Investment analysts at Keefe, Bruyette & Woods initiated coverage on shares of Unity Bancorp (NASDAQ:UNTY) in a research note issued to investors on Wednesday, The Fly reports. The firm set an “outperform” rating on the financial services provider’s stock.
Separately, BidaskClub upgraded shares of Unity Bancorp from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, April 17th.
Shares of Unity Bancorp traded down $0.05, hitting $23.75, during trading on Wednesday, according to MarketBeat.com. The stock had a trading volume of 7,863 shares, compared to its average volume of 7,623. Unity Bancorp has a 12 month low of $16.15 and a 12 month high of $24.25. The company has a debt-to-equity ratio of 1.55, a current ratio of 1.16 and a quick ratio of 1.16. The firm has a market cap of $254.34 million, a price-to-earnings ratio of 15.42 and a beta of 0.45.
Unity Bancorp (NASDAQ:UNTY) last posted its earnings results on Tuesday, April 24th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter. Unity Bancorp had a net margin of 22.38% and a return on equity of 14.20%. The firm had revenue of $15.16 million during the quarter.
In related news, CEO James A. Hughes sold 3,754 shares of the business’s stock in a transaction dated Wednesday, June 6th. The shares were sold at an average price of $23.03, for a total value of $86,454.62. Following the transaction, the chief executive officer now directly owns 101,723 shares of the company’s stock, valued at approximately $2,342,680.69. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO James A. Hughes sold 1,246 shares of the business’s stock in a transaction dated Friday, June 8th. The stock was sold at an average price of $23.04, for a total transaction of $28,707.84. The disclosure for this sale can be found here. Corporate insiders own 29.94% of the company’s stock.
Several large investors have recently modified their holdings of UNTY. Northern Trust Corp boosted its holdings in shares of Unity Bancorp by 295.6% in the 2nd quarter. Northern Trust Corp now owns 89,660 shares of the financial services provider’s stock worth $1,542,000 after buying an additional 66,996 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in shares of Unity Bancorp in the 2nd quarter worth about $501,000. Dimensional Fund Advisors LP boosted its holdings in shares of Unity Bancorp by 7.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 350,343 shares of the financial services provider’s stock worth $7,707,000 after buying an additional 24,358 shares during the last quarter. Royce & Associates LP boosted its holdings in shares of Unity Bancorp by 10.0% in the 4th quarter. Royce & Associates LP now owns 241,266 shares of the financial services provider’s stock worth $4,765,000 after buying an additional 21,847 shares during the last quarter. Finally, TIAA CREF Investment Management LLC purchased a new position in shares of Unity Bancorp in the 2nd quarter worth about $346,000. 48.77% of the stock is currently owned by institutional investors.
Unity Bancorp Company Profile
Unity Bancorp, Inc operates as a bank holding company for Unity Bank that provides a range of business and consumer financial 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 regular savings accounts.
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