Unity Bancorp (NASDAQ:UNTY) Shares Cross Below 200 Day Moving Average – What’s Next?

Unity Bancorp, Inc. (NASDAQ:UNTY)’s share price passed below its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $51.44 and traded as low as $49.53. Unity Bancorp shares last traded at $50.02, with a volume of 34,114 shares traded.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on UNTY shares. Keefe, Bruyette & Woods lifted their price objective on shares of Unity Bancorp from $60.00 to $65.00 and gave the company an “outperform” rating in a research note on Wednesday, January 14th. Wall Street Zen cut shares of Unity Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, November 15th. Piper Sandler lifted their price target on shares of Unity Bancorp from $64.00 to $65.00 and gave the company an “overweight” rating in a research note on Thursday, January 15th. Finally, Weiss Ratings reiterated 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, the stock currently has an average rating of “Buy” and an average target price of $65.00.

Unity Bancorp Stock Down 0.3%

The stock has a market cap of $500.90 million, a price-to-earnings ratio of 8.82 and a beta of 0.66. The stock has a 50 day simple moving average of $53.30 and a 200 day simple moving average of $51.42. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.77.

Unity Bancorp (NASDAQ:UNTY) last issued its earnings results on Tuesday, January 13th. The financial services provider reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $33.39 million. As a group, analysts expect that Unity Bancorp, Inc. will post 4.83 earnings per share for the current fiscal year.

Unity Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Friday, March 6th will be paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.3%. This is a positive change from Unity Bancorp’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Friday, March 6th. Unity Bancorp’s payout ratio is 11.29%.

Insider Buying and Selling at Unity Bancorp

In related news, SVP Minsu Kim sold 750 shares of the firm’s stock in a transaction dated Thursday, January 15th. The shares were sold at an average price of $56.13, for a total value of $42,097.50. Following the transaction, the senior vice president owned 791 shares of the company’s stock, valued at approximately $44,398.83. This trade represents a 48.67% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP James Joseph Donovan sold 777 shares of Unity Bancorp stock in a transaction dated Thursday, January 15th. The shares were sold at an average price of $56.07, for a total value of $43,566.39. The SEC filing for this sale provides additional information. Insiders have sold 4,865 shares of company stock valued at $268,336 over the last three months. Corporate insiders own 29.68% of the company’s stock.

Institutional Investors Weigh In On Unity Bancorp

Institutional investors have recently bought and sold shares of the stock. Ameritas Investment Partners Inc. lifted its stake in Unity Bancorp by 41.7% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 748 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 220 shares in the last quarter. CWM LLC grew its stake in shares of Unity Bancorp by 38.0% in the 4th quarter. CWM LLC now owns 857 shares of the financial services provider’s stock worth $44,000 after acquiring an additional 236 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Unity Bancorp by 159.1% in the third 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 during the last quarter. Strs Ohio purchased a new stake in shares of Unity Bancorp in the first quarter valued at about $49,000. Finally, State of Alaska Department of Revenue lifted 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 valued at $72,000 after purchasing an additional 1,021 shares in the last quarter. Institutional investors 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.