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

Unity Bancorp, Inc. (NASDAQ:UNTY)’s stock price reached a new 52-week high on Friday . The stock traded as high as $57.30 and last traded at $56.64, with a volume of 12988 shares trading hands. The stock had previously closed at $56.14.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Wall Street Zen cut Unity Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, November 15th. Weiss Ratings reissued a “buy (b)” rating on shares of Unity Bancorp in a research report on Wednesday, January 21st. Keefe, Bruyette & Woods boosted their price objective on shares of Unity Bancorp from $60.00 to $65.00 and gave the company an “outperform” rating in a research report on Wednesday, January 14th. Finally, Piper Sandler upped their target price on shares of Unity Bancorp from $64.00 to $65.00 and gave the stock an “overweight” rating in a research note on Thursday, January 15th. Three equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $65.00.

Unity Bancorp Price Performance

The firm has a market cap of $564.19 million, a price-to-earnings ratio of 9.91 and a beta of 0.66. The company’s fifty day moving average is $53.49 and its 200 day moving average is $50.78. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.72.

Unity Bancorp (NASDAQ:UNTY) last issued its quarterly earnings results on Tuesday, January 13th. The financial services provider reported $1.41 EPS for the quarter, topping the consensus estimate of $1.35 by $0.06. Unity Bancorp had a net margin of 30.76% and a return on equity of 16.19%. The firm had revenue of $33.70 million for the quarter, compared to analysts’ expectations of $33.39 million. On average, equities research analysts predict that Unity Bancorp, Inc. will post 4.83 EPS for the current year.

Unity Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 19th. Investors of record on Friday, December 5th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Friday, December 5th. This represents a $0.60 annualized dividend and a yield of 1.1%. Unity Bancorp’s dividend payout ratio is 10.58%.

Insiders Place Their Bets

In other Unity Bancorp news, Director Vincent Geraci sold 1,573 shares of the business’s stock in a transaction that occurred on Thursday, January 15th. The stock was sold at an average price of $55.38, for a total transaction of $87,112.74. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Minsu Kim sold 750 shares of the stock in a transaction that occurred on Thursday, January 15th. The shares were sold at an average price of $56.13, for a total value of $42,097.50. Following the completion of the sale, the senior vice president directly owned 791 shares of the company’s stock, valued at approximately $44,398.83. The trade was a 48.67% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 3,365 shares of company stock valued at $186,586 in the last 90 days. 29.68% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Unity Bancorp

A number of institutional investors and hedge funds have recently modified their holdings of UNTY. AQR Capital Management LLC lifted its stake in Unity Bancorp by 70.8% in the 1st quarter. AQR Capital Management LLC now owns 11,419 shares of the financial services provider’s stock valued at $465,000 after purchasing an additional 4,732 shares during the last quarter. Empowered Funds LLC raised its stake in Unity Bancorp by 7.2% in the first quarter. Empowered Funds LLC now owns 37,456 shares of the financial services provider’s stock valued at $1,524,000 after buying an additional 2,524 shares during the period. Jane Street Group LLC acquired a new stake in shares of Unity Bancorp in the first quarter valued at approximately $283,000. Strs Ohio bought a new position in shares of Unity Bancorp during the 1st quarter worth approximately $49,000. Finally, Truist Financial Corp boosted its stake in shares of Unity Bancorp by 9.0% during the 2nd quarter. Truist Financial Corp now owns 50,577 shares of the financial services provider’s stock worth $2,381,000 after acquiring an additional 4,172 shares during the period. 42.31% of the stock is 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.