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

StockNews.com cut shares of Unity Bancorp (NASDAQ:UNTY) from a buy rating to a hold rating in a research report sent to investors on Tuesday.

Several other research analysts have also recently weighed in on the stock. Piper Sandler restated an “overweight” rating and set a $44.00 price target (up from $40.00) on shares of Unity Bancorp in a report on Monday, October 14th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $39.00 target price (up previously from $35.00) on shares of Unity Bancorp in a research note on Monday, July 15th.

Unity Bancorp Price Performance

Shares of NASDAQ:UNTY opened at $38.37 on Tuesday. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 1.04. The stock has a market cap of $382.93 million, a PE ratio of 9.86 and a beta of 1.01. The stock’s fifty day simple moving average is $34.28 and its two-hundred day simple moving average is $30.62. Unity Bancorp has a 1-year low of $22.75 and a 1-year high of $40.81.

Unity Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Friday, September 6th were given a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 1.36%. The ex-dividend date of this dividend was Friday, September 6th. Unity Bancorp’s dividend payout ratio is 13.37%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of UNTY. Allspring Global Investments Holdings LLC lifted its stake 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 valued at $41,000 after purchasing an additional 1,328 shares during the last quarter. BNP Paribas Financial Markets lifted its position in shares of Unity Bancorp by 80.3% during the 1st quarter. BNP Paribas Financial Markets now owns 3,389 shares of the financial services provider’s stock valued at $94,000 after buying an additional 1,509 shares during the last quarter. Hillsdale Investment Management Inc. grew its stake in shares of Unity Bancorp by 46.9% during the 1st 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 during the period. Ritholtz Wealth Management purchased a new stake in Unity Bancorp in the 2nd quarter worth about $202,000. Finally, O Shaughnessy Asset Management LLC raised 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 valued at $457,000 after acquiring an additional 7,104 shares during the period. 42.31% of the stock is owned by 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.