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

Unity Bancorp (NASDAQ:UNTY) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a report issued on Wednesday.

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

Unity Bancorp Trading Down 2.1 %

NASDAQ UNTY opened at $32.04 on Wednesday. Unity Bancorp has a 52 week low of $22.50 and a 52 week high of $35.66. The firm has a 50 day moving average of $30.37 and a two-hundred day moving average of $28.34. 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 capitalization of $319.76 million, a PE ratio of 8.45 and a beta of 1.02.

Unity Bancorp (NASDAQ:UNTY) last released its quarterly earnings data on Friday, July 12th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.94 by ($0.01). The firm had revenue of $25.46 million for the quarter, compared to analysts’ expectations of $25.81 million. Unity Bancorp had a return on equity of 14.71% and a net margin of 24.37%. As a group, research analysts expect that Unity Bancorp will post 3.8 EPS for the current fiscal year.

Insider Activity

In related news, SVP Minsu Kim sold 2,264 shares of the stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $34.90, for a total value of $79,013.60. Following the transaction, the senior vice president now directly owns 3,975 shares of the company’s stock, valued at approximately $138,727.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Unity Bancorp news, SVP James Joseph Donovan sold 750 shares of Unity Bancorp 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 $5,805.02. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, SVP Minsu Kim sold 2,264 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $34.90, for a total value 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 approximately $138,727.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,046 shares of company stock worth $106,265. Corporate insiders own 28.88% of the company’s stock.

Hedge Funds Weigh In On Unity Bancorp

Hedge funds have recently modified their holdings of the business. Allspring Global Investments Holdings LLC boosted its stake in Unity Bancorp by 2,329.8% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,385 shares of the financial services provider’s stock worth $41,000 after purchasing an additional 1,328 shares during the period. BNP Paribas Financial Markets boosted its stake in shares of 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 worth $94,000 after buying an additional 1,509 shares during the period. Hillsdale Investment Management Inc. grew its holdings in shares of Unity Bancorp by 18.5% during the fourth quarter. Hillsdale Investment Management Inc. now owns 3,200 shares of the financial services provider’s stock worth $95,000 after buying an additional 500 shares during the last quarter. Ritholtz Wealth Management purchased a new position in shares of Unity Bancorp during the second quarter worth about $202,000. Finally, O Shaughnessy Asset Management LLC increased its position 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 valued at $457,000 after acquiring an additional 7,104 shares during the period. 42.31% of the stock is currently owned by hedge funds and other institutional investors.

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.