Unity Bancorp (NASDAQ:UNTY) Lowered to Hold Rating by Wall Street Zen

Unity Bancorp (NASDAQ:UNTY) was downgraded by Wall Street Zen from a “buy” rating to a “hold” rating in a report released on Saturday.

Separately, Piper Sandler decreased their target price on Unity Bancorp from $54.00 to $50.00 and set an “overweight” rating for the company in a research note on Monday, April 14th.

Unity Bancorp Trading Up 0.8%

UNTY opened at $43.36 on Friday. Unity Bancorp has a twelve month low of $25.60 and a twelve month high of $51.22. The company has a fifty day moving average of $42.13 and a 200-day moving average of $44.36. The stock has a market cap of $434.94 million, a PE ratio of 10.68 and a beta of 0.69. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.97.

Unity Bancorp (NASDAQ:UNTY) last issued its quarterly earnings results on Friday, April 11th. The financial services provider reported $1.13 EPS for the quarter, beating analysts’ consensus estimates of $1.12 by $0.01. Unity Bancorp had a net margin of 25.24% and a return on equity of 15.08%. The business had revenue of $29.35 million for the quarter, compared to analysts’ expectations of $28.81 million. During the same quarter in the prior year, the firm posted $0.93 earnings per share. On average, sell-side analysts predict that Unity Bancorp will post 4.83 EPS for the current year.

Insider Buying and Selling

In related news, Director Donald E. Jr. Souders sold 1,333 shares of the company’s stock in a transaction that occurred on Thursday, April 24th. The stock was sold at an average price of $41.23, for a total transaction of $54,959.59. Following the transaction, the director now directly owns 8,477 shares of the company’s stock, valued at approximately $349,506.71. This represents a 13.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 29.68% of the stock is owned by insiders.

Institutional Investors Weigh In On Unity Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of the company. SG Americas Securities LLC acquired a new stake in Unity Bancorp in the 4th quarter valued at $135,000. Inspire Investing LLC bought a new stake in Unity Bancorp in the 4th quarter worth about $845,000. Foundations Investment Advisors LLC purchased a new stake in Unity Bancorp in the 4th quarter valued at about $219,000. Empowered Funds LLC lifted its position in shares of Unity Bancorp by 4.9% during the 4th quarter. Empowered Funds LLC now owns 34,932 shares of the financial services provider’s stock worth $1,523,000 after buying an additional 1,629 shares in the last quarter. Finally, Allworth Financial LP bought a new position in shares of Unity Bancorp during the 4th quarter worth approximately $67,000. Institutional investors own 42.31% of the company’s stock.

Unity Bancorp Company Profile

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.