Unity Bancorp (NASDAQ:UNTY) Reaches New 52-Week High – Here’s What Happened

Shares of Unity Bancorp, Inc. (NASDAQ:UNTY) hit a new 52-week high on Friday . The stock traded as high as $57.30 and last traded at $56.64, with a volume of 12988 shares traded. The stock had previously closed at $56.14.

Wall Street Analysts Forecast Growth

UNTY has been the subject of several research analyst reports. Weiss Ratings reissued a “buy (b)” rating on shares of Unity Bancorp in a research note on Wednesday, January 21st. Keefe, Bruyette & Woods raised their target price on shares of Unity Bancorp from $60.00 to $65.00 and gave the company an “outperform” rating in a research report on Wednesday, January 14th. Wall Street Zen downgraded shares of Unity Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, November 15th. Finally, Piper Sandler increased their price target on Unity Bancorp from $64.00 to $65.00 and gave the company an “overweight” rating in a research note on Thursday, January 15th. Three research analysts have rated the stock with a Buy rating, According to data from MarketBeat, Unity Bancorp presently has an average rating of “Buy” and a consensus target price of $65.00.

Unity Bancorp Trading Down 0.2%

The company has a market cap of $562.46 million, a P/E ratio of 9.96 and a beta of 0.66. The firm’s 50 day moving average is $53.37 and its two-hundred day moving average is $50.77. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.72.

Unity Bancorp (NASDAQ:UNTY) last announced its earnings results on Tuesday, January 13th. The financial services provider reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.35 by $0.06. Unity Bancorp had a return on equity of 16.19% and a net margin of 30.76%.The business had revenue of $33.70 million during the quarter, compared to analyst estimates of $33.39 million. As a group, equities research analysts anticipate that Unity Bancorp, Inc. will post 4.83 EPS for the current year.

Unity Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 19th. Investors of record on Friday, December 5th were issued a $0.15 dividend. The ex-dividend date was Friday, December 5th. This represents a $0.60 annualized dividend and a yield of 1.1%. Unity Bancorp’s dividend payout ratio is presently 10.58%.

Insider Buying and Selling at Unity Bancorp

In other Unity Bancorp news, Director Vincent Geraci sold 1,573 shares of the firm’s stock in a transaction that occurred on Thursday, January 15th. The shares were sold at an average price of $55.38, for a total transaction of $87,112.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Minsu Kim sold 750 shares of the company’s stock in a transaction on Thursday, January 15th. The shares were sold at an average price of $56.13, for a total transaction of $42,097.50. Following the completion of the sale, the senior vice president directly owned 791 shares in the company, valued at approximately $44,398.83. This represents a 48.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 3,365 shares of company stock valued at $186,586. 29.68% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Salzhauer Michael acquired a new position in Unity Bancorp during the 4th quarter worth approximately $487,000. Axecap Investments LLC increased its holdings in shares of Unity Bancorp by 14.0% during the fourth quarter. Axecap Investments LLC now owns 48,830 shares of the financial services provider’s stock valued at $2,525,000 after acquiring an additional 6,013 shares in the last quarter. CWM LLC raised its position in shares of Unity Bancorp by 38.0% during the fourth quarter. CWM LLC now owns 857 shares of the financial services provider’s stock worth $44,000 after purchasing an additional 236 shares during the period. State of Alaska Department of Revenue raised its position in shares of Unity Bancorp by 261.1% during the fourth quarter. State of Alaska Department of Revenue now owns 1,412 shares of the financial services provider’s stock worth $72,000 after purchasing an additional 1,021 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Unity Bancorp by 31.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 65,477 shares of the financial services provider’s stock worth $3,200,000 after purchasing an additional 15,628 shares in the last quarter. Institutional investors and hedge funds own 42.31% of the company’s stock.

About Unity Bancorp

Unity Bancorp, Inc is a bank holding company headquartered in Morrisville, Pennsylvania, trading on the NASDAQ under the ticker UNTY. Through its primary subsidiary, Unity Bank, the company delivers a comprehensive suite of commercial and retail banking services to individuals, businesses and municipal clients in its regional markets.

Founded in 1906, Unity Bank maintains a network of conveniently located branches across Bucks County and adjacent areas of southeastern Pennsylvania. The company’s deposit portfolio includes checking and savings accounts, money market accounts and certificates of deposit, while its loan offerings encompass commercial real estate, construction and land development, agricultural and consumer lending solutions.

Beyond traditional deposit and lending activities, Unity Bancorp provides cash management and merchant services, as well as internet and mobile banking platforms designed to streamline day-to-day financial operations.