Unity Bancorp (NASDAQ:UNTY) Earns Buy Rating from Analysts at Boenning Scattergood
Boenning Scattergood assumed coverage on shares of Unity Bancorp (NASDAQ:UNTY) in a research report report published on Tuesday, TipRanks reports. The brokerage issued a buy rating and a $24.00 price objective on the financial services provider’s stock.
Separately, ValuEngine upgraded Unity Bancorp from a sell rating to a hold rating in a research report on Wednesday, April 10th.
Shares of UNTY opened at $20.15 on Tuesday. Unity Bancorp has a 1 year low of $16.74 and a 1 year high of $25.50. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 1.43. The company has a market capitalization of $218.97 million, a PE ratio of 9.79 and a beta of 0.61.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 1.59%. This is a positive change from Unity Bancorp’s previous quarterly dividend of $0.07. The ex-dividend date is Thursday, June 13th.
In other Unity Bancorp news, COO John J. Kauchak sold 2,500 shares of Unity Bancorp stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $20.68, for a total value of $51,700.00. Following the sale, the chief operating officer now owns 55,016 shares of the company’s stock, valued at approximately $1,137,730.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Alan J. Bedner sold 6,000 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $20.05, for a total value of $120,300.00. Following the completion of the transaction, the chief financial officer now owns 18,939 shares of the company’s stock, valued at approximately $379,726.95. The disclosure for this sale can be found here. Insiders sold a total of 18,500 shares of company stock worth $384,270 over the last 90 days. 29.66% of the stock is owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of the stock. Wellington Management Group LLP grew its holdings in Unity Bancorp by 5.3% during the first quarter. Wellington Management Group LLP now owns 599,432 shares of the financial services provider’s stock worth $11,317,000 after purchasing an additional 30,133 shares during the period. Banc Funds Co. LLC raised its position in Unity Bancorp by 3.1% during the first quarter. Banc Funds Co. LLC now owns 832,832 shares of the financial services provider’s stock valued at $15,724,000 after purchasing an additional 24,800 shares in the last quarter. Northern Trust Corp raised its position in Unity Bancorp by 1.0% during the first quarter. Northern Trust Corp now owns 89,060 shares of the financial services provider’s stock valued at $1,681,000 after purchasing an additional 886 shares in the last quarter. Context BH Capital Management LP acquired a new position in Unity Bancorp during the first quarter valued at approximately $279,000. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Unity Bancorp by 2.9% during the first quarter. Dimensional Fund Advisors LP now owns 392,748 shares of the financial services provider’s stock worth $7,415,000 after buying an additional 11,244 shares in the last quarter. Institutional investors and hedge funds own 48.74% of the company’s stock.
Unity Bancorp Company Profile
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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