Unity Bancorp (NASDAQ:UNTY) Lifted to “Buy” at StockNews.com

StockNews.com upgraded shares of Unity Bancorp (NASDAQ:UNTYFree Report) from a hold rating to a buy rating in a report released on Friday morning.

Unity Bancorp Price Performance

Shares of NASDAQ UNTY opened at $25.91 on Friday. The company has a debt-to-equity ratio of 1.16, a current ratio of 1.18 and a quick ratio of 1.18. The stock has a fifty day moving average price of $27.06 and a 200 day moving average price of $27.54. Unity Bancorp has a 1-year low of $22.49 and a 1-year high of $30.70. The company has a market cap of $260.14 million, a PE ratio of 6.80 and a beta of 1.04.

Unity Bancorp (NASDAQ:UNTYGet Free Report) last issued its quarterly earnings results on Friday, April 12th. The financial services provider reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.02. The firm had revenue of $25.56 million during the quarter, compared to the consensus estimate of $25.15 million. Unity Bancorp had a return on equity of 15.23% and a net margin of 24.92%. Sell-side analysts forecast that Unity Bancorp will post 3.81 EPS for the current year.

Unity Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 21st. Shareholders of record on Friday, June 7th were given a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 2.01%. The ex-dividend date of this dividend was Friday, June 7th. Unity Bancorp’s payout ratio is 13.65%.

Insiders Place Their Bets

In related news, Director Vincent Geraci sold 2,600 shares of the stock in a transaction 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 owns 1,043 shares of the company’s stock, valued at $28,359.17. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 28.88% of the stock is currently owned by company insiders.

Institutional Trading of Unity Bancorp

A number of hedge funds have recently added to or reduced their stakes in the business. O Shaughnessy Asset Management LLC boosted its stake in 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 buying an additional 7,104 shares during the last quarter. Hillsdale Investment Management Inc. boosted its stake in Unity Bancorp by 46.9% in the 1st quarter. Hillsdale Investment Management Inc. now owns 4,700 shares of the financial services provider’s stock worth $130,000 after buying an additional 1,500 shares during the last quarter. Vanguard Group Inc. boosted its stake in Unity Bancorp by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 414,036 shares of the financial services provider’s stock worth $11,427,000 after buying an additional 3,170 shares during the last quarter. Inspire Investing LLC acquired a new stake in Unity Bancorp in the 1st quarter worth about $884,000. Finally, Empowered Funds LLC boosted its stake in Unity Bancorp by 7.7% in the 1st quarter. Empowered Funds LLC now owns 29,535 shares of the financial services provider’s stock worth $815,000 after buying an additional 2,100 shares during the last quarter. 42.31% of the stock is owned by institutional investors and hedge funds.

About Unity Bancorp

(Get Free Report)

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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