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

Unity Bancorp, Inc. (NASDAQ:UNTY - Get Free Report)'s share price reached a new 52-week high during trading on Thursday . The company traded as high as $52.26 and last traded at $52.29, with a volume of 41762 shares trading hands. The stock had previously closed at $50.30.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on UNTY shares. Wall Street Zen lowered Unity Bancorp from a "buy" rating to a "hold" rating in a research note on Saturday, May 24th. Piper Sandler lowered 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.

Unity Bancorp Stock Performance

The stock has a market capitalization of $524.42 million, a price-to-earnings ratio of 12.27 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. The firm has a 50-day moving average of $44.65 and a 200-day moving average of $44.26.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) last announced its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.01. Unity Bancorp had a return on equity of 14.99% and a net margin of 25.95%. The firm had revenue of $29.35 million during the quarter, compared to analysts' expectations of $28.81 million. During the same period last year, the business posted $0.93 earnings per share. As a group, sell-side analysts predict that Unity Bancorp, Inc. will post 4.83 earnings per share for the current year.

Unity Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, June 6th were paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 1.07%. The ex-dividend date was Friday, June 6th. Unity Bancorp's payout ratio is 13.15%.

Insider Buying and Selling at Unity Bancorp

In other Unity Bancorp news, Director Donald E. Jr. Souders sold 1,333 shares of the company'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 sale, the director directly owned 8,477 shares of the company's stock, valued at approximately $349,506.71. This represents a 13.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 29.68% of the stock is owned by insiders.

Hedge Funds Weigh In On Unity Bancorp

Institutional investors and hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp boosted its position in Unity Bancorp by 34.0% in the 4th quarter. Bank of New York Mellon Corp now owns 40,102 shares of the financial services provider's stock worth $1,749,000 after purchasing an additional 10,167 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Unity Bancorp in the 4th quarter valued at $1,247,000. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Unity Bancorp by 78.3% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 32,636 shares of the financial services provider's stock worth $1,423,000 after buying an additional 14,337 shares in the last quarter. Delphi Management Inc. MA acquired a new stake in Unity Bancorp during the fourth quarter valued at $1,256,000. Finally, Thrivent Financial for Lutherans acquired a new stake in Unity Bancorp during the fourth quarter valued at $200,000. Institutional investors and hedge funds own 42.31% of the company's stock.

About Unity Bancorp

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.