Unity Bancorp (NASDAQ:UNTY) Raised to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Unity Bancorp (NASDAQ:UNTY) from a sell rating to a hold rating in a research report report published on Wednesday, Zacks.com reports.

According to Zacks, “Unity Bancorp, Inc. is a one-bank holding company incorporated to serve as a holding company for First Community Bank. The company’s primary business is ownership and supervision of the bank. The company, through the Bank, conducts a traditional and community-oriented commercial banking business, and offers services including personal and business checking accounts and time deposits, money market accounts and regular savings accounts. “

A number of other equities research analysts also recently weighed in on UNTY. Boenning Scattergood began coverage on Unity Bancorp in a report on Tuesday, June 11th. They set a buy rating and a $24.00 price objective on the stock. ValuEngine downgraded Unity Bancorp from a hold rating to a sell rating in a report on Friday, June 21st.

NASDAQ UNTY opened at $21.87 on Wednesday. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 1.34. The stock’s 50 day moving average is $20.11 and its two-hundred day moving average is $20.65. The company has a market capitalization of $229.70 million, a price-to-earnings ratio of 10.17 and a beta of 0.69. Unity Bancorp has a 1-year low of $16.74 and a 1-year high of $24.62.

Unity Bancorp (NASDAQ:UNTY) last released its quarterly earnings data on Thursday, July 18th. The financial services provider reported $0.53 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.53. The company had revenue of $16.62 million for the quarter, compared to the consensus estimate of $16.50 million. Unity Bancorp had a return on equity of 16.20% and a net margin of 28.09%. On average, analysts predict that Unity Bancorp will post 2.1 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 1.46%. The ex-dividend date of this dividend is Thursday, September 12th. Unity Bancorp’s payout ratio is 15.92%.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wedge Capital Management L L P NC acquired a new stake in Unity Bancorp during the second quarter valued at approximately $408,000. Dimensional Fund Advisors LP raised its stake in shares of Unity Bancorp by 2.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 381,504 shares of the financial services provider’s stock valued at $7,919,000 after acquiring an additional 7,746 shares during the last quarter. Royce & Associates LP raised its stake in shares of Unity Bancorp by 14.6% in the first quarter. Royce & Associates LP now owns 412,968 shares of the financial services provider’s stock valued at $7,797,000 after acquiring an additional 52,713 shares during the last quarter. Banc Funds Co. LLC raised its stake in shares of Unity Bancorp by 3.7% in the second quarter. Banc Funds Co. LLC now owns 863,568 shares of the financial services provider’s stock valued at $19,603,000 after acquiring an additional 30,736 shares during the last quarter. Finally, Bank of America Corp DE raised its stake in shares of Unity Bancorp by 94.1% in the fourth quarter. Bank of America Corp DE now owns 5,954 shares of the financial services provider’s stock valued at $124,000 after acquiring an additional 2,886 shares during the last quarter. 49.67% of the stock is currently owned by institutional investors.

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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