Unity Bancorp (NASDAQ:UNTY – Get Free Report) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Saturday.
Unity Bancorp Price Performance
Shares of NASDAQ UNTY opened at $28.68 on Friday. Unity Bancorp has a twelve month low of $20.01 and a twelve month high of $29.15. The stock’s 50 day moving average price is $25.91 and its 200-day moving average price is $24.92. The company has a market capitalization of $288.52 million, a PE ratio of 7.53 and a beta of 1.01. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 1.58.
Unity Bancorp (NASDAQ:UNTY – Get Free Report) last announced its earnings results on Friday, October 13th. The financial services provider reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.89 by $0.08. Unity Bancorp had a return on equity of 16.35% and a net margin of 27.78%. The firm had revenue of $39.03 million for the quarter, compared to the consensus estimate of $25.05 million. On average, equities analysts anticipate that Unity Bancorp will post 3.77 EPS for the current year.
Institutional Investors Weigh In On Unity Bancorp
A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in shares of Unity Bancorp by 0.4% in the 3rd quarter. Vanguard Group Inc. now owns 407,711 shares of the financial services provider’s stock worth $9,553,000 after purchasing an additional 1,514 shares during the period. Ameriprise Financial Inc. bought a new stake in shares of Unity Bancorp in the 3rd quarter worth approximately $292,000. Lazard Asset Management LLC raised its holdings in shares of Unity Bancorp by 58.4% in the 3rd quarter. Lazard Asset Management LLC now owns 3,740 shares of the financial services provider’s stock worth $87,000 after purchasing an additional 1,379 shares during the period. Tower Research Capital LLC TRC raised its holdings in shares of Unity Bancorp by 376.1% in the 3rd quarter. Tower Research Capital LLC TRC now owns 2,076 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 1,640 shares during the period. Finally, Northern Trust Corp raised its holdings in Unity Bancorp by 0.7% during the 3rd quarter. Northern Trust Corp now owns 62,396 shares of the financial services provider’s stock valued at $1,462,000 after acquiring an additional 424 shares during the period. Institutional investors own 47.58% of the company’s stock.
Unity Bancorp Company Profile
Unity Bancorp, Inc operates as a bank holding company for Unity Bank that provides commercial and retail banking 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 savings accounts, as well as noninterest and interest-bearing demand deposits.