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

Unity Bancorp (NASDAQ:UNTY) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a report issued on Tuesday.

Other equities analysts also recently issued research reports about the stock. Piper Sandler reissued an “overweight” rating and set a $44.00 target price (up previously from $40.00) on shares of Unity Bancorp in a research note on Monday, October 14th. Keefe, Bruyette & Woods reissued an “outperform” rating and set 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 $38.02 on Tuesday. Unity Bancorp has a twelve month low of $22.50 and a twelve month high of $40.81. The firm has a fifty day simple moving average of $33.80 and a 200 day simple moving average of $30.41. The company has a market capitalization of $379.44 million, a PE ratio of 9.77 and a beta of 1.01. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 1.04.

Insiders Place Their Bets

In other Unity Bancorp news, SVP James Joseph Donovan sold 750 shares of the firm’s stock in a transaction on Friday, July 26th. The shares were 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 directly owns 166 shares in the company, valued at approximately $5,805.02. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 28.88% of the company’s stock.

Hedge Funds Weigh In On Unity Bancorp

Hedge funds have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC raised its stake in shares of 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 worth $41,000 after purchasing an additional 1,328 shares during the last quarter. BNP Paribas Financial Markets raised its position in Unity Bancorp by 80.3% in 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. raised its position in 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 buying an additional 1,500 shares during the last quarter. Ritholtz Wealth Management purchased a new position in Unity Bancorp during the 2nd quarter worth $202,000. Finally, O Shaughnessy Asset Management LLC boosted its holdings in Unity Bancorp by 75.2% during 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 during the last quarter. Institutional investors and hedge funds own 42.31% of the company’s stock.

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.