Separately, Boenning Scattergood initiated coverage on Unity Bancorp in a research report on Tuesday, June 11th. They issued a buy rating and a $24.00 price objective on the stock.
Shares of UNTY opened at $20.86 on Friday. The company has a debt-to-equity ratio of 1.43, a quick ratio of 1.17 and a current ratio of 1.17. The firm has a market capitalization of $226.08 million, a P/E ratio of 10.38 and a beta of 0.61. Unity Bancorp has a twelve month low of $16.74 and a twelve month high of $25.50.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be given a $0.08 dividend. The ex-dividend date is Thursday, June 13th. This is a positive change from Unity Bancorp’s previous quarterly dividend of $0.07. This represents a $0.32 annualized dividend and a yield of 1.53%. Unity Bancorp’s dividend payout ratio (DPR) is 15.92%.
In other news, insider Stephen Rooney sold 2,500 shares of Unity Bancorp stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $21.00, for a total transaction of $52,500.00. Following the sale, the insider now directly owns 8,529 shares of the company’s stock, valued at $179,109. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Alan J. Bedner sold 6,000 shares of Unity Bancorp stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $20.05, for a total value of $120,300.00. Following the sale, the chief financial officer now directly owns 18,939 shares in the company, valued at $379,726.95. The disclosure for this sale can be found here. Insiders sold 18,500 shares of company stock worth $384,270 over the last three months. 29.66% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in UNTY. BNP Paribas Arbitrage SA increased its position in shares of 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 worth $31,000 after acquiring an additional 1,420 shares during the last quarter. PNC Financial Services Group Inc. purchased a new stake in shares of Unity Bancorp during the first quarter worth about $41,000. Bank of America Corp DE increased its position in shares of 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 worth $124,000 after acquiring an additional 2,886 shares during the last quarter. Acadian Asset Management LLC increased its position in shares of Unity Bancorp by 28.4% during the fourth quarter. Acadian Asset Management LLC now owns 10,598 shares of the financial services provider’s stock worth $220,000 after acquiring an additional 2,345 shares during the last quarter. Finally, Rhumbline Advisers purchased a new stake in shares of Unity Bancorp during the fourth quarter worth about $225,000. 48.74% of the stock is currently 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.
Further Reading: What is dollar cost averaging (DCA)?
To view ValuEngine’s full report, visit ValuEngine’s official website.
Receive News & Ratings for Unity Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Unity Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.