Unity Bancorp (NASDAQ:UNTY) Sees Unusually-High Trading Volume – What’s Next?

Unity Bancorp, Inc. (NASDAQ:UNTY) shares saw unusually-high trading volume on Monday . Approximately 43,611 shares were traded during mid-day trading, a decline of 18% from the previous session’s volume of 53,035 shares.The stock last traded at $57.4010 and had previously closed at $57.25.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Brean Capital assumed coverage on shares of Unity Bancorp in a research report on Wednesday, April 22nd. They set a “buy” rating and a $61.00 price target on the stock. Piper Sandler lifted their target price on shares of Unity Bancorp from $65.00 to $68.00 and gave the stock an “overweight” rating in a research note on Friday, June 26th. Freedom Capital upgraded shares of Unity Bancorp from a “hold” rating to a “strong-buy” rating in a report on Thursday. Weiss Ratings upgraded shares of Unity Bancorp from a “buy (b)” rating to a “buy (b+)” rating in a report on Monday, May 4th. Finally, DA Davidson reissued a “buy” rating and issued a $68.00 price target on shares of Unity Bancorp in a research note on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $65.50.

Unity Bancorp Trading Up 0.1%

The firm has a market capitalization of $575.29 million, a price-to-earnings ratio of 9.97 and a beta of 0.62. The business’s 50-day simple moving average is $55.71 and its two-hundred day simple moving average is $53.95. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.72.

Unity Bancorp (NASDAQ:UNTY) last released its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.44 by ($0.02). Unity Bancorp had a net margin of 30.26% and a return on equity of 16.40%. The company had revenue of $34.40 million during the quarter, compared to analysts’ expectations of $34.62 million. Equities analysts forecast that Unity Bancorp, Inc. will post 5.86 earnings per share for the current year.

Unity Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Thursday, June 4th were given a $0.16 dividend. The ex-dividend date of this dividend was Thursday, June 4th. This represents a $0.64 dividend on an annualized basis and a yield of 1.1%. Unity Bancorp’s payout ratio is presently 11.13%.

Insider Transactions at Unity Bancorp

In other Unity Bancorp news, Director Mark S. Brody sold 1,600 shares of the company’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $55.23, for a total transaction of $88,368.00. Following the transaction, the director directly owned 113,854 shares in the company, valued at $6,288,156.42. This represents a 1.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 28.87% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Unity Bancorp

Institutional investors have recently modified their holdings of the company. Squarepoint Ops LLC boosted its stake in shares of Unity Bancorp by 600.2% in the fourth quarter. Squarepoint Ops LLC now owns 40,327 shares of the financial services provider’s stock valued at $2,086,000 after purchasing an additional 34,568 shares during the period. Two Sigma Investments LP increased its stake in Unity Bancorp by 115.9% during the 3rd quarter. Two Sigma Investments LP now owns 50,920 shares of the financial services provider’s stock worth $2,488,000 after buying an additional 27,340 shares during the period. Marshall Wace LLP increased its stake in Unity Bancorp by 300.8% during the 2nd quarter. Marshall Wace LLP now owns 29,898 shares of the financial services provider’s stock worth $1,408,000 after buying an additional 22,439 shares during the period. Wesbanco Bank Inc. acquired a new stake in Unity Bancorp during the 1st quarter worth approximately $1,083,000. Finally, Kennedy Capital Management LLC lifted its holdings in Unity Bancorp by 32.8% during the 4th quarter. Kennedy Capital Management LLC now owns 78,738 shares of the financial services provider’s stock worth $4,072,000 after buying an additional 19,468 shares in the last quarter. 42.31% of the stock is owned by institutional investors and hedge funds.

Unity Bancorp Company Profile

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.