Unity Bancorp (NASDAQ:UNTY) Sets New 1-Year High – Here’s Why

Unity Bancorp, Inc. (NASDAQ:UNTY) shares reached a new 52-week high during trading on Monday . The stock traded as high as $57.82 and last traded at $56.5020, with a volume of 5169 shares. The stock had previously closed at $56.63.

Analyst Upgrades and Downgrades

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

Unity Bancorp Stock Down 1.2%

The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.17 and a current ratio of 1.17. The firm has a market capitalization of $550.79 million, a PE ratio of 9.24 and a beta of 0.61. The company’s 50 day simple moving average is $54.25 and its 200-day simple moving average is $53.36.

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

Unity Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 18th. Stockholders of record on Thursday, June 4th will be given a dividend of $0.16 per share. The ex-dividend date is Thursday, June 4th. This represents a $0.64 annualized dividend and a dividend yield of 1.2%. Unity Bancorp’s dividend payout ratio (DPR) is 10.77%.

Insider Buying and Selling at Unity Bancorp

In other news, Director Mary E. Gross sold 2,075 shares of the firm’s stock in a transaction on Friday, April 17th. The shares were sold at an average price of $56.01, for a total transaction of $116,220.75. Following the sale, the director owned 18,479 shares in the company, valued at approximately $1,035,008.79. This trade represents a 10.10% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Mark S. Brody sold 1,600 shares of the firm’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $55.23, for a total transaction of $88,368.00. Following the sale, the director owned 113,854 shares in the company, valued at approximately $6,288,156.42. This trade represents a 1.39% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 28.87% of the company’s stock.

Institutional Trading of Unity Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Empowered Funds LLC raised its position in shares of Unity Bancorp by 9.5% during the 1st quarter. Empowered Funds LLC now owns 49,848 shares of the financial services provider’s stock valued at $2,584,000 after buying an additional 4,308 shares in the last quarter. Quantinno Capital Management LP raised its position in shares of Unity Bancorp by 33.0% during the 1st quarter. Quantinno Capital Management LP now owns 6,615 shares of the financial services provider’s stock valued at $343,000 after buying an additional 1,643 shares in the last quarter. Renaissance Technologies LLC raised its position in Unity Bancorp by 78.4% in the 1st quarter. Renaissance Technologies LLC now owns 15,700 shares of the financial services provider’s stock worth $814,000 after purchasing an additional 6,900 shares during the period. Public Employees Retirement System of Ohio raised its position in Unity Bancorp by 17.3% in the 1st quarter. Public Employees Retirement System of Ohio now owns 3,391 shares of the financial services provider’s stock worth $176,000 after purchasing an additional 500 shares during the period. Finally, Hsbc Holdings PLC raised its position in Unity Bancorp by 34.2% in the 1st quarter. Hsbc Holdings PLC now owns 7,113 shares of the financial services provider’s stock worth $367,000 after purchasing an additional 1,814 shares during the period. Hedge funds and other institutional investors own 42.31% of the company’s stock.

About Unity Bancorp

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.