Unity Bancorp (NASDAQ:UNTY) Reaches New 52-Week High - Should You Buy?

Unity Bancorp, Inc. (NASDAQ:UNTY - Get Free Report)'s stock price 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 traded. The stock had previously closed at $52.11.

Analyst Upgrades and Downgrades

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

Unity Bancorp Stock Up 0.0%

The company has a market cap of $524.87 million, a P/E ratio of 12.28 and a beta of 0.72. The firm's 50 day moving average price is $45.06 and its 200-day moving average price is $44.39. 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 announced its quarterly earnings results on Friday, April 11th. The financial services provider reported $1.13 earnings per share for the quarter, beating analysts' consensus estimates of $1.12 by $0.01. The business had revenue of $29.35 million for 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 period last year, the company posted $0.93 EPS. As a group, equities research analysts expect that Unity Bancorp, Inc. will post 4.83 EPS for the current year.

Unity Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, June 6th were issued a dividend of $0.14 per share. The ex-dividend date was Friday, June 6th. This represents a $0.56 annualized dividend and a yield of 1.07%. Unity Bancorp's dividend payout ratio (DPR) is currently 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 that occurred on Thursday, April 24th. The shares were sold at an average price of $41.23, for a total transaction of $54,959.59. Following 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 position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 29.68% of the company's stock.

Institutional Trading of Unity Bancorp

Hedge funds have recently bought and sold shares of the stock. CWM LLC raised its holdings in Unity Bancorp by 122.5% during the 1st quarter. CWM LLC now owns 612 shares of the financial services provider's stock worth $25,000 after buying an additional 337 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in Unity Bancorp during the 4th quarter worth approximately $33,000. Strs Ohio bought a new position in shares of Unity Bancorp during the 1st quarter worth approximately $49,000. Whipplewood Advisors LLC grew its stake in shares of Unity Bancorp by 11,000.0% during the 1st quarter. Whipplewood Advisors LLC now owns 1,221 shares of the financial services provider's stock worth $50,000 after acquiring an additional 1,210 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of Unity Bancorp by 11,262.5% during the 1st quarter. GAMMA Investing LLC now owns 2,727 shares of the financial services provider's stock worth $111,000 after acquiring 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.