Unity Bancorp (NASDAQ:UNTY) Upgraded to Buy by StockNews.com

StockNews.com upgraded shares of Unity Bancorp (NASDAQ:UNTY) from a hold rating to a buy rating in a research note released on Saturday.

Separately, Keefe, Bruyette & Woods restated an outperform rating and set a $39.00 target price (up from $35.00) on shares of Unity Bancorp in a research report on Monday, July 15th.

Unity Bancorp Stock Up 2.6 %

Shares of NASDAQ UNTY opened at $35.56 on Friday. The firm’s 50-day simple moving average is $28.63 and its 200 day simple moving average is $27.91. The company has a market cap of $357.02 million, a price-to-earnings ratio of 9.38 and a beta of 1.02. 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 has a 12-month low of $22.50 and a 12-month high of $35.66.

Unity Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 21st. Shareholders of record on Friday, June 7th were given a dividend of $0.13 per share. The ex-dividend date was Friday, June 7th. This represents a $0.52 dividend on an annualized basis and a yield of 1.46%. Unity Bancorp’s payout ratio is presently 13.72%.

Insider Buying and Selling at Unity Bancorp

In other Unity Bancorp news, SVP Minsu Kim sold 2,264 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $34.90, for a total transaction of $79,013.60. Following the transaction, the senior vice president now directly owns 3,975 shares in the company, valued at approximately $138,727.50. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, Director Vincent Geraci sold 2,600 shares of Unity Bancorp stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $27.19, for a total transaction of $70,694.00. Following the transaction, the director now owns 1,043 shares of the company’s stock, valued at approximately $28,359.17. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Minsu Kim sold 2,264 shares of Unity Bancorp stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $34.90, for a total transaction of $79,013.60. Following the transaction, the senior vice president now directly owns 3,975 shares in the company, valued at approximately $138,727.50. The disclosure for this sale can be found here. In the last three months, insiders have sold 4,896 shares of company stock worth $150,732. Company insiders own 28.88% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Inspire Investing LLC bought a new position in Unity Bancorp during the 1st quarter worth approximately $884,000. Panagora Asset Management Inc. raised its holdings in Unity Bancorp by 11.7% during the 4th quarter. Panagora Asset Management Inc. now owns 20,540 shares of the financial services provider’s stock worth $608,000 after buying an additional 2,150 shares during the period. Empowered Funds LLC raised its holdings in Unity Bancorp by 7.7% during 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 period. GSA Capital Partners LLP raised its holdings in Unity Bancorp by 47.4% during the 1st quarter. GSA Capital Partners LLP now owns 16,649 shares of the financial services provider’s stock worth $460,000 after buying an additional 5,352 shares during the period. Finally, Janney Montgomery Scott LLC raised its holdings in Unity Bancorp by 6.0% during the 1st quarter. Janney Montgomery Scott LLC now owns 20,007 shares of the financial services provider’s stock worth $552,000 after buying an additional 1,135 shares during the period. 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.