Unity Bancorp (NASDAQ:UNTY) Stock Crosses Below Two Hundred Day Moving Average – Here’s Why

Unity Bancorp, Inc. (NASDAQ:UNTY)’s share price crossed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $51.24 and traded as low as $50.97. Unity Bancorp shares last traded at $51.83, with a volume of 47,348 shares changing hands.

Analyst Upgrades and Downgrades

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

Unity Bancorp Stock Up 0.6%

The firm has a market capitalization of $519.13 million, a PE ratio of 9.14 and a beta of 0.66. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.16 and a quick ratio of 1.16. The company has a 50-day moving average price of $52.65 and a 200 day moving average price of $51.24.

Unity Bancorp (NASDAQ:UNTY) last issued its earnings results on Tuesday, January 13th. The financial services provider reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.35 by $0.06. Unity Bancorp had a return on equity of 15.88% and a net margin of 30.76%.The company had revenue of $33.70 million for the quarter, compared to the consensus estimate of $33.39 million. Analysts forecast that Unity Bancorp, Inc. will post 4.83 earnings per share for the current year.

Unity Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 20th. Stockholders of record on Friday, March 6th were given a dividend of $0.16 per share. The ex-dividend date was Friday, March 6th. This is an increase from Unity Bancorp’s previous quarterly dividend of $0.15. This represents a $0.64 annualized dividend and a dividend yield of 1.2%. Unity Bancorp’s dividend payout ratio (DPR) is 11.29%.

Insider Activity

In related news, 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 transaction, the senior vice president 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO James A. Hughes sold 1,500 shares of the stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $54.50, for a total value of $81,750.00. Following the transaction, the chief executive officer directly owned 173,013 shares of the company’s stock, valued at approximately $9,429,208.50. The trade was a 0.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 19,678 shares of company stock valued at $1,003,769. Company insiders own 28.87% of the company’s stock.

Hedge Funds Weigh In On Unity Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in the business. AQR Capital Management LLC raised its position in shares of Unity Bancorp by 70.8% during the 1st quarter. AQR Capital Management LLC now owns 11,419 shares of the financial services provider’s stock valued at $465,000 after buying an additional 4,732 shares in the last quarter. Empowered Funds LLC grew its position in Unity Bancorp by 7.2% in the first quarter. Empowered Funds LLC now owns 37,456 shares of the financial services provider’s stock worth $1,524,000 after acquiring an additional 2,524 shares in the last quarter. Jane Street Group LLC bought a new stake in Unity Bancorp during the first quarter worth approximately $283,000. Strs Ohio bought a new stake in Unity Bancorp during the first quarter worth approximately $49,000. Finally, Geode Capital Management LLC raised its position in Unity Bancorp by 4.3% during the second quarter. Geode Capital Management LLC now owns 164,189 shares of the financial services provider’s stock valued at $7,732,000 after purchasing an additional 6,708 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.