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

Wall Street Zen downgraded shares of Unity Bancorp (NASDAQ:UNTY - Free Report) from a buy rating to a hold rating in a report published on Saturday.

Separately, Piper Sandler decreased their price objective on shares of Unity Bancorp from $54.00 to $50.00 and set an "overweight" rating on the stock in a research note on Monday, April 14th.

Unity Bancorp Trading Up 2.1%

Shares of Unity Bancorp stock traded up $0.89 during trading on Friday, hitting $44.25. The stock had a trading volume of 68,356 shares, compared to its average volume of 30,296. Unity Bancorp has a 1 year low of $25.60 and a 1 year high of $51.22. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.97. The company has a market capitalization of $443.87 million, a PE ratio of 10.90 and a beta of 0.69. The stock has a 50 day simple moving average of $42.14 and a 200 day simple moving average of $44.35.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) last released its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.01. The business had revenue of $29.35 million during the quarter, compared to analyst estimates of $28.81 million. Unity Bancorp had a net margin of 25.24% and a return on equity of 15.08%. During the same quarter in the previous year, the business earned $0.93 EPS. On average, research analysts expect that Unity Bancorp will post 4.83 EPS for the current fiscal year.

Unity Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Stockholders of record on Friday, June 6th will be paid a dividend of $0.14 per share. The ex-dividend date is Friday, June 6th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.27%. Unity Bancorp's dividend payout ratio is 13.15%.

Insider Activity

In related news, Director Donald E. Jr. Souders sold 1,333 shares of the firm's stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $41.23, for a total value of $54,959.59. Following the transaction, the director now owns 8,477 shares in the company, valued at approximately $349,506.71. This trade represents a 13.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 29.68% of the company's stock.

Institutional Investors Weigh In On Unity Bancorp

Several hedge funds have recently modified their holdings of the company. CWM LLC boosted its position in shares of Unity Bancorp by 122.5% during the 1st quarter. CWM LLC now owns 612 shares of the financial services provider's stock valued at $25,000 after purchasing an additional 337 shares in the last quarter. Public Employees Retirement System of Ohio bought a new stake in shares of Unity Bancorp during the 4th quarter worth $33,000. Whipplewood Advisors LLC increased its position in Unity Bancorp by 11,000.0% in the first quarter. Whipplewood Advisors LLC now owns 1,221 shares of the financial services provider's stock worth $50,000 after buying an additional 1,210 shares during the last quarter. Allworth Financial LP purchased a new position in shares of Unity Bancorp in the fourth quarter worth about $67,000. Finally, GAMMA Investing LLC lifted its position in shares of Unity Bancorp by 11,262.5% during the first quarter. GAMMA Investing LLC now owns 2,727 shares of the financial services provider's stock worth $111,000 after acquiring an additional 2,703 shares in the last quarter. Institutional investors and hedge funds own 42.31% of the company's stock.

About Unity Bancorp

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.