Unity Bancorp (UNTY) Downgraded to Sell at ValuEngine

Unity Bancorp (NASDAQ:UNTY) was downgraded by analysts at ValuEngine from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday.

Unity Bancorp stock traded down $0.23 during midday trading on Thursday, reaching $19.57. 5,197 shares of the stock traded hands, compared to its average volume of 8,610. Unity Bancorp has a 12 month low of $18.00 and a 12 month high of $25.50. The firm has a market cap of $217.16 million, a PE ratio of 10.06 and a beta of 0.53. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 1.59.

Unity Bancorp (NASDAQ:UNTY) last announced its quarterly earnings results on Wednesday, January 23rd. The financial services provider reported $0.53 EPS for the quarter, meeting analysts’ consensus estimates of $0.53. Unity Bancorp had a return on equity of 16.77% and a net margin of 28.73%. The company had revenue of $16.12 million during the quarter.

In related news, Director Wayne Courtright sold 1,675 shares of the stock in a transaction that occurred on Monday, February 25th. The stock was sold at an average price of $21.14, for a total transaction of $35,409.50. Following the completion of the transaction, the director now directly owns 107,789 shares of the company’s stock, valued at $2,278,659.46. The sale was disclosed in a filing with the SEC, which is available through this link. 29.94% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently made changes to their positions in the stock. Ramsey Quantitative Systems raised its position in Unity Bancorp by 59.1% during the fourth quarter. Ramsey Quantitative Systems now owns 5,381 shares of the financial services provider’s stock valued at $112,000 after purchasing an additional 1,999 shares during the period. Bank of America Corp DE raised its position 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 purchasing an additional 2,886 shares during the period. Acadian Asset Management LLC raised its position in Unity Bancorp by 950.0% during the third quarter. Acadian Asset Management LLC now owns 8,253 shares of the financial services provider’s stock valued at $189,000 after purchasing an additional 7,467 shares during the period. Rhumbline Advisers purchased a new stake in Unity Bancorp during the fourth quarter valued at approximately $225,000. Finally, Renaissance Technologies LLC raised its position in Unity Bancorp by 29.9% during the third quarter. Renaissance Technologies LLC now owns 67,301 shares of the financial services provider’s stock valued at $1,541,000 after purchasing an additional 15,500 shares during the period. 48.08% of the stock is owned by institutional investors.

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.

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To view ValuEngine’s full report, visit ValuEngine’s official website.

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