Unity Bancorp (NASDAQ:UNTY) Shares Pass Above 200-Day Moving Average – Here’s What Happened

Unity Bancorp, Inc. (NASDAQ:UNTY) shares crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $51.80 and traded as high as $53.65. Unity Bancorp shares last traded at $52.19, with a volume of 35,997 shares traded.

Analyst Upgrades and Downgrades

UNTY has been the topic of several research analyst reports. Weiss Ratings restated a “buy (b)” rating on shares of Unity Bancorp in a research note on Monday, April 20th. Brean Capital began coverage on Unity Bancorp in a research note on Wednesday, April 22nd. They set a “buy” rating and a $61.00 price objective on the stock. Keefe, Bruyette & Woods increased their target price on Unity Bancorp from $60.00 to $65.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 14th. Finally, Piper Sandler increased their target price on Unity Bancorp from $64.00 to $65.00 and gave the stock an “overweight” rating in a research report on Thursday, January 15th. Four analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Unity Bancorp currently has a consensus rating of “Buy” and a consensus price target of $63.67.

Unity Bancorp Price Performance

The company has a debt-to-equity ratio of 0.77, a current ratio of 1.16 and a quick ratio of 1.16. The company has a 50-day simple moving average of $52.47 and a two-hundred day simple moving average of $51.80. The stock has a market capitalization of $522.94 million, a price-to-earnings ratio of 8.79 and a beta of 0.64.

Unity Bancorp (NASDAQ:UNTY) last issued its earnings results on Tuesday, April 14th. The financial services provider reported $1.40 earnings per share for the quarter, topping the consensus estimate of $1.37 by $0.03. Unity Bancorp had a return on equity of 16.36% and a net margin of 31.33%.The firm had revenue of $33.61 million for the quarter, compared to analyst estimates of $33.59 million. On average, equities research analysts predict that Unity Bancorp, Inc. will post 5.79 earnings per share for the current year.

Unity Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 20th. Shareholders of record on Friday, March 6th were given a $0.16 dividend. This is a boost from Unity Bancorp’s previous quarterly dividend of $0.15. This represents a $0.64 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend was Friday, March 6th. Unity Bancorp’s dividend payout ratio is 10.77%.

Insiders Place Their Bets

In other Unity Bancorp news, Director Mary E. Gross sold 2,075 shares of the stock in a transaction on Friday, April 17th. The stock was sold at an average price of $56.01, for a total value of $116,220.75. Following the sale, the director directly owned 18,479 shares of the company’s stock, valued at $1,035,008.79. This trade represents a 10.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Robert H. Dallas II sold 7,725 shares of the firm’s stock in a transaction on Friday, March 13th. The shares were sold at an average price of $49.60, for a total value of $383,160.00. Following the transaction, the director directly owned 32,073 shares in the company, valued at $1,590,820.80. This trade represents a 19.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 18,388 shares of company stock valued at $933,404 over the last three months. Company insiders own 28.87% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of UNTY. AQR Capital Management LLC increased its holdings 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 valued at $465,000 after purchasing an additional 4,732 shares during the period. Empowered Funds LLC increased its holdings in shares of Unity Bancorp by 7.2% during the first quarter. Empowered Funds LLC now owns 37,456 shares of the financial services provider’s stock valued at $1,524,000 after purchasing an additional 2,524 shares during the period. Jane Street Group LLC acquired a new position in shares of Unity Bancorp during the first quarter valued at $283,000. Strs Ohio acquired a new position in shares of Unity Bancorp during the first quarter valued at $49,000. Finally, Cetera Investment Advisers increased its holdings in shares of Unity Bancorp by 7.3% during the second quarter. Cetera Investment Advisers now owns 8,335 shares of the financial services provider’s stock valued at $392,000 after purchasing an additional 565 shares during the period. 42.31% of the stock is owned by institutional investors and hedge funds.

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.