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

StockNews.com cut shares of Unity Bancorp (NASDAQ:UNTYFree Report) from a buy rating to a hold rating in a research report report published on Friday morning.

Unity Bancorp Stock Performance

Shares of UNTY stock opened at $26.89 on Friday. The company has a debt-to-equity ratio of 1.58, a quick ratio of 1.22 and a current ratio of 1.22. The company has a market capitalization of $270.51 million, a P/E ratio of 7.00 and a beta of 1.09. The company’s 50 day moving average price is $28.33 and its two-hundred day moving average price is $26.00. Unity Bancorp has a 52 week low of $20.01 and a 52 week high of $30.70.

Unity Bancorp (NASDAQ:UNTYGet Free Report) last posted its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.09. Unity Bancorp had a net margin of 26.19% and a return on equity of 16.17%. The company had revenue of $26.60 million for the quarter, compared to the consensus estimate of $24.90 million. On average, analysts expect that Unity Bancorp will post 3.78 earnings per share for the current fiscal year.

Unity Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 15th were issued a $0.12 dividend. The ex-dividend date was Thursday, December 14th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.79%. Unity Bancorp’s dividend payout ratio (DPR) is presently 12.50%.

Insider Activity

In other news, Director Vincent Geraci sold 2,500 shares of Unity Bancorp stock in a transaction that occurred on Tuesday, January 23rd. The shares were sold at an average price of $30.13, for a total value of $75,325.00. Following the sale, the director now directly owns 3,643 shares in the company, valued at $109,763.59. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Mary E. Gross sold 1,344 shares of the firm’s stock in a transaction on Monday, January 29th. The shares were sold at an average price of $30.00, for a total value of $40,320.00. Following the completion of the transaction, the director now directly owns 17,176 shares of the company’s stock, valued at $515,280. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Vincent Geraci sold 2,500 shares of the firm’s stock in a transaction on Tuesday, January 23rd. The shares were sold at an average price of $30.13, for a total transaction of $75,325.00. Following the completion of the transaction, the director now directly owns 3,643 shares of the company’s stock, valued at $109,763.59. The disclosure for this sale can be found here. Insiders have sold 4,178 shares of company stock worth $125,511 over the last ninety days. Insiders own 32.35% of the company’s stock.

Hedge Funds Weigh In On Unity Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in the company. JPMorgan Chase & Co. boosted its position in Unity Bancorp by 148.1% during the first quarter. JPMorgan Chase & Co. now owns 2,630 shares of the financial services provider’s stock worth $73,000 after purchasing an additional 1,570 shares during the period. American Century Companies Inc. boosted its position in Unity Bancorp by 29.6% during the first quarter. American Century Companies Inc. now owns 31,234 shares of the financial services provider’s stock worth $874,000 after purchasing an additional 7,128 shares during the period. Citigroup Inc. bought a new position in Unity Bancorp during the first quarter worth $90,000. Dimensional Fund Advisors LP boosted its position in Unity Bancorp by 0.9% during the first quarter. Dimensional Fund Advisors LP now owns 373,503 shares of the financial services provider’s stock worth $10,451,000 after purchasing an additional 3,442 shares during the period. Finally, Fourthstone LLC boosted its position in Unity Bancorp by 45.0% during the first quarter. Fourthstone LLC now owns 481,355 shares of the financial services provider’s stock worth $13,468,000 after purchasing an additional 149,358 shares during the period. 47.58% of the stock is owned by institutional investors.

Unity Bancorp Company Profile

(Get Free Report)

Unity Bancorp, Inc operates as a bank holding company for Unity Bank that provides commercial and retail banking services to individuals, small and medium sized businesses, and professional communities. The company offers personal and business checking accounts, time deposits, money market accounts, and savings accounts, as well as noninterest and interest-bearing demand deposits.

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