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

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Zacks Investment Research upgraded shares of Unity Bancorp (NASDAQ:UNTY) from a sell rating to a hold rating in a research note 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. “

Several other brokerages have also issued reports on UNTY. ValuEngine lowered Unity Bancorp from a hold rating to a sell rating in a report on Friday, June 21st. 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 for the company.

Shares of 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. Unity Bancorp has a 1 year low of $16.74 and a 1 year high of $24.62. The business has a fifty day simple moving average of $20.11 and a 200 day simple moving average of $20.65. The firm has a market cap of $229.70 million, a price-to-earnings ratio of 10.17 and a beta of 0.69.

Unity Bancorp (NASDAQ:UNTY) last announced its quarterly earnings data on Thursday, July 18th. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.53. Unity Bancorp had a return on equity of 16.20% and a net margin of 28.09%. The business had revenue of $16.62 million during the quarter, compared to analyst estimates of $16.50 million. On average, sell-side analysts forecast that Unity Bancorp will post 2.1 EPS for the current year.

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

Hedge funds and other institutional investors have recently bought and sold shares of the business. BNP Paribas Arbitrage SA raised its holdings in Unity Bancorp by 654.4% during the first quarter. BNP Paribas Arbitrage SA now owns 1,637 shares of the financial services provider’s stock valued at $31,000 after buying an additional 1,420 shares in the last quarter. Bank of America Corp DE raised its holdings in Unity Bancorp by 94.1% during 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 buying an additional 2,886 shares in the last quarter. Context BH Capital Management LP bought a new position in Unity Bancorp during the first quarter valued at about $279,000. Acadian Asset Management LLC raised its holdings in Unity Bancorp by 39.8% during the first quarter. Acadian Asset Management LLC now owns 14,815 shares of the financial services provider’s stock valued at $280,000 after buying an additional 4,217 shares in the last quarter. Finally, Wedge Capital Management L L P NC bought a new position in Unity Bancorp during the second quarter valued at about $408,000. Institutional investors own 49.67% 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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