Unity Bancorp (NASDAQ:UNTY) Given Overweight Rating at Piper Sandler

Piper Sandler restated their overweight rating on shares of Unity Bancorp (NASDAQ:UNTY) in a report issued on Monday morning, Benzinga reports. They currently have a $44.00 price objective on the financial services provider’s stock, up from their previous price objective of $40.00.

UNTY has been the subject of several other research reports. Keefe, Bruyette & Woods restated an “outperform” rating and set a $39.00 price target (up previously from $35.00) on shares of Unity Bancorp in a report on Monday, July 15th. StockNews.com lowered shares of Unity Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, September 7th.

Unity Bancorp Trading Up 3.5 %

Shares of Unity Bancorp stock opened at $40.47 on Monday. Unity Bancorp has a twelve month low of $22.50 and a twelve month high of $40.47. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 1.04. The business has a 50-day moving average price of $33.49 and a 200-day moving average price of $30.21. The firm has a market cap of $403.89 million, a price-to-earnings ratio of 10.40 and a beta of 1.01.

Unity Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Friday, September 6th were issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.28%. The ex-dividend date was Friday, September 6th. Unity Bancorp’s payout ratio is 13.37%.

Insiders Place Their Bets

In other 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 transaction of $26,227.50. Following the transaction, the senior vice president now owns 166 shares of the company’s stock, valued at approximately $5,805.02. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, SVP Minsu Kim sold 2,264 shares of the stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $34.90, for a total value of $79,013.60. Following the sale, the senior vice president now directly owns 3,975 shares of the company’s stock, valued at $138,727.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP James Joseph Donovan sold 750 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at approximately $5,805.02. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 28.88% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Unity Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of the business. Inspire Investing LLC purchased a new position in Unity Bancorp during the 1st quarter valued at $884,000. Empowered Funds LLC lifted its position in shares of Unity Bancorp by 7.7% during the first quarter. Empowered Funds LLC now owns 29,535 shares of the financial services provider’s stock worth $815,000 after purchasing an additional 2,100 shares during the last quarter. GSA Capital Partners LLP boosted its stake in shares of Unity Bancorp by 47.4% during the first quarter. GSA Capital Partners LLP now owns 16,649 shares of the financial services provider’s stock valued at $460,000 after purchasing an additional 5,352 shares during the period. Panagora Asset Management Inc. grew its holdings in shares of Unity Bancorp by 2.4% in the second quarter. Panagora Asset Management Inc. now owns 20,852 shares of the financial services provider’s stock worth $617,000 after purchasing an additional 488 shares during the last quarter. Finally, Janney Montgomery Scott LLC increased its stake in Unity Bancorp by 6.0% in 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. 42.31% of the stock is currently owned by hedge funds and other 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.