42.31% of the stock is currently owned by 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.