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

StockNews.com lowered shares of Unity Bancorp (NASDAQ:UNTY) from a buy rating to a hold rating in a research report report published on Saturday.

Unity Bancorp Stock Down 2.4 %

UNTY stock opened at $28.85 on Friday. Unity Bancorp has a twelve month low of $22.49 and a twelve month high of $30.70. The company has a market cap of $289.65 million, a PE ratio of 7.57 and a beta of 1.02. The business’s 50-day simple moving average is $27.16 and its 200 day simple moving average is $27.56. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 1.16.

Unity Bancorp (NASDAQ:UNTY) last released its earnings results on Friday, April 12th. The financial services provider reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.91 by $0.02. Unity Bancorp had a return on equity of 15.23% and a net margin of 24.92%. The business had revenue of $25.56 million for the quarter, compared to the consensus estimate of $25.15 million. On average, research analysts anticipate that Unity Bancorp will post 3.81 earnings per share for the current year.

Unity Bancorp Dividend Announcement

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 dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 1.80%. The ex-dividend date was Friday, June 7th. Unity Bancorp’s dividend payout ratio (DPR) is presently 13.65%.

Insider Buying and Selling at Unity Bancorp

In other Unity Bancorp news, Director Vincent Geraci sold 2,600 shares of Unity Bancorp stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $27.19, for a total transaction of $70,694.00. Following the sale, the director now directly owns 1,043 shares of the company’s stock, valued at $28,359.17. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 28.88% of the company’s stock.

Institutional Investors Weigh In On Unity Bancorp

Institutional investors have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets boosted its holdings in Unity Bancorp by 80.3% during 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 in the last quarter. Hillsdale Investment Management Inc. boosted its holdings in shares of Unity Bancorp by 18.5% in the 4th 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. SG Americas Securities LLC acquired a new position in shares of Unity Bancorp in the 4th quarter worth approximately $117,000. O Shaughnessy Asset Management LLC boosted its holdings 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 worth $457,000 after acquiring an additional 7,104 shares in the last quarter. Finally, GSA Capital Partners LLP boosted its holdings in shares of Unity Bancorp by 47.4% in the 1st quarter. GSA Capital Partners LLP now owns 16,649 shares of the financial services provider’s stock worth $460,000 after acquiring an additional 5,352 shares in the last quarter. 42.31% of the stock is owned by institutional investors and hedge funds.

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.