Unity Bancorp (NASDAQ:UNTY) Raised to Buy at StockNews.com

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

Other equities analysts have also recently issued research reports about the company. Piper Sandler reaffirmed an “overweight” rating and issued a $44.00 target price (up previously from $40.00) on shares of Unity Bancorp in a report on Monday. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $39.00 price target (up previously from $35.00) on shares of Unity Bancorp in a research note on Monday, July 15th.

Unity Bancorp Price Performance

Shares of UNTY opened at $38.45 on Monday. Unity Bancorp has a 12-month low of $22.50 and a 12-month high of $39.23. The business has a 50-day simple moving average of $33.14 and a two-hundred day simple moving average of $30.07. 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 stock has a market cap of $386.00 million, a PE ratio of 10.15 and a beta of 1.01.

Insider Activity

In related news, SVP James Joseph Donovan sold 750 shares of the firm’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 completion of the sale, the senior vice president now owns 166 shares of the company’s stock, valued at $5,805.02. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, SVP Minsu Kim sold 2,264 shares of the firm’s 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 completion of the sale, the senior vice president now owns 3,975 shares of the company’s stock, valued at $138,727.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP James Joseph Donovan sold 750 shares of the firm’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 value of $26,227.50. Following the sale, the senior vice president now directly owns 166 shares of the company’s stock, valued at $5,805.02. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 28.88% of the company’s stock.

Institutional Investors Weigh In On Unity Bancorp

Several large investors have recently added to or reduced their stakes in the business. Panagora Asset Management Inc. boosted its holdings in 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 acquiring an additional 488 shares in the last quarter. Janney Montgomery Scott LLC boosted its holdings 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 worth $552,000 after acquiring an additional 1,135 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings 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 worth $41,000 after acquiring an additional 1,328 shares in the last quarter. Hillsdale Investment Management Inc. boosted its holdings 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 worth $130,000 after acquiring an additional 1,500 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its holdings 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 worth $94,000 after acquiring an additional 1,509 shares in the last quarter. Institutional investors and hedge funds 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.