Unity Bancorp (NASDAQ:UNTY) Rating Increased to Hold at ValuEngine

Unity Bancorp (NASDAQ:UNTY) was upgraded by equities researchers at ValuEngine from a “sell” rating to a “hold” rating in a research report issued on Thursday, ValuEngine reports.

Separately, Zacks Investment Research cut shares of Unity Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, October 26th.

Shares of UNTY stock opened at $21.85 on Thursday. Unity Bancorp has a 12 month low of $16.74 and a 12 month high of $24.70. The stock has a market cap of $236.95 million, a P/E ratio of 10.87 and a beta of 0.74. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 1.42. The company has a 50 day simple moving average of $21.70 and a two-hundred day simple moving average of $20.97.

Unity Bancorp (NASDAQ:UNTY) last announced its earnings results on Thursday, October 17th. The financial services provider reported $0.54 EPS for the quarter, beating the Zacks’ consensus estimate of $0.53 by $0.01. Unity Bancorp had a net margin of 27.95% and a return on equity of 15.92%. The business had revenue of $17.11 million during the quarter, compared to analysts’ expectations of $16.80 million. As a group, equities analysts forecast that Unity Bancorp will post 2.12 earnings per share for the current year.

A number of hedge funds have recently made changes to their positions in UNTY. Rhumbline Advisers increased its stake in shares of Unity Bancorp by 9.4% in the third quarter. Rhumbline Advisers now owns 12,341 shares of the financial services provider’s stock worth $273,000 after purchasing an additional 1,060 shares in the last quarter. Wedge Capital Management L L P NC purchased a new stake in shares of Unity Bancorp in the second quarter worth $408,000. Acadian Asset Management LLC increased its stake in shares of Unity Bancorp by 23.8% in the second quarter. Acadian Asset Management LLC now owns 18,346 shares of the financial services provider’s stock worth $416,000 after purchasing an additional 3,531 shares in the last quarter. California Public Employees Retirement System increased its stake in shares of Unity Bancorp by 5.9% in the third quarter. California Public Employees Retirement System now owns 57,843 shares of the financial services provider’s stock worth $1,281,000 after purchasing an additional 3,200 shares in the last quarter. Finally, Northern Trust Corp increased its stake in shares of Unity Bancorp by 2.2% in the second quarter. Northern Trust Corp now owns 91,029 shares of the financial services provider’s stock worth $2,066,000 after purchasing an additional 1,969 shares in the last quarter. 49.71% of the stock is owned by institutional investors and hedge funds.

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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To view ValuEngine’s full report, visit ValuEngine’s official website.

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