Unity Bancorp (NASDAQ:UNTY) Stock Price Crosses Below Two Hundred Day Moving Average – Should You Sell?

Shares of Unity Bancorp, Inc. (NASDAQ:UNTY) passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $47.81 and traded as low as $45.34. Unity Bancorp shares last traded at $45.90, with a volume of 36,812 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Piper Sandler lifted their price target on shares of Unity Bancorp from $60.00 to $61.00 and gave the company an “overweight” rating in a research note on Wednesday, October 15th. Weiss Ratings reiterated a “buy (b)” rating on shares of Unity Bancorp in a research note on Wednesday, October 8th. Wall Street Zen upgraded shares of Unity Bancorp from a “hold” rating to a “buy” rating in a research note on Saturday, September 13th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Unity Bancorp from $55.00 to $63.00 and gave the stock an “outperform” rating in a research note on Friday, July 18th. Three research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $62.00.

Unity Bancorp Stock Up 1.3%

The company has a market capitalization of $460.51 million, a price-to-earnings ratio of 8.69 and a beta of 0.78. The firm’s 50 day moving average price is $49.62 and its two-hundred day moving average price is $47.81. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 1.21.

Unity Bancorp (NASDAQ:UNTY) last released its quarterly earnings data on Tuesday, October 14th. The financial services provider reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.28 by $0.05. The company had revenue of $31.38 million for the quarter, compared to analyst estimates of $31.35 million. Unity Bancorp had a net margin of 29.85% and a return on equity of 15.94%. Sell-side analysts anticipate that Unity Bancorp, Inc. will post 4.83 earnings per share for the current fiscal year.

Unity Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 19th. Investors of record on Friday, September 5th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend was Friday, September 5th. This is a positive change from Unity Bancorp’s previous quarterly dividend of $0.14. Unity Bancorp’s payout ratio is presently 11.36%.

Institutional Trading of Unity Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the stock. CWM LLC boosted its holdings in shares of Unity Bancorp by 122.5% during the 1st quarter. CWM LLC now owns 612 shares of the financial services provider’s stock worth $25,000 after buying an additional 337 shares during the period. Ameritas Investment Partners Inc. boosted its holdings in shares of Unity Bancorp by 41.7% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 748 shares of the financial services provider’s stock worth $35,000 after buying an additional 220 shares during the period. Strs Ohio bought a new stake in shares of Unity Bancorp during the 1st quarter worth about $49,000. AlphaQuest LLC bought a new stake in shares of Unity Bancorp during the 3rd quarter worth about $91,000. Finally, BNP Paribas Financial Markets boosted its holdings in shares of Unity Bancorp by 14.8% during the 2nd quarter. BNP Paribas Financial Markets now owns 2,883 shares of the financial services provider’s stock worth $136,000 after buying an additional 372 shares during the period. 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.