Unity Bancorp’s (UNTY) Overweight Rating Reiterated at Piper Sandler

by · The Markets Daily

Piper Sandler reiterated their overweight rating on shares of Unity Bancorp (NASDAQ:UNTY – Free Report) in a research note published on Monday morning, Benzinga reports. The firm currently has a $44.00 price objective on the financial services provider’s stock, up from their prior price objective of $40.00.

Several other research analysts have also commented on the stock. 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 note on Monday, July 15th. StockNews.com cut shares of Unity Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, September 7th.

View Our Latest Research Report on UNTY

Unity Bancorp Price Performance

Shares of Unity Bancorp stock opened at $39.12 on Monday. The stock has a market cap of $390.42 million, a price-to-earnings ratio of 10.06 and a beta of 1.01. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.15 and a current ratio of 1.15. The stock has a 50 day moving average price of $33.31 and a 200-day moving average price of $30.13. Unity Bancorp has a one year low of $22.50 and a one year high of $39.49.

Unity Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Friday, September 6th were issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 1.33%. The ex-dividend date of this dividend was Friday, September 6th. Unity Bancorp’s payout ratio is currently 13.37%.

Insider Buying and Selling at Unity Bancorp

In related news, SVP James Joseph Donovan sold 750 shares of the firm’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $34.97, for a total value 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. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related 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 value of $26,227.50. Following the completion of the sale, the senior vice president now owns 166 shares in the company, valued at approximately $5,805.02. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Minsu Kim sold 2,264 shares of the firm’s stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $34.90, for a total value of $79,013.60. Following the transaction, the senior vice president now owns 3,975 shares in the company, valued at $138,727.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 28.88% of the stock is currently owned by corporate insiders.

Institutional Trading of Unity Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC increased its holdings in Unity Bancorp by 2,329.8% during 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 buying an additional 1,328 shares during the period. BNP Paribas Financial Markets boosted its position in 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 acquiring an additional 1,509 shares in the last quarter. Hillsdale Investment Management Inc. increased its holdings in shares of Unity Bancorp by 46.9% in the 1st quarter. Hillsdale Investment Management Inc. now owns 4,700 shares of the financial services provider’s stock valued at $130,000 after acquiring an additional 1,500 shares during the period. Ritholtz Wealth Management bought a new position in shares of Unity Bancorp in the 2nd quarter worth $202,000. Finally, O Shaughnessy Asset Management LLC raised its position in shares of 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 worth $457,000 after acquiring an additional 7,104 shares in the last quarter. 42.31% of the stock is currently owned by institutional investors.

Unity Bancorp Company Profile

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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.

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