Unity Bancorp (NASDAQ:UNTY) Shares Cross Above 50-Day Moving Average - What's Next?

Shares of Unity Bancorp, Inc. (NASDAQ:UNTY - Get Free Report) passed above its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $44.06 and traded as high as $49.18. Unity Bancorp shares last traded at $48.70, with a volume of 118,178 shares trading hands.

Analyst Upgrades and Downgrades

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

Unity Bancorp Price Performance

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 market capitalization of $524.42 million, a price-to-earnings ratio of 12.27 and a beta of 0.72. The company's 50 day moving average is $44.65 and its 200-day moving average is $44.25.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) last released its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, beating 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 company had revenue of $29.35 million during the quarter, compared to analysts' expectations of $28.81 million. During the same period last year, the firm posted $0.93 earnings per share. Equities research analysts anticipate that Unity Bancorp, Inc. will post 4.83 earnings per share for the current year.

Unity Bancorp Dividend Announcement

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

Insider Buying and Selling at Unity Bancorp

In related news, Director Donald E. Jr. Souders sold 1,333 shares of Unity Bancorp stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $41.23, for a total transaction 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. 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. 29.68% of the stock is owned by insiders.

Institutional Investors Weigh In On Unity Bancorp

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