Unity Bancorp, Inc. (NASDAQ:UNTY - Get Free Report) shares crossed below its two hundred day moving average during trading on Thursday. The stock has a two hundred day moving average of $55.86 and traded as low as $53.76. Unity Bancorp shares last traded at $55.33, with a volume of 92,473 shares trading hands.
Analyst Ratings Changes
A number of equities analysts recently issued reports on the stock. Weiss Ratings reaffirmed a "buy (b+)" rating on shares of Unity Bancorp in a research report on Friday, July 31st. Freedom Capital raised shares of Unity Bancorp from a "hold" rating to a "strong-buy" rating in a report on Thursday, July 16th. DA Davidson restated a "buy" rating and issued a $68.00 price target on shares of Unity Bancorp in a research report on Friday, September 11th. Finally, Piper Sandler boosted their price objective on shares of Unity Bancorp from $65.00 to $68.00 and gave the stock an "overweight" rating in a report on Friday, June 26th. One equities research analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company. According to data from MarketBeat.com, Unity Bancorp presently has an average rating of "Buy" and a consensus price target of $65.50.
Get Our Latest Analysis on UNTY
Unity Bancorp Stock Down 3.0%
The firm has a market capitalization of $555.51 million, a price-to-earnings ratio of 9.62 and a beta of 0.61. The business has a 50 day moving average of $58.97 and a 200 day moving average of $55.86. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.17 and a quick ratio of 1.17.
Unity Bancorp (NASDAQ:UNTY - Get Free Report) last posted its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.42 earnings per share 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 16.10% and a net margin of 30.26%. On average, equities analysts anticipate that Unity Bancorp, Inc. will post 5.86 EPS for the current year.
Unity Bancorp Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 17th. Stockholders of record on Thursday, September 3rd were given a dividend of $0.17 per share. This is an increase from Unity Bancorp's previous quarterly dividend of $0.16. The ex-dividend date was Thursday, September 3rd. This represents a $0.68 annualized dividend and a dividend yield of 1.2%. Unity Bancorp's dividend payout ratio (DPR) is presently 11.83%.
Insiders Place Their Bets
In related news, President George Boyan sold 6,504 shares of the company's stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $59.16, for a total value of $384,776.64. Following the sale, the president owned 25,015 shares of the company's stock, valued at $1,479,887.40. The trade was a 20.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 28.87% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in UNTY. BlackRock Inc. bought a new stake in shares of Unity Bancorp in the 2nd quarter valued at approximately $32,299,000. Maltese Capital Management LLC lifted its position in shares of Unity Bancorp by 2.4% during the 4th quarter. Maltese Capital Management LLC now owns 159,000 shares of the financial services provider's stock worth $8,223,000 after buying an additional 3,700 shares during the period. Empowered Funds LLC boosted its stake in Unity Bancorp by 9.5% in 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. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Unity Bancorp in the 2nd quarter valued at $2,410,000. Finally, Bank of New York Mellon Corp acquired a new stake in Unity Bancorp in the 2nd quarter valued at $1,976,000. Institutional investors own 42.31% of the company's stock.
About Unity Bancorp
(
Get Free Report)
Unity Bancorp, Inc is the bank holding company for Unity Bank, a full-service community bank headquartered in Clinton, New Jersey. The company provides banking services to individuals, families, businesses and nonprofit organizations through a network of branches and digital banking channels.
Unity Bank offers checking and savings accounts, certificates of deposit, consumer lending, residential mortgages, home equity financing, commercial real estate loans, construction financing and business loans.
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