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

Unity Bancorp, Inc. (NASDAQ:UNTY - Get Free Report) shares saw unusually-strong trading volume on Wednesday . Approximately 57,841 shares were traded 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.

Analysts Set New Price Targets

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

Unity Bancorp Stock Up 3.9%

The firm has a 50 day moving average of $44.65 and a 200 day moving average of $44.25. The firm has a market cap of $524.42 million, a price-to-earnings ratio of 12.27 and a beta of 0.72. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.83.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) last released its earnings results on Friday, April 11th. The financial services provider reported $1.13 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 business had revenue of $29.35 million during the quarter, compared to analysts' expectations of $28.81 million. During the same quarter last year, the firm 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 company also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, June 6th were paid a $0.14 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $0.56 dividend on an annualized basis and a yield of 1.07%. 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 that occurred on Thursday, April 24th. The stock was sold at an average price of $41.23, for a total value of $54,959.59. Following the completion of the sale, the director owned 8,477 shares of the company's stock, valued at approximately $349,506.71. This trade represents a 13.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 29.68% of the company's stock.

Institutional Investors Weigh In On Unity Bancorp

A number of hedge funds have recently added to or reduced their stakes in UNTY. Invesco Ltd. grew its stake in Unity Bancorp by 647.3% in the fourth quarter. Invesco Ltd. now owns 100,812 shares of the financial services provider's stock valued at $4,396,000 after acquiring an additional 87,321 shares during the period. Segall Bryant & Hamill LLC bought a new position in shares of Unity Bancorp in the fourth quarter valued at approximately $1,795,000. American Century Companies Inc. lifted its holdings in shares of Unity Bancorp by 41.7% in the first quarter. American Century Companies Inc. now owns 138,784 shares of the financial services provider's stock valued at $5,649,000 after purchasing an additional 40,809 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Unity Bancorp by 46.1% in the fourth quarter. JPMorgan Chase & Co. now owns 128,941 shares of the financial services provider's stock valued at $5,623,000 after purchasing an additional 40,710 shares in the last quarter. Finally, Axecap Investments LLC bought a new position in shares of Unity Bancorp in the first quarter valued at approximately $1,237,000. Institutional investors and hedge funds own 42.31% of the company's stock.

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.