Unity Bancorp (NASDAQ:UNTY) Shares Pass Above 50 Day Moving Average - Here's Why

Key Points

• Unity Bancorp's shares crossed above their fifty day moving average, trading as high as $50.41, but currently last traded at $46.62.
• Analysts have a consensus Buy rating for Unity Bancorp, with an average price target of $56.50 and notable upgrades from firms like Keefe, Bruyette & Woods.
• The company recently announced a quarterly dividend increase to $0.15 per share, up from $0.14, resulting in an annualized dividend yield of 1.3%.

Unity Bancorp, Inc. (NASDAQ:UNTY - Get Free Report) crossed above its fifty day moving average during trading on Friday . The stock has a fifty day moving average of $50.24 and traded as high as $50.41. Unity Bancorp shares last traded at $46.62, with a volume of 97,593 shares traded.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on UNTY. Keefe, Bruyette & Woods increased their price target on shares of Unity Bancorp from $55.00 to $63.00 and gave the stock an "outperform" rating in a report on Friday, July 18th. Wall Street Zen upgraded shares of Unity Bancorp from a "hold" rating to a "buy" rating in a research report on Saturday, September 13th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Unity Bancorp in a research report on Wednesday. Three analysts have rated the stock with a Buy rating, According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $56.50.

Unity Bancorp Price Performance

The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 1.21. The company has a market capitalization of $467.60 million, a price-to-earnings ratio of 9.44 and a beta of 0.72. The stock's 50-day simple moving average is $50.24 and its two-hundred day simple moving average is $46.88.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) last released its earnings results on Tuesday, July 15th. The financial services provider reported $1.20 EPS for the quarter, topping analysts' consensus estimates of $1.17 by $0.03. The business had revenue of $34.37 million during the quarter, compared to analysts' expectations of $30.30 million. Unity Bancorp had a net margin of 28.72% and a return on equity of 15.34%. Equities research analysts predict that Unity Bancorp, Inc. will post 4.83 earnings per share for the current year.

Unity Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 19th. Shareholders of record on Friday, September 5th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Friday, September 5th. This is an increase from Unity Bancorp's previous quarterly dividend of $0.14. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.3%. Unity Bancorp's payout ratio is currently 12.15%.

Institutional Trading of Unity Bancorp

Several large investors have recently made changes to their positions in the company. Corient Private Wealth LLC acquired a new position in Unity Bancorp in the 2nd quarter valued at $260,000. Squarepoint Ops LLC acquired a new stake in shares of Unity Bancorp in the second quarter valued at about $498,000. Hohimer Wealth Management LLC purchased a new position in shares of Unity Bancorp in the second quarter worth about $203,000. Lazard Asset Management LLC boosted its position in Unity Bancorp by 228.6% during the second quarter. Lazard Asset Management LLC now owns 17,844 shares of the financial services provider's stock worth $840,000 after acquiring an additional 12,414 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its position in Unity Bancorp by 14.8% during the second quarter. BNP Paribas Financial Markets now owns 2,883 shares of the financial services provider's stock worth $136,000 after acquiring an additional 372 shares during the last quarter. 42.31% of the stock is currently owned by hedge funds and other 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.

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