Unity Bancorp (NASDAQ:UNTY) Hits New 12-Month High – What’s Next?

Unity Bancorp, Inc. (NASDAQ:UNTY)’s share price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $57.90 and last traded at $57.70, with a volume of 20512 shares trading hands. The stock had previously closed at $56.55.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Brean Capital initiated coverage on shares of Unity Bancorp in a research note on Wednesday, April 22nd. They set a “buy” rating and a $61.00 price objective for the company. DA Davidson assumed coverage on Unity Bancorp in a research report on Friday, May 15th. They issued a “buy” rating and a $68.00 target price on the stock. Weiss Ratings upgraded Unity Bancorp from a “buy (b)” rating to a “buy (b+)” rating in a research note on Monday, May 4th. Finally, Piper Sandler lifted their price target on Unity Bancorp from $65.00 to $68.00 and gave the stock an “overweight” rating in a research report on Friday. Five analysts have rated the stock with a Buy rating, According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $65.50.

Unity Bancorp Price Performance

The firm has a market capitalization of $593.97 million, a PE ratio of 9.96 and a beta of 0.61. The firm’s fifty day moving average price is $54.36 and its 200 day moving average price is $53.58. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.72.

Unity Bancorp (NASDAQ:UNTY) last issued its earnings results on Tuesday, April 14th. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.37 by $0.03. Unity Bancorp had a net margin of 31.33% and a return on equity of 16.06%. The firm had revenue of $33.61 million during the quarter, compared to analysts’ expectations of $33.59 million. As a group, equities analysts forecast that Unity Bancorp, Inc. will post 5.84 earnings per share for the current year.

Unity Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Thursday, June 4th were paid a dividend of $0.16 per share. The ex-dividend date was Thursday, June 4th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.1%. Unity Bancorp’s dividend payout ratio (DPR) is presently 10.77%.

Insider Activity

In other news, Director Mark S. Brody sold 1,600 shares of the company’s stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $55.23, for a total value of $88,368.00. Following the sale, the director 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Mary E. Gross sold 2,075 shares of the firm’s stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $56.01, for a total value of $116,220.75. Following the sale, the director directly owned 18,479 shares in the company, valued at approximately $1,035,008.79. This trade represents a 10.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 28.87% of the company’s stock.

Hedge Funds Weigh In On Unity Bancorp

Several institutional investors have recently made changes to their positions in UNTY. CWM LLC raised its position in shares of Unity Bancorp by 38.0% in the fourth quarter. CWM LLC now owns 857 shares of the financial services provider’s stock worth $44,000 after acquiring an additional 236 shares during the period. Russell Investments Group Ltd. increased its stake in shares of Unity Bancorp by 159.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 987 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 606 shares in the last quarter. Strs Ohio purchased a new position in shares of Unity Bancorp in the 1st quarter valued at about $49,000. State of Alaska Department of Revenue raised its holdings in Unity Bancorp by 261.1% in the 4th 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, BNP Paribas Financial Markets raised its holdings in Unity Bancorp by 14.8% in the 2nd quarter. BNP Paribas Financial Markets now owns 2,883 shares of the financial services provider’s stock worth $136,000 after purchasing an additional 372 shares during the period. 42.31% of the stock is owned by hedge funds and other institutional investors.

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.