Unity Bancorp (NASDAQ:UNTY) Receives New Coverage from Analysts at Boenning Scattergood

Analysts at Boenning Scattergood began coverage on shares of Unity Bancorp (NASDAQ:UNTY) in a research report issued to clients and investors on Tuesday, TipRanks reports. The brokerage set a “buy” rating and a $24.00 price target on the financial services provider’s stock. Boenning Scattergood’s price target suggests a potential upside of 19.11% from the stock’s previous close.

Separately, ValuEngine lowered shares of Unity Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, March 21st.

Shares of NASDAQ:UNTY traded down $0.05 during trading hours on Tuesday, hitting $20.15. The company’s stock had a trading volume of 11,400 shares, compared to its average volume of 11,463. Unity Bancorp has a 52 week low of $16.74 and a 52 week high of $25.50. The company has a debt-to-equity ratio of 1.43, a quick ratio of 1.17 and a current ratio of 1.17. The firm has a market cap of $218.97 million, a P/E ratio of 9.79 and a beta of 0.61.

Unity Bancorp (NASDAQ:UNTY) last posted its quarterly earnings results on Thursday, April 18th. The financial services provider reported $0.52 EPS for the quarter, beating the consensus estimate of $0.49 by $0.03. Unity Bancorp had a net margin of 28.43% and a return on equity of 16.51%. The business had revenue of $16.24 million during the quarter.

In related news, insider Stephen Rooney sold 2,500 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $21.00, for a total transaction of $52,500.00. Following the completion of the transaction, the insider now owns 8,529 shares in the company, valued at approximately $179,109. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO John J. Kauchak sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 24th. The stock was sold at an average price of $21.25, for a total transaction of $106,250.00. Following the transaction, the chief operating officer now owns 55,090 shares of the company’s stock, valued at approximately $1,170,662.50. The disclosure for this sale can be found here. In the last 90 days, insiders sold 18,500 shares of company stock valued at $384,270. Company insiders own 29.66% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Banc Funds Co. LLC raised its stake in shares of Unity Bancorp by 1.1% during the 2nd quarter. Banc Funds Co. LLC now owns 976,562 shares of the financial services provider’s stock worth $16,797,000 after acquiring an additional 10,813 shares in the last quarter. Wellington Management Group LLP increased its stake in Unity Bancorp by 5.3% during the 1st quarter. Wellington Management Group LLP now owns 599,432 shares of the financial services provider’s stock valued at $11,317,000 after purchasing an additional 30,133 shares in the last quarter. Royce & Associates LP increased its stake in Unity Bancorp by 14.6% during the 1st quarter. Royce & Associates LP now owns 412,968 shares of the financial services provider’s stock valued at $7,797,000 after purchasing an additional 52,713 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Unity Bancorp by 2.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 392,748 shares of the financial services provider’s stock valued at $7,415,000 after purchasing an additional 11,244 shares in the last quarter. Finally, BlackRock Inc. increased its stake in Unity Bancorp by 3.4% during the 4th quarter. BlackRock Inc. now owns 392,197 shares of the financial services provider’s stock valued at $8,141,000 after purchasing an additional 12,786 shares in the last quarter. Hedge funds and other institutional investors own 48.74% of the company’s stock.

About Unity Bancorp

Unity Bancorp, Inc operates as the holding company for Unity Bank that provides a range of banking products and 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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