Unity Bancorp (NASDAQ:UNTY) Stock Price Passes Below 200 Day Moving Average – What’s Next?

Shares of Unity Bancorp, Inc. (NASDAQ:UNTY) passed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $48.00 and traded as low as $47.50. Unity Bancorp shares last traded at $48.31, with a volume of 47,305 shares trading hands.

Wall Street Analysts Forecast Growth

UNTY has been the topic of several recent research reports. Keefe, Bruyette & Woods lifted their target price on shares of Unity Bancorp from $55.00 to $63.00 and gave the company an “outperform” rating in a report on Friday, July 18th. Piper Sandler boosted their price objective on Unity Bancorp from $60.00 to $61.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 15th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Unity Bancorp in a research report on Wednesday, October 8th. Finally, Wall Street Zen upgraded Unity Bancorp from a “hold” rating to a “buy” rating in a report on Saturday, September 13th. Three investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Unity Bancorp has a consensus rating of “Buy” and an average price target of $62.00.

Unity Bancorp Price Performance

The business has a fifty day moving average of $49.00 and a 200 day moving average of $48.00. The company has a debt-to-equity ratio of 1.21, a current ratio of 1.20 and a quick ratio of 1.20. The stock has a market cap of $484.69 million, a PE ratio of 9.15 and a beta of 0.78.

Unity Bancorp (NASDAQ:UNTY) last announced its earnings results on Tuesday, October 14th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.28 by $0.05. The company had revenue of $32.35 million for the quarter, compared to analyst estimates of $31.35 million. Unity Bancorp had a return on equity of 15.94% and a net margin of 29.85%. Sell-side analysts anticipate that Unity Bancorp, Inc. will post 4.83 earnings per share for the current year.

Unity Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 19th. Shareholders of record on Friday, September 5th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Friday, September 5th. This represents a $0.60 annualized dividend and a yield of 1.2%. This is an increase from Unity Bancorp’s previous quarterly dividend of $0.14. Unity Bancorp’s dividend payout ratio (DPR) is 11.36%.

Hedge Funds Weigh In On Unity Bancorp

Large investors have recently modified their holdings of the stock. CWM LLC increased its holdings in Unity Bancorp by 122.5% in the first quarter. CWM LLC now owns 612 shares of the financial services provider’s stock valued at $25,000 after buying an additional 337 shares during the last quarter. Ameritas Investment Partners Inc. increased its holdings in shares of Unity Bancorp by 41.7% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 748 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 220 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in shares of Unity Bancorp by 159.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 987 shares of the financial services provider’s stock valued at $48,000 after acquiring an additional 606 shares during the last quarter. Strs Ohio acquired a new stake in shares of Unity Bancorp during the 1st quarter valued at approximately $49,000. Finally, AlphaQuest LLC bought a new position in Unity Bancorp during the third quarter worth $91,000. Institutional investors own 42.31% of the company’s stock.

Unity Bancorp Company Profile

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.