Unity Bancorp (NASDAQ:UNTY) Stock Price Down 5.3% - Here's Why

Shares of Unity Bancorp, Inc. (NASDAQ:UNTY - Get Free Report) fell 5.3% on Friday . The company traded as low as $51.89 and last traded at $51.11. 36,007 shares changed hands during mid-day trading, a decline of 5% from the average session volume of 37,716 shares. The stock had previously closed at $53.99.

Analysts Set New Price Targets

A number of brokerages recently weighed in on UNTY. Piper Sandler cut their price objective on Unity Bancorp from $54.00 to $50.00 and set an "overweight" rating on the stock in a research note on Monday, April 14th. Wall Street Zen downgraded Unity Bancorp from a "buy" rating to a "hold" rating in a research report on Saturday, May 24th.

Unity Bancorp Trading Down 5.2%

The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.15 and a current ratio of 1.15. The company has a 50-day simple moving average of $45.52 and a 200 day simple moving average of $44.51. The company has a market capitalization of $513.39 million, a P/E ratio of 12.01 and a beta of 0.72.

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 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 company had revenue of $29.35 million for the quarter, compared to analyst estimates of $28.81 million. During the same quarter last year, the firm earned $0.93 EPS. Sell-side analysts expect that Unity Bancorp, Inc. will post 4.83 earnings per share for the current year.

Unity Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, June 6th were given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 1.09%. The ex-dividend date of this dividend was Friday, June 6th. Unity Bancorp's dividend payout ratio (DPR) is 13.15%.

Insider Activity at Unity Bancorp

In other news, Director Donald E. Jr. Souders sold 1,333 shares of the stock in a transaction on Thursday, April 24th. The stock was 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. This represents a 13.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 29.68% of the company's stock.

Institutional Trading of Unity Bancorp

Several large investors have recently made changes to their positions in the business. Invesco Ltd. lifted its stake in shares of Unity Bancorp by 647.3% during 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 acquired a new position in shares of Unity Bancorp during the fourth quarter valued at $1,795,000. American Century Companies Inc. lifted its stake in shares of Unity Bancorp by 41.7% during 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 acquiring an additional 40,809 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Unity Bancorp by 46.1% during the fourth quarter. JPMorgan Chase & Co. now owns 128,941 shares of the financial services provider's stock valued at $5,623,000 after acquiring an additional 40,710 shares during the period. Finally, Axecap Investments LLC acquired a new position in shares of Unity Bancorp during the first quarter valued at $1,237,000. Institutional investors 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.

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