Unity Bancorp (NASDAQ:UNTY) Reaches New 1-Year High – What’s Next?

Unity Bancorp, Inc. (NASDAQ:UNTY)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $57.90 and last traded at $57.70, with a volume of 20512 shares changing hands. The stock had previously closed at $56.55.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on UNTY shares. Weiss Ratings upgraded shares of Unity Bancorp from a “buy (b)” rating to a “buy (b+)” rating in a research note on Monday, May 4th. Brean Capital began coverage on Unity Bancorp in a research note on Wednesday, April 22nd. They set a “buy” rating and a $61.00 target price for the company. Finally, DA Davidson started coverage on Unity Bancorp in a research note on Friday, May 15th. They issued a “buy” rating and a $68.00 price target on the stock. Five investment analysts have rated the stock with a Buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $64.75.

Unity Bancorp Stock Up 2.5%

The firm has a market cap of $581.77 million, a P/E ratio of 9.76 and a beta of 0.61. The firm’s 50-day moving average price is $54.26 and its 200 day moving average price is $53.50. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.17 and a quick ratio of 1.17.

Unity Bancorp (NASDAQ:UNTY) last announced its quarterly earnings data on Tuesday, April 14th. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.37 by $0.03. Unity Bancorp had a return on equity of 16.06% and a net margin of 31.33%.The firm had revenue of $33.61 million for the quarter, compared to analysts’ expectations of $33.59 million. On average, equities research analysts expect that Unity Bancorp, Inc. will post 5.84 earnings per share for the current fiscal year.

Unity Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Stockholders of record on Thursday, June 4th were issued a $0.16 dividend. The ex-dividend date of this dividend was Thursday, June 4th. This represents a $0.64 annualized dividend and a dividend yield of 1.1%. Unity Bancorp’s payout ratio is 10.77%.

Insider Transactions at Unity Bancorp

In other Unity Bancorp news, Director Mark S. Brody sold 1,600 shares of Unity Bancorp stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $55.23, for a total value of $88,368.00. Following the completion of the transaction, the director directly owned 113,854 shares in the company, valued at $6,288,156.42. The trade was a 1.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Mary E. Gross sold 2,075 shares of the company’s stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $56.01, for a total value of $116,220.75. Following the transaction, the director directly owned 18,479 shares of the company’s stock, valued at $1,035,008.79. This trade represents a 10.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 28.87% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in UNTY. Alliancebernstein L.P. lifted its stake in Unity Bancorp by 2.4% in the third quarter. Alliancebernstein L.P. now owns 357,310 shares of the financial services provider’s stock valued at $17,462,000 after buying an additional 8,520 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Unity Bancorp by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 169,355 shares of the financial services provider’s stock worth $8,761,000 after acquiring an additional 1,291 shares during the period. Maltese Capital Management LLC increased its stake in shares of Unity Bancorp by 2.4% in the fourth quarter. Maltese Capital Management LLC now owns 159,000 shares of the financial services provider’s stock valued at $8,223,000 after purchasing an additional 3,700 shares during the period. Royce & Associates LP raised its holdings in shares of Unity Bancorp by 8.0% during the third quarter. Royce & Associates LP now owns 157,496 shares of the financial services provider’s stock valued at $7,697,000 after buying an additional 11,676 shares during the last quarter. Finally, Bridgeway Capital Management LLC boosted its position in shares of Unity Bancorp by 6.2% during the third quarter. Bridgeway Capital Management LLC now owns 90,179 shares of the financial services provider’s stock worth $4,407,000 after buying an additional 5,248 shares during the period. 42.31% of the stock is currently owned by institutional investors.

Unity Bancorp Company Profile

Unity Bancorp, Inc is a bank holding company headquartered in Morrisville, Pennsylvania, trading on the NASDAQ under the ticker UNTY. Through its primary subsidiary, Unity Bank, the company delivers a comprehensive suite of commercial and retail banking services to individuals, businesses and municipal clients in its regional markets.

Founded in 1906, Unity Bank maintains a network of conveniently located branches across Bucks County and adjacent areas of southeastern Pennsylvania. The company’s deposit portfolio includes checking and savings accounts, money market accounts and certificates of deposit, while its loan offerings encompass commercial real estate, construction and land development, agricultural and consumer lending solutions.

Beyond traditional deposit and lending activities, Unity Bancorp provides cash management and merchant services, as well as internet and mobile banking platforms designed to streamline day-to-day financial operations.