Unity Bancorp (NASDAQ:UNTY) Downgraded by StockNews.com

Unity Bancorp (NASDAQ:UNTY) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a report issued on Tuesday.

Several other analysts have also recently commented on the stock. Piper Sandler reiterated an “overweight” rating and issued a $44.00 price target (up previously from $40.00) on shares of Unity Bancorp in a research note on Monday, October 14th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $39.00 target price (up from $35.00) on shares of Unity Bancorp in a research report on Monday, July 15th.

Unity Bancorp Price Performance

Shares of Unity Bancorp stock opened at $39.20 on Tuesday. The company has a market capitalization of $393.53 million, a price-to-earnings ratio of 10.34 and a beta of 1.01. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 1.04. The stock’s 50-day simple moving average is $34.13 and its 200-day simple moving average is $30.56. Unity Bancorp has a 52 week low of $22.50 and a 52 week high of $40.81.

Insider Activity

In other news, SVP James Joseph Donovan sold 750 shares of the stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $34.97, for a total value of $26,227.50. Following the sale, the senior vice president now directly owns 166 shares in the company, valued at approximately $5,805.02. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 28.88% of the company’s stock.

Institutional Trading of Unity Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in the business. Inspire Investing LLC bought a new position in shares of Unity Bancorp in the first quarter worth about $884,000. O Shaughnessy Asset Management LLC grew its stake in Unity Bancorp by 75.2% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 16,552 shares of the financial services provider’s stock worth $457,000 after acquiring an additional 7,104 shares in the last quarter. Ritholtz Wealth Management purchased a new position in shares of Unity Bancorp during the second quarter worth approximately $202,000. Dimensional Fund Advisors LP raised its stake in shares of Unity Bancorp by 1.2% during the second quarter. Dimensional Fund Advisors LP now owns 478,877 shares of the financial services provider’s stock valued at $14,159,000 after acquiring an additional 5,449 shares in the last quarter. Finally, GSA Capital Partners LLP boosted its holdings in shares of Unity Bancorp by 47.4% in the first quarter. GSA Capital Partners LLP now owns 16,649 shares of the financial services provider’s stock valued at $460,000 after purchasing an additional 5,352 shares during the period. 42.31% of the stock is currently owned by institutional investors.

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.