Unity Bancorp (NASDAQ:UNTY) Hits New 12-Month High – Here’s Why

Unity Bancorp, Inc. (NASDAQ:UNTY) reached a new 52-week high during trading on Wednesday . The stock traded as high as $55.27 and last traded at $54.86, with a volume of 56925 shares changing hands. The stock had previously closed at $53.09.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on UNTY shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Unity Bancorp in a research report on Wednesday, October 8th. Wall Street Zen downgraded shares of Unity Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, November 15th. Finally, Piper Sandler raised their price objective on shares of Unity Bancorp from $60.00 to $61.00 and gave the company an “overweight” rating in a research note on Wednesday, October 15th. Three investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, Unity Bancorp has an average rating of “Buy” and an average price target of $62.00.

Unity Bancorp Price Performance

The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.72. The business has a 50-day moving average of $48.48 and a 200 day moving average of $48.86. The firm has a market capitalization of $550.79 million, a PE ratio of 10.39 and a beta of 0.64.

Unity Bancorp (NASDAQ:UNTY) last posted its earnings results on Tuesday, October 14th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.28 by $0.05. The firm had revenue of $32.35 million during the quarter, compared to analyst estimates of $31.35 million. Unity Bancorp had a net margin of 29.85% and a return on equity of 15.60%. As a group, research analysts anticipate that Unity Bancorp, Inc. will post 4.83 EPS for the current fiscal year.

Unity Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 19th. Shareholders of record on Friday, December 5th will be paid a $0.15 dividend. The ex-dividend date is Friday, December 5th. This represents a $0.60 annualized dividend and a yield of 1.1%. Unity Bancorp’s dividend payout ratio (DPR) is 11.36%.

Hedge Funds Weigh In On Unity Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the business. Ameritas Investment Partners Inc. increased its position in shares of Unity Bancorp by 41.7% during the second 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. Gator Capital Management LLC grew its stake in Unity Bancorp by 0.8% in the 3rd quarter. Gator Capital Management LLC now owns 33,536 shares of the financial services provider’s stock valued at $1,639,000 after purchasing an additional 280 shares during the period. Hsbc Holdings PLC grew its stake in Unity Bancorp by 5.1% in the 2nd quarter. Hsbc Holdings PLC now owns 6,056 shares of the financial services provider’s stock valued at $287,000 after purchasing an additional 295 shares during the period. BNP Paribas Financial Markets increased its position in shares of Unity Bancorp by 14.8% during the 2nd quarter. BNP Paribas Financial Markets now owns 2,883 shares of the financial services provider’s stock valued at $136,000 after purchasing an additional 372 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Unity Bancorp by 1.2% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 33,020 shares of the financial services provider’s stock worth $1,344,000 after purchasing an additional 384 shares during the period. Hedge funds and other 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.