Unity Bancorp (NASDAQ:UNTY) Sees Large Volume Increase - Here's What Happened

Unity Bancorp, Inc. (NASDAQ:UNTY - Get Free Report) saw unusually-strong trading volume on Wednesday . Approximately 57,841 shares changed hands during mid-day trading, an increase of 59% from the previous session's volume of 36,278 shares.The stock last traded at $49.92 and had previously closed at $48.70.

Wall Street Analysts Forecast Growth

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

Unity Bancorp Trading Up 3.9%

The company has a market capitalization of $524.42 million, a P/E ratio of 12.27 and a beta of 0.72. The stock's 50 day moving average is $44.22 and its 200-day moving average is $44.18. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.15 and a quick ratio of 1.15.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) last posted its 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. 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 for the quarter, compared to the consensus estimate of $28.81 million. During the same quarter in the prior year, the business earned $0.93 EPS. As a group, equities research analysts anticipate that Unity Bancorp, Inc. will post 4.83 earnings per share for the current year.

Unity Bancorp Dividend Announcement

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

Insider Transactions at Unity Bancorp

In other news, Director Donald E. Jr. Souders sold 1,333 shares of the business's stock in a transaction 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 owned 8,477 shares in the company, valued at approximately $349,506.71. The trade was a 13.59% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 29.68% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Invesco Ltd. grew its holdings in Unity Bancorp by 647.3% in the fourth quarter. Invesco Ltd. now owns 100,812 shares of the financial services provider's stock worth $4,396,000 after purchasing an additional 87,321 shares during the period. Segall Bryant & Hamill LLC bought a new stake in shares of Unity Bancorp in the 4th quarter worth approximately $1,795,000. American Century Companies Inc. boosted its position in shares of Unity Bancorp by 41.7% in the 1st quarter. American Century Companies Inc. now owns 138,784 shares of the financial services provider's stock worth $5,649,000 after purchasing an additional 40,809 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Unity Bancorp by 46.1% in the 4th quarter. JPMorgan Chase & Co. now owns 128,941 shares of the financial services provider's stock worth $5,623,000 after buying an additional 40,710 shares during the last quarter. Finally, Axecap Investments LLC bought a new position in Unity Bancorp during the 1st quarter valued at approximately $1,237,000. 42.31% of the stock is currently owned by institutional investors.

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.