Unity Bancorp (NASDAQ:UNTY) Reaches New 52-Week High – Here’s What Happened

Shares of Unity Bancorp, Inc. (NASDAQ:UNTY) hit a new 52-week high during trading on Wednesday . The stock traded as high as $61.30 and last traded at $60.9360, with a volume of 3040 shares. The stock had previously closed at $60.69.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Weiss Ratings reiterated a “buy (b+)” rating on shares of Unity Bancorp in a report on Friday, July 31st. DA Davidson restated a “buy” rating and set a $68.00 price target on shares of Unity Bancorp in a research note on Wednesday, July 15th. Freedom Capital upgraded Unity Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 16th. Piper Sandler lifted their price objective on Unity Bancorp from $65.00 to $68.00 and gave the company an “overweight” rating in a research note on Friday, June 26th. Finally, Brean Capital initiated coverage on Unity Bancorp in a report on Wednesday, April 22nd. They issued a “buy” rating and a $61.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $65.50.

Unity Bancorp Stock Performance

The firm’s 50 day moving average is $57.64 and its two-hundred day moving average is $54.77. The stock has a market capitalization of $619.77 million, a PE ratio of 10.74 and a beta of 0.62. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.17 and a current ratio of 1.17.

Unity Bancorp (NASDAQ:UNTY) last released its earnings results on Tuesday, July 14th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.44 by ($0.02). The business had revenue of $33.75 million for the quarter, compared to analyst estimates of $34.62 million. Unity Bancorp had a return on equity of 16.40% and a net margin of 30.26%. As a group, research analysts predict that Unity Bancorp, Inc. will post 5.86 earnings per share for the current year.

Unity Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Investors of record on Thursday, June 4th were issued a $0.16 dividend. The ex-dividend date was Thursday, June 4th. This represents a $0.64 dividend on an annualized basis and a yield of 1.0%. Unity Bancorp’s dividend payout ratio (DPR) is 11.13%.

Insider Transactions at Unity Bancorp

In related news, Director Mark S. Brody sold 1,600 shares of the business’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $55.23, for a total transaction of $88,368.00. Following the completion of the transaction, the director directly owned 113,854 shares of the company’s stock, valued at $6,288,156.42. The trade was a 1.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 28.87% of the company’s stock.

Hedge Funds Weigh In On Unity Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. AQR Capital Management LLC grew its position in shares of Unity Bancorp by 70.8% during the first quarter. AQR Capital Management LLC now owns 11,419 shares of the financial services provider’s stock worth $465,000 after buying an additional 4,732 shares in the last quarter. Empowered Funds LLC raised its holdings 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 acquiring an additional 2,524 shares in the last quarter. Jane Street Group LLC acquired a new stake in Unity Bancorp in the first quarter valued at approximately $283,000. Strs Ohio purchased a new position in Unity Bancorp in the first quarter worth approximately $49,000. Finally, Cetera Investment Advisers lifted its stake in Unity Bancorp by 7.3% in the second quarter. Cetera Investment Advisers now owns 8,335 shares of the financial services provider’s stock worth $392,000 after acquiring an additional 565 shares during the last quarter. Hedge funds and other institutional investors own 42.31% of the company’s stock.

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.