Unity Bancorp (NASDAQ:UNTY – Get Free Report) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday.
Separately, Keefe, Bruyette & Woods reissued an “outperform” rating and set a $39.00 price target (up from $35.00) on shares of Unity Bancorp in a research note on Monday, July 15th.
Read Our Latest Report on UNTY
Unity Bancorp Trading Up 1.2 %
Unity Bancorp (NASDAQ:UNTY – Get Free Report) last announced its quarterly earnings data on Friday, July 12th. The financial services provider reported $0.93 EPS for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.01). Unity Bancorp had a return on equity of 14.71% and a net margin of 24.37%. The firm had revenue of $25.46 million during the quarter, compared to analyst estimates of $25.81 million. Equities research analysts forecast that Unity Bancorp will post 3.8 EPS for the current fiscal year.
Insider Buying and Selling
In other Unity Bancorp news, SVP James Joseph Donovan sold 750 shares of the stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $34.97, for a total value of $26,227.50. Following the transaction, the senior vice president now owns 166 shares of the company’s stock, valued at $5,805.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, SVP Minsu Kim sold 2,264 shares of Unity Bancorp stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $34.90, for a total transaction of $79,013.60. Following the transaction, the senior vice president now directly owns 3,975 shares of the company’s stock, valued at $138,727.50. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP James Joseph Donovan sold 750 shares of the business’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $34.97, for a total transaction of $26,227.50. Following the completion of the transaction, the senior vice president now directly owns 166 shares of the company’s stock, valued at approximately $5,805.02. The disclosure for this sale can be found here. Insiders sold a total of 3,046 shares of company stock valued at $106,265 over the last three months. Company insiders own 28.88% of the company’s stock.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently added to or reduced their stakes in UNTY. Panagora Asset Management Inc. increased its holdings in shares of Unity Bancorp by 11.7% in the fourth quarter. Panagora Asset Management Inc. now owns 20,540 shares of the financial services provider’s stock worth $608,000 after acquiring an additional 2,150 shares in the last quarter. Hillsdale Investment Management Inc. grew its position in shares of Unity Bancorp by 18.5% in the 4th quarter. Hillsdale Investment Management Inc. now owns 3,200 shares of the financial services provider’s stock valued at $95,000 after purchasing an additional 500 shares during the period. BNP Paribas Financial Markets increased its stake in Unity Bancorp by 80.3% during the 1st quarter. BNP Paribas Financial Markets now owns 3,389 shares of the financial services provider’s stock worth $94,000 after purchasing an additional 1,509 shares in the last quarter. Janney Montgomery Scott LLC raised its holdings in Unity Bancorp by 6.0% during the 1st quarter. Janney Montgomery Scott LLC now owns 20,007 shares of the financial services provider’s stock worth $552,000 after buying an additional 1,135 shares during the period. Finally, GSA Capital Partners LLP lifted its stake in 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 buying an additional 5,352 shares in the last quarter. 42.31% of the stock is currently owned by institutional investors.
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.
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