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

Unity Bancorp (NASDAQ:UNTYGet Free Report) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.

Unity Bancorp Stock Up 0.4 %

NASDAQ UNTY opened at $27.62 on Tuesday. Unity Bancorp has a 52 week low of $22.33 and a 52 week high of $30.70. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 1.16. The company has a market capitalization of $277.28 million, a P/E ratio of 7.25 and a beta of 1.04. The stock’s 50-day moving average price is $27.26 and its 200-day moving average price is $27.50.

Unity Bancorp (NASDAQ:UNTYGet Free Report) last issued its quarterly earnings results on Friday, April 12th. The financial services provider reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.02. The business had revenue of $25.56 million for the quarter, compared to the consensus estimate of $25.15 million. Unity Bancorp had a net margin of 24.92% and a return on equity of 15.23%. On average, equities research analysts predict that Unity Bancorp will post 3.81 earnings per share for the current year.

Insider Activity

In related news, CEO James A. Hughes sold 1,156 shares of the stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $27.28, for a total transaction of $31,535.68. Following the completion of the sale, the chief executive officer now owns 137,735 shares in the company, valued at $3,757,410.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Unity Bancorp news, Director Vincent Geraci sold 2,600 shares of Unity Bancorp stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $27.19, for a total value of $70,694.00. Following the sale, the director now directly owns 1,043 shares in the company, valued at approximately $28,359.17. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO James A. Hughes sold 1,156 shares of the business’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $27.28, for a total transaction of $31,535.68. Following the completion of the sale, the chief executive officer now owns 137,735 shares in the company, valued at approximately $3,757,410.80. The disclosure for this sale can be found here. Company insiders own 28.88% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. O Shaughnessy Asset Management LLC boosted its stake in Unity Bancorp by 75.2% during the first 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. Hillsdale Investment Management Inc. boosted its position 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 valued at $130,000 after acquiring an additional 1,500 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Unity Bancorp by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 414,036 shares of the financial services provider’s stock valued at $11,427,000 after acquiring an additional 3,170 shares during the last quarter. Inspire Investing LLC purchased a new position in shares of Unity Bancorp in the first quarter valued at $884,000. Finally, Empowered Funds LLC increased its position in Unity Bancorp by 7.7% in the first quarter. Empowered Funds LLC now owns 29,535 shares of the financial services provider’s stock worth $815,000 after purchasing an additional 2,100 shares during the last quarter. Hedge funds and other institutional investors own 42.31% of the company’s stock.

Unity Bancorp Company Profile

(Get Free Report)

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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