Unity Bancorp (NASDAQ:UNTY) Cut to “Hold” at StockNews.com

StockNews.com lowered shares of Unity Bancorp (NASDAQ:UNTY) from a buy rating to a hold rating in a research note published on Tuesday morning.

UNTY has been the subject of a number of other reports. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $39.00 price target (up from $35.00) on shares of Unity Bancorp in a research note on Monday, July 15th. Piper Sandler reaffirmed an “overweight” rating and set a $44.00 price objective (up previously from $40.00) on shares of Unity Bancorp in a research report on Monday, October 14th.

Unity Bancorp Trading Down 0.6 %

Unity Bancorp stock opened at $38.96 on Tuesday. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 1.04. Unity Bancorp has a 12 month low of $22.50 and a 12 month high of $40.81. The company’s fifty day simple moving average is $34.13 and its 200-day simple moving average is $30.56. The stock has a market cap of $388.82 million, a P/E ratio of 10.02 and a beta of 1.01.

Unity Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Friday, September 6th were issued a dividend of $0.13 per share. The ex-dividend date was Friday, September 6th. This represents a $0.52 annualized dividend and a yield of 1.33%. Unity Bancorp’s dividend payout ratio (DPR) is currently 13.37%.

Institutional Trading of Unity Bancorp

Several large investors have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC raised its stake in shares of Unity Bancorp by 2,329.8% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,385 shares of the financial services provider’s stock valued at $41,000 after acquiring an additional 1,328 shares in the last quarter. BNP Paribas Financial Markets raised its position in shares of 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 valued at $94,000 after purchasing an additional 1,509 shares during the period. Hillsdale Investment Management Inc. lifted its stake in shares of 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 buying an additional 1,500 shares during the last quarter. Ritholtz Wealth Management bought a new stake in shares of Unity Bancorp during the 2nd quarter worth $202,000. Finally, O Shaughnessy Asset Management LLC grew 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 buying an additional 7,104 shares during the last quarter. 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.