Unity Bancorp (NASDAQ:UNTY) Sets New 52-Week High - Time to Buy?

Unity Bancorp, Inc. (NASDAQ:UNTY - Get Free Report) shares hit a new 52-week high during trading on Wednesday . The company traded as high as $53.39 and last traded at $52.31, with a volume of 74892 shares. The stock had previously closed at $52.11.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on UNTY shares. Piper Sandler cut their target price on shares of Unity Bancorp from $54.00 to $50.00 and set an "overweight" rating for the company in a research note on Monday, April 14th. Wall Street Zen lowered shares of Unity Bancorp from a "buy" rating to a "hold" rating in a report on Saturday, May 24th.

Unity Bancorp Stock Performance

The stock's 50-day simple moving average is $45.27 and its 200-day simple moving average is $44.44. The stock has a market cap of $536.25 million, a price-to-earnings ratio of 12.52 and a beta of 0.72. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.83.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) last issued its quarterly earnings results on Friday, April 11th. The financial services provider reported $1.13 earnings per share for the quarter, topping analysts' consensus estimates of $1.12 by $0.01. The company had revenue of $29.35 million during the quarter, compared to the consensus estimate of $28.81 million. Unity Bancorp had a net margin of 25.95% and a return on equity of 14.99%. During the same quarter in the prior year, the firm posted $0.93 EPS. Analysts forecast that Unity Bancorp, Inc. will post 4.83 earnings per share for the current fiscal year.

Unity Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Friday, June 6th were given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 1.05%. The ex-dividend date was Friday, June 6th. Unity Bancorp's dividend payout ratio (DPR) is presently 13.15%.

Insider Buying and Selling

In other Unity Bancorp news, Director Donald E. Jr. Souders sold 1,333 shares of the firm's stock in a transaction on Thursday, April 24th. The shares were sold at an average price of $41.23, for a total value of $54,959.59. Following the completion of the sale, the director directly owned 8,477 shares in the company, valued at approximately $349,506.71. This trade represents a 13.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 29.68% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. CWM LLC increased its stake in shares of Unity Bancorp by 122.5% in the first quarter. CWM LLC now owns 612 shares of the financial services provider's stock worth $25,000 after purchasing an additional 337 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in Unity Bancorp during the fourth quarter valued at approximately $33,000. Strs Ohio purchased a new position in Unity Bancorp in the 1st quarter worth approximately $49,000. Whipplewood Advisors LLC grew its stake in Unity Bancorp by 11,000.0% in the 1st quarter. Whipplewood Advisors LLC now owns 1,221 shares of the financial services provider's stock worth $50,000 after buying an additional 1,210 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in Unity Bancorp by 11,262.5% in the 1st quarter. GAMMA Investing LLC now owns 2,727 shares of the financial services provider's stock worth $111,000 after buying an additional 2,703 shares in the last quarter. 42.31% of the stock is currently owned by institutional investors and hedge funds.

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.